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New Bank Failures: Week of Sept. 21

Stocks in this article: IFC

NEW YORK ( TheStreet) -- New bank failures last week included both banking subsidiaries of Irwin Financial (IFC), bringing the total number of banks and savings and loans shut down by regulators this year to 94.

All 119 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.

For the Federal Deposit Insurance Corp., the state incurring the greatest expense from bank failures was California, with an estimated $15.3 billion in costs to the agency's deposit insurance fund. The costliest failure was IndyMac Bank, at $10.7 billion.

JPMorgan Chase (JPM), which acquired Washington Mutual, the largest-ever bank or thrift to fail in the U.S., is among the large bank holding companies that have acquired failed institutions during 2008 and 2009. Others include SunTrust Banks (STI); Regions Financial (RF); Fifth Third Bancorp (FITB); U.S. Bancorp (USB); Zions Bancorp (ZION); and PNC Financial (PNC); and BB&T (BBT).

Free Financial Strength Ratings

TheStreet.com Ratings issues independent and very conservative financial strength ratings on each of the nation's 8,500 banks and savings and loans. They are available at no charge on the Banks & Thrifts Screener.

-- Reported by Philip van Doorn in Jupiter Fla.

Philip W. van Doorn joined TheStreet.com 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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