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Failure Friday Returns: After Lull, FDIC Shuts Four Banks

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« on: June 11, 2012, 10:26:26 am »


Failure Friday Returns: After Lull, FDIC Shuts Four Banks

By Daniel Gross | Contrary Indicator – 6/11/12

It's been quiet on the U.S. banking front over the past few weeks. Too quiet. Our last edition of Failure Friday came out on the weekend of May 17, when a tiny bank in Alabama failed. After two successive Fridays with no bank failures, the FDIC's SWAT teams were out in full force last Friday night, shutting down four banks after the markets closed for the weekend.
First Capital Bank, a one-branch bank in Kingfisher, Oklahoma, with $46 million in assets, closed. F & M Bank, a seven-branch based in Edmond, Oklahoma, paid the FDIC for the right to assume all of First Capital's deposits.
Carolina Federal Savings Bank, a two-branch bank based in Charleston, South Carolina, with $54 million in assets, failed, and is being taken over by Bank of North Carolina, which, though based in Thomasville, North Carolina, already has a presence in South Carolina.
Farmer and Traders State Bank, a two-branch bank based in Shabbona, Illinois, with $43 million in assets, failed, and was taken over by the much-larger First State Bank of Illinois.
Waccamaw Bank, a 160 branch bank based in Whiteville, North Carolina, with $533 million in assets, failed, and was taken over by First Community Bank, a company based in Bluefield, Virginia, that is emerging a mini-power in the Appalachian region.
Four banks failing in one week has become rather unusual. But we should keep this in perspective. Three of the failures were tiny institutions whose sinking won't make much of a dent in the FDIC fund. And so far this year, the pace of bank failures is running significantly below that of 2011. In the first 23 weeks of 2012, 28 banks with a combined $7.23 billion in assets have failed. By comparison, in the first 23 weeks of 2011, 45 banks with a combined $19.15 billion in assets failed. Here's the complete failed bank list.

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