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Failed Banks

The collapse of the housing market, the increase in mortgage delinquencies and home foreclosures, and the credit crisis have led to an increase in 2008 bank failures. When banks fail, the FDIC is appointed as receiver. Depositors are protected up to the FDIC insurance limit. In most cases, the FDIC arranges for the branches and insured deposits to be transferred to another well capitalized bank, and banking services for the failed bank's customers generally continue uninterrupted.

Listed below are the 2008 and 2007 bank failures. Since February 2007, total assets of all U.S. bank failures were a staggering $376.2 billion with deposits totaling $236.6 billion. Washington Mutual Bank, with assets totaling $307 billion, is by far the largest US bank failure. This information was compiled from the FDIC failed bank data.

Failed Bank Name Closing Date of Failed Bank Deposits Transferred to Total Assets of Failed Bank Total Deposits of Failed Bank
Sanderson State Bank, Sanderson, TX
Dec 12, 2008
 The Pecos County State Bank, Ft. Stockton, TX
$37 million
$27.9 million
Haven Trust Bank, Duluth, GA
Dec 12, 2008
 Branch Banking & Trust Company, (BB&T), Winston-Salem, NC
$572 million
$515 million
First Georgia Community Bank, Jackson, GA
Dec 05, 2008
 United Bank, Zebulon, GA
$237.5 million
$197.4 million
PFF Bank and Trust, Pomona, CA
Nov 21, 2008
 U.S. Bank, National Association, Cincinnati, OH
$3.7 billion
$2.4 billion
Downey Savings and Loan, Newport Beach, CA
Nov 21, 2008
 U.S. Bank, National Association, Cincinnati, OH
$12.8 billion
$9.7 billion
The Community Bank, Loganville, GA
Nov 21, 2008
 Bank of Essex, Tappahannock, VA
$681.0 million
$611.4 million
Security Pacific Bank, Los Angeles, CA
Nov 07, 2008
 Pacific Western Bank, Los Angeles, CA
$561.1 million
$450.1 million
Franklin Bank, SSB, Houston, TX
Nov 07, 2008
 Prosperity Bank, El Campo, TX
$5.1 billion
$3.7 billion
Freedom Bank, Bradenton, FL
Oct 31, 2008
 Fifth Third Bank, Grand Rapids, MI
$287.0 million
$254.0 million
Alpha Bank & Trust, Alpharetta, GA
Oct 24, 2008
 Stearns Bank, N.A., St. Cloud, MN
$354.1 million
$346.2 million
Meridian Bank, Eldred, IL
Oct 10, 2008
 National Bank, Hillsboro, Illinois
$39.18 million
$36.88 million
Main Street Bank, Northville, MI
Oct 10, 2008
 Monroe Bank & Trust, Monroe, Michigan
$98 million
$86 million
Washington Mutual Bank, Henderson, NV and Washington Mutual Bank FSB, Park City, UT
Sept 25, 2008
 JPMorgan Chase Bank, National Association, Columbus, Ohio, and made a payment of $1.9 billion
$307 billion
$188 billion
Ameribank, Northfork, WV
Sept 19, 2008
 Ohio branches were transferred to The Citizens Savings Bank, based in Martins Ferry, OH
$115 million
$102 million
Silver State Bank, Henderson, NV
Sept 5, 2008
 Nevada State Bank, Las Vegas, NV, and its affiliate National Bank of Arizona
$2.0 billion
$1.7 billion
Integrity Bank, Alpharetta, GA
Aug 29, 2008
 Regions Bank, Birmingham, AL
$1.1 billion
$974.0 million
The Columbian Bank and Trust, Topeka, KS
Aug 22, 2008
 Citizens Bank & Trust, Chillicothe, Missouri
$752 million
$622 million
First Priority Bank, Bradenton, FL
Aug 1, 2008
 SunTrust Bank based in Atlanta, Georgia
$259 million
$227 million
First Heritage Bank, NA, Newport Beach, CA
Jul 25, 2008
 Mutual of Omaha Bank, Omaha, Nebraska
$254 million
$233 million
First National Bank of Nevada, Reno, NV
Jul 25, 2008
 Mutual of Omaha Bank, Omaha, Nebraska
$3.4 billion
$3.0 billion
IndyMac Bank, Pasadena, CA
Jul 11, 2008
 IndyMac Federal Bank, F.S.B. (IndyMac Federal Bank), Pasadena, CA, operated by the FDIC as conservator
$32.01 billion
$19.06 bllion
First Integrity Bank, NA, Staples, MN
May 30, 2008
 First International Bank and Trust, Watford City, ND
$54.7 million
$50.3 million
ANB Financial, NA, Bentonville, AR
May 9, 2008
 Pulaski Bank and Trust Company, Little Rock, AR
$2.1 billion
$1.8 billion
Hume Bank, Hume, MO
Mar 7, 2008
 Security Bank, Rich Hill, MO
$18.7 million
$13.6 million
Douglass National Bank, Kansas City, MO
Jan 25, 2008
 Liberty Bank and Trust Company, New Orleans, LA
$58.5 million
$53.8 million
Miami Valley Bank, Lakeview, OH
Oct 4, 2007
 The Citizens Banking Company, Sandusky, OH
$86.7 million
$76 million
NetBank, Alpharetta, GA
Sept 28, 2007
 ING DIRECT
$2.5 billion
$2.3 billion
Metropolitan Savings Bank, Pittsburgh, PA
Feb 2, 2007
 Allegheny Valley Bank of Pittsburgh, PA
$15.8 million
$12.0 million

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