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Bank Failures Exceed 2009's Pace

Satilla Community Bank

The Georgia Department of Banking and Finance closed Satilla Community Bank of Saint Marys, which had $135.7 million in assets. The FDIC sold the failed bank for a small premium on deposits to Ameris Bank of Multrie, Ga., which is the main subsidiary of Ameris Bancorp (ABCB - Get Report), and has now purchased three failed Georgia banks.

Satilla Community Bank's sole office was set to reopen Monday as a branch of Ameris Bank. The FDIC agreed to share in losses on $101 million of the assets acquired by Ameris, and expected the failure to cost the deposit insurance fund $31.3 million.

New Liberty Bank

Michigan regulators shuttered New Liberty Bank of Plymouth, which had $109 million in total assets. The FDIC arranged for Bank of Ann Arbor of Ann Arbor, Mich., to assume the failed bank's deposits and assets. The FDIC agreed to share in losses on $95 million of the assets acquired by Bank of Ann Arbor, and was not paid a premium for the deposits. New Liberty's office was scheduled to reopen Saturday as a Bank of Ann Arbor branch, and the FDIC estimated the cost to the deposit insurance fund would be $25 million.

Southwest Community Bank

The Missouri Division of Finance took over Southwest Community Bank of Springfield, which had $97 million in total assets and was sold to Simmons First National Bank of Pine Bluff, Ark. Simmons First is a subsidiary of Simmons First National Corp (SFNC - Get Report).

Simmons paid the FDIC a 0.50% premium for the failed bank's deposits, and the FDIC agreed to share in losses on $67 million of the acquired assets. Southwest Community's sole office was to reopen Saturday as a Simmons First Branch. The FDIC estimated the bank failure would cost the deposit insurance fund $29 million.

Ongoing Bank Failure Coverage

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The bank failure map is color-coded, with the states having the greatest number of failures highlighted in red, and states with no failures in grey. By moving your mouse over a state you can see its combined 2008-2010 totals. Then click the state to open a detailed map pinpointing the locations and providing additional information for each bank failure.

Free Financial Strength Ratings

Please see TheStreet's Banks & Thrifts Screener for independent and very conservative financial strength ratings on each of the nation's banks and savings and loans.

-- Written by Philip van Doorn in Jupiter, Fla.

Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., 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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