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

4 Banks Fail Bringing 2012 Total to Seven (Update 1)

Interested in more on Republic Bancorp? See TheStreet Ratings' report card for this stock.

Patriot Bank Minnesota

State regulators took over Patriot Bank of Minnesota, which had 111.3 million in total assets and $108.3 million in deposits. The FDIC sold the failed bank to First Resource Bank of Savage, Minn.

The FDIC agreed to cover 80% of losses on $79.4 million of the failed bank's assets acquired by First Resource Bank, and estimated the cost of Patriot Bank of Minnesota's failure to the deposit insurance fund would be$32.6 million.

The failed bank's three branches were scheduled to reopen Saturday as branches of First Resource Bank.

BankEast

Tennessee regulators also shuttered BankEast of Knoxville, which had $272.6 million in assets and $268.8 million in deposits.

The FDIC was appointed receiver and sold the failed bank to U.S Bank, NA of Cincinnati, which is the main subsidiary of U.S Bancorp (USB - Get Report).

The failed bank's 10 offices were scheduled to reopen Monday as U.S. Bank branches, and the FDIC estimated the cost of Patriot Bank Minnesota's failure to the deposit insurance fund would be $75.6 million.

Thorough Bank Failure Coverage

There were three bank failures last week following 92 bank failures closures 2011. All previous 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.
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.
2 of 2

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
TNCC $0.00 0.00%
CSFL $13.94 0.00%
RBCAA $25.15 0.00%
USB $45.21 0.00%
AAPL $121.30 0.00%

Markets

Chart of I:DJI
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs