This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Two Banks Fail; 2011 Tally at 63

WASHINGTON ( TheStreet) -- Regulators on Friday shuttered two banks, bringing this year's total number of U.S. bank failures to 63.

Both failed banks were previously included in TheStreet's second-quarter Bank Watch List of undercapitalized institutions, based on regulatory data provided by SNL Financial.

Bank of Shorewood

The Illinois Department of Financial and Professional Regulation closed Bank of Shorewood, which had $110.7 million in total assets and $104 million in deposits when it failed.

The Federal Deposit Insurance Corp. was appointed receiver and sold the failed institution to Heartland Bank and Trust Co. of Bloomington, Ill.

The failed bank's three offices -- including the branch operating as Bank of Elwood -- were set to reopen Saturday as Heartland Bank and Trust branches.

The FDIC estimated the cost of Bank of Shorewood's failure to the deposit insurance fund would be $25.6 million.

Heartland Bank and Trust's previous failed-bank acquisition was Western Springs National Bank and Trust, which was shut down by the Office of the Comptroller of the Currency in April.

Bank of Whitman

The Washington State Department of Financial Institutions took over Bank of Whitman, of Colfax, Wash., which had $548.6 million in total assets and $515.7 million in deposits. The FDIC was appointed receiver and sold the failed institution's deposits to Columbia State Bank of Tacoma, Wash.

Columbia State Bank also agreed to take on $314.4 million of the failed bank's assets, with the FDIC retaining the rest for later disposition.

Only eight of Bank of Whitman's 20 branches will reopen, and the FDIC has provided a detailed guide on which branches will reopen, and which will remain closed. The eight remaining Bank of Whitman branches will reopen during normal business hours Monday, as branches of Columbia State Bank.

The acquiring institution is the main subsidiary of Columbia Banking System (COLB - Get Report), and previously acquired the failed First Heritage Bank of Snohomish, Wash., in May.

The FDIC estimated that Bank of Whitman's failure would cost the deposit insurance fund $134.8 million.

Thorough Bank Failure Coverage

All bank and thrift closures since the beginning of 2008 are detailed in TheStreet's interactive bank failure map:

The bank failure map is color-coded, with the states having the greatest number of failures highlighted in dark gray, and states with no failures in light green. By moving your mouse over a state you can see its combined 2008-2011 totals. Then click the state to open a detailed map pinpointing the locations and providing additional information for each bank failure.

RELATED STORIES:






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

To contact the writer, click here: Philip van Doorn.

To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn.

To submit a news tip, send an email to: tips@thestreet.com.
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.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
COLB $32.73 0.71%
AAPL $114.60 -3.20%
FB $94.05 -0.10%
GOOG $630.13 -0.17%
TSLA $266.47 2.50%

Markets

Chart of I:DJI
DOW 17,550.69 -47.51 -0.27%
S&P 500 2,091.03 -7.01 -0.33%
NASDAQ 5,101.2740 -14.1080 -0.28%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs