New bank failures
for the week of April 27 include Georgia's
American Southern Bank
First Bank of Idaho
First Bank of Beverly Hills
Michigan Heritage Bank
bringing the total number of institutions shuttered by regulators this year to 29.
All 54 bank failures since the beginning of 2008 are detailed on
interactive bank failure map:
Bank of North Georgia
, a subsidiary of
(SNV - Get Report)
, acquired all of American Southern's retail deposits.
(USB - Get Report)
bought First Bank of Idaho's deposits.
Level One Bank
, a subsidiary of
Michigan Heritage Bancorp
, bought all of Michigan Heritage Bank's retail deposits.
The Federal Deposit Insurance Corp. could not line up a buyer for First Bank of Beverly Hills and mailed checks to all retail depositors, covering all but an estimated $179,000 in uninsured deposits. The FDIC estimated the cost to its insurance fund for the four failures would be $698 million.
The FDIC's estimated total cost to its deposit insurance fund for the bank failures during the first quarter of 2009 was $2.3 billion
American Southern Bank was the fifth
bank to fail during 2009 and the 10th since the beginning of 2008, the most of any state. Large southern banks like
(STI - Get Report)
(RF - Get Report)
(BBT - Get Report)
have acquired some of the failed institutions' assets.
has experienced the second most failures of any state, with nine, and
and Nevada, each of which has had four bank or thrift failures, are tied for third.
Many of the failed institutions, including First Bank of Beverly Hills and Michigan Heritage, were included in
undercapitalized banks and thrifts
, which was recently updated.
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