New Bank Failures: Week of Oct. 19

BAKERSFIELD, Calif. (TheStreet) -- San Joaquin Bank was the only new bank failure last week, as it became the 99th bank or thrift to be shut down by regulators this year.

All 124 bank failures since the beginning of 2008 are detailed on TheStreet.com's interactive bank failure map:

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The recently enhanced map is now color-coded, with states having the greatest number of failures highlighted in red, and states with no failures in grey. By hovering your mouse over a state you can see the combined 2008-2009 totals for each state. Then click the state top open a detailed map with additional information for each bank failure.

After state regulators took over Jan Joaquin Bank (a subsidiary of San Joaquin Bancorp (SJQU Quote), the Federal Deposit Insurance Corp. arranged for Citizens Business Bank of Ontario, Calif. to assume the failed banks deposits and most of its assets, with a loss-sharing agreement. Citizens Business Bank is held by CVB Financial (CVBF Quote).

Georgia leads all states with 24 bank or thrift failures during 2008 and 2009, followed by Illinois with 17, California with 15, and Floridawith eight failures.

JPMorgan Chase (JPM Quote), 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 Quote); Regions Financial (RF Quote); Fifth Third Bancorp (FITB Quote); US Bancorp (USB Quote); Zions Bancorp (ZION Quote); and PNC Financial (PNC Quote); and BB&T (BBT Quote). P/>

Free Financial Strength Ratings

Last year the FDIC curtailed the likelihood of bank failures by temporarily increasing the agency's basic limit on individual deposit insurance coverage to $250,000 from $100,000. This increase has been extended through 2013.

The FDIC also temporarily waived all deposit insurance limits for business transaction accounts (checking accounts). This waiver is set to expire on June 30, 2010, after which business checking accounts will go back to the $100,000 deposit insurance limit.

This means it will be more important than ever for business and municipal entities such as school districts to carefully monitor the health of their banks. It's very easy to have more than $100,000 of somebody else's money flowing through a business account.

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.

-- Written by Philip van Doorn in Jupiter Fla.