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New Bank Failures: Week of Oct. 5

NEW YORK (TheStreet) -- New bank failures last week in Michigan, Minnesota and Colorado brought the total number of banks and thrifts shut down by regulators this year to 98.

All 123 bank failures since the beginning of 2008 are detailed on TheStreet.com's new and improved interactive bank failure map:

chart

The map now details bank failure totals for each state over the past two years, in addition to a new, streamlined look.

On Friday state regulators took over Warren Bank of Warren, Mich. and appointed the Federal Deposit Insurance Corp. receiver. The FDIC then sold the failed institution's branches and deposits to Huntington National Bank, the main subsidiary of Huntington Bancshares (HBAN).

Minnesota regulators closed Jennings State Bank of Spring Grove. The FDIC was appointed receiver and sold the failed bank's deposits and essentially all of its assets to Central Bank of Stillwater, Minn.

Later the Office of the Comptroller of the Currency shut down Southern Colorado National Bank of Pueblo and appointed the FDIC receiver. The FDIC sold the failed bank's deposits and almost all of its assets to Legacy Bank of Wiley, Colo.

Georgia leads all states with 24 bank or thrift failures during 2008 and 2009, followed by Illinois with 17, California with 14, Florida with eight and Nevada with five failures.

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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