This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Regulators Seize Three Banks, Thrift

Stocks in this article: SNV USB MHBC ZION STI RF

State and federal regulators Friday closed three failing banks and one savings and loan, bringing the total number of failed U.S. banking institutions during 2009 to 29.

The Federal Deposit Insurance Corp. estimated the combined cost to its insurance fund from the four bank and thrift failures was $698 million.

Please see TheStreet.com's Bank Failure Map for an interactive summary of all previous bank and thrift failures during 2008 and 2009.

The Georgia Department of Banking and Finance took over American Southern Bank of Kennesaw, Ga. and appointed the FDIC receiver. The FDIC arranged for Bank of North Georgia to assume all of the failed bank's retail deposits. Bank of North Georgia is a subsidiary of Synovus Financial Corp. (SNV - Get Report).

The Office of Thrift Supervision closed First Bank of Idaho of Ketchum, Idaho. The FDIC was appointed receiver and sold the failed thrift's retail deposits to U.S. Bank (held by U.S. Bancorp (USB - Get Report)).

Next, the California Department of Financial Institutions took over First Bank of Beverly Hills of Calabasas, Calif. and placed it in FDIC receivership. With no buyer lined up for the failed bank, the FDIC made arrangements for a payout of all insured deposits.

Lastly, the Michigan Office of Financial and Insurance Regulation shuttered Michigan Heritage Bank of Farmington Hills, Mich. The FDIC was appointed receiver, and sold all of Michigan Heritage Bank's retail deposits to Level One Bank, also headquartered in Farmington Hills. Michigan Heritage Bank was a subsidiary of Michigan Heritage Bancorp (MHBC).

Georgia Leads in Bank Failures

American Southern Bank was the fifth Georgia bank to fail during 2009. Of the 54 bank and thrift failures during 2008 and 2009, Georgia had 10, the largest number for a single state. California is No. 2, with nine failures, followed by Florida, Illinois and Nevada, each of which has had four bank or thrift failures.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,672.60 -141.38 -0.79%
S&P 500 2,051.82 -11.33 -0.55%
NASDAQ 4,757.8790 +7.4820 0.16%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs