New Bank Failures: Week of Feb. 23

New bank failures for the week of Feb. 23 include Silver Falls Bank of Silverton, Ore., the 14th institution to fail this year.

All 39 bank failures since the beginning of 2008 are detailed on TheStreet.com's new interactive bank failure map:

CLICK HERE FOR TABLE

Not surprisingly, states at the center of the residential housing boom have produced the greatest number of failing institutions. Out of 39 bank and thrift failures since the beginning of 2008, eight were in California, six in Georgia and four in Florida.

Silver Falls Bank was identified as "significantly undercapitalized" in TheStreet.com's analysis of undercapitalized banks and thrifts. Forty banks and eight thrifts were undercapitalized, by regulatory standards, based on preliminary data from Highline Financial.

The Federal Deposit Insurance Corp.'s estimated cumulative losses to its deposit insurance fund from bank and thrift failures during 2008 was $15.6 billion, which included $8.9 billion from the failure of IndyMac Bank in July. While a year-end figure was not yet available, the FDIC's deposit insurance fund totaled $34.6 billion as of Sept. 30.

TheStreet.com Ratings issues independent and very conservative financial strength ratings on each of the nation's 8,500 banks and savings and loans. These are available at no charge on the Banks & Thrifts Screener. In addition, the Financial Strength Ratings for 4,000 life, health, annuity, and property/casualty insurers are available on the Insurers & HMOs Screener.

>To order reprints of this article, click here: Reprints