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New Bank Failures: Week of July 20

Two California Banks and one Georgia institution were among the four new bank failures on Friday.

All 81 failures since the beginning of 2008 are detailed on's interactive bank failure map:

The Georgia Department of Banking and Finance shut down First Piedmont Bank of Winder and appointed the Federal Deposit Insurance Corp. receiver. The FDIC sold all the failed institution's deposits and branches to First American Bank and Trust Co. of Athens, Ga.

South Dakota regulators closed BankFirst of Sioux Falls. Alerus Financial NA of Grand Forks, N.D. purchased all of the failed bank's deposits and both of its offices. Alerus Financial then made a separate agreement for BankFirst's Sioux Falls office to be operated as a branch of First Dakota National Bank, of Yankton. BankFirst's other office in Minneapolis was to reopen as a branch of Alerus Financial NA.

The Office of the Comptroller of the Currency took over Vineyard Bank NA of Rancho Cucamonga, Calif., appointing the FDIC receiver. The FDIC then sold all of the failed bank's retail deposits and branches to California Bank & Trust of San Diego (a subsidiary of Zions Bancorp (ZION - Get Report).

California regulators shuttered Temecula Valley Bank of Temecula, Calif., which was held by Temecula Valley Bancorp (TMCV). The FDIC then sold the failed bank's retail deposits to First-Citizens Bank and Trust of Raleigh, N.C. First-Citizens is a subsidiary of First Citizens Bancshares (FCNCA - Get Report).

All but one of the failed banks were included in's recent list of 89 undercapitalized banks and thrifts. Eighteen of the undercapitalized institutions listed on May 28 have failed so far.

In addition to Zions Bancorp, large bank holding companies that have acquired failed institutions during 2008 and 2009 include JPMorgan Chase (JPM - Get Report), which acquired Washington Mutual, the largest-ever bank or thrift to fail in the U.S.; SunTrust Banks (STI - Get Report); Regions Financial (RF); Fifth Third Bancorp (FITB), US Bancorp (USB - Get Report); and BB&T Corp. (BBT - Get Report). Ratings, recently cited for Best Stock Selection from October 2007 through February 2009, is an independent research provider that combines fundamental and technical analysis to offer investors tremendous value in volatile times. It provides independent and very conservative financial strength ratings on each of the nation's 8,500 banks and savings and loans, which are available at no charge on the Banks & Thrifts Screener. To see how your portfolio can use this and other research, click here now!.
Philip W. van Doorn joined Ratings., Inc., in February 2007. He is the senior analyst responsible for assigning financial strength ratings to banks and savings and loan institutions. He also comments on industry and regulatory trends. Mr. van Doorn has fifteen years experience, having served as a loan operations officer at Riverside National Bank in Fort Pierce, Florida, and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a Bachelor of Science in business administration from Long Island University.

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ZION $25.93 0.00%
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