NEW YORK (
) -- Five
new bank failures
on Friday brought the total number of banks and thrifts shut down by regulators this year to 120.
All 145 bank failures since the beginning of 2008 are detailed on TheStreet.com's interactive bank failure map:
The bank failure map is color-coded, with states having the greatest number of failures highlighted in red, and states with no failures in grey.
The most significant failure -- and the seventh-largest during the 2008-2009 crisis -- was
United Commercial Bank
of San Francisco, the main subsidiary of
. The Federal Deposit Insurance Corp. and Chinese bank regulators worked together to arrange for
East West Bank
of Pasadena, Calif. to take over United Commercial's operations, as well as its
subsidiary in Shanghai.
East West Bank is a subsidiary of
East West Bancorp
(EWBC - Get Report)
. United Commercial had $10.2 billion in assets when it failed, and the FDIC estimated the cost of the failure to its insurance fund would be $1.4 billion.
Georgia regulators closed
United Security Bank
of Sparta and the FDIC sold the failed bank's deposits and its total assets of $157 million to
of Moultrie, Ga., a subsidiary of
(ABCB - Get Report)
. The FDIC agreed to share in losses on $123 million of the acquired assets and estimated the cost to its insurance fund would be $58 million.
The Office of Thrift Supervision shuttered
Home Federal Savings Bank
of Detroit, and the FDIC arranged for
Liberty Bank and Trust Co.
of New Orleans to assume the failed thrift's deposits and its $14.9 million in total assets, with the failure costing the insurance fund an estimated $5.4 million
State regulators in Minnesota took over
of Oakdale, with the FDIC selling the failed bank's deposits and $174 million of Prosperan's $200 million in assets to
Alerus Financial NA
of Grand Forks, N.D., a subsidiary of
( ALRS.PK )
. The FDIC agreed to share in losses on the acquired assets and estimated the cost to its insurance fund would be $60.1 million.
The Missouri Division of Finance closed
Gateway Bank of St. Louis
. The FDIC arranged for
Central Bank of Kansas City
, Mo. to assume the failed bank's deposits and its total assets of $27.7 million and estimated the cost to its insurance fund would be $9.2 million.
leads all states with 26 bank or thrift failures during 2008 and 2009, followed by
with 19, and
with 11 failures.
Large holding companies acquiring failed institutions during 2008 and 2009 have included
(JPM - Get Report)
, which acquired Washington Mutual, the largest-ever bank or thrift to fail in the U.S;
(USB - Get Report)
Fifth Third Bancorp
(BBT - Get Report)
Free Financial Strength Ratings
One of the most important steps the FDIC has taken to curtail the likelihood of bank failures is the temporary increase of agency's basic limit on individual deposit insurance coverage to $250,000 from $100,000. This increase has been extended through 2013.
The FDIC has 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.
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.