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!

New Bank Failures: Week of Aug. 24

NEW YORK (TheStreet) -- New bank failures last week included two in Georgia and one each in Texas and Alabama, bringing the total number of banks and savings and loans shut down by regulators this year to 81.

All 106 bank failures since the beginning of 2008 are detailed on TheStreet.com's interactive bank failure map:

Georgia continues to lead all states with 23 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.

The Office of Thrift Supervision took over ebank of Atlanta and appointed the FDIC as receiver. The FDIC then sold the thrift's deposits and sole office to Stearns Bank NA.

Georgia regulators shut down First Coweta Bank of Newnan. The FDIC was appointed receiver and sold the failed bank's retail deposits and branches to United Bank of Zebulon, Ga.

The Alabama State Banking Department closed CapitalSouth Bank of Birmingham and appointed the FDIC receiver. The FDIC sold all of CapitalSouth's retail deposits and branches to Iberiabank of Lafayette, La. Iberiabank is the main subsidiary of Iberiabank (IBKC).

The Office of Thrift Supervision closed Guaranty Bank of Austin, Texas, the main subsidiary of Guaranty Financial Group (GFG). In a deal that was leaked Thursday, the FDIC sold all retail deposits and branches of Guaranty Bank to BBVA Compass of Birmingham, Ala., the main U.S. subsidiary of Banco Bilbao Vizcaya Argentaria SA (BB).

Guaranty Bank had $13 billion in total assets when it failed, and it was a particularly expensive failure, with the FDIC estimating that the cost to its insurance fund from the thrift's failure would be $3 billion. In comparison, Colonial Bank, which failed the previous week, had $25 billion in total assets and the cost of its failure to the FDIC was $2.8 billion.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!
DOW 16,960.57 -123.23 -0.72%
S&P 500 1,978.34 -9.64 -0.48%
NASDAQ 4,449.5640 -22.5440 -0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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