This Day On The Street
Continue to site
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

New Bank Failures: Week of Aug. 17

NEW YORK ( TheStreet) -- New bank failures last week included two in Arizona and one each in Pennsylvania, Alabama and Nevada, bringing the total number of banks and savings and loans shut down by regulators this year to 77.

All 102 bank failures since the beginning of 2008 are detailed on TheStreet.com's interactive bank failure map:

Georgia continues to lead all states with 21 bank or thrift failures during 2008 and 2009, followed by Illinois with 14 failures, California with 13, Florida with eight and Nevada with five failures.

State regulators closed Colonial Bank of Montgomery, Ala., a subsidiary of Colonial BancGroup (CNB) and appointed the Federal Deposit Insurance Corp. receiver. The agency sold all of Colonial Bank's branches and deposits to BB&T Corp. (BBT - Get Report).

Colonial was the fifth-largest bank to fail in U.S. history.

The Office of Thrift Supervision took over Dwelling House Savings and Loan Association of Pittsburgh and appointed the FDIC receiver. The FDIC then sold the thrift's deposits and office to PNC Bank, a unit of PNC Financial Services (PNC - Get Report).

The Office of the Comptroller of the Currency shut down Union Bank of Gilbert, Ariz. The FDIC was appointed receiver and sold the failed bank's retail deposits and branches to MidFirst Bank of Oklahoma City.

The Arizona Department of Financial Institutions shuttered Community Bank of Arizona of Phoenix and appointed the FDIC receiver. The FDIC made another deal with MidFirst Bank, which took over all of Community Bank of Arizona's deposits and branches.

Lastly, state regulators closed Community Bank of Nevada in Las Vegas. Since the FDIC was unable to find another institution to buy the failed bank's deposits, the FDIC created the Deposit Insurance National Bank of Las Vegas, which will operate for about 30 days, allowing depositors to move their insured deposits to other institutions. The FDIC estimated that there were $4.2 million in uninsured deposits.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr 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

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG
BBT $38.97 0.00%
CBON $24.87 0.00%
JPM $64.40 0.00%
PNC $93.11 0.00%
RF $9.91 0.00%

Markets

DOW 17,928.20 -142.20 -0.79%
S&P 500 2,089.46 -25.03 -1.18%
NASDAQ 4,939.3270 -77.6020 -1.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs