for the week of April 27 include Georgia's
American Southern Bank
First Bank of Idaho
First Bank of Beverly Hills
Michigan Heritage Bank
bringing the total number of institutions shuttered by regulators this year to 29.
All 54 bank failures since the beginning of 2008 are detailed on
interactive bank failure map:
Bank of North Georgia
, a subsidiary of
, acquired all of American Southern's retail deposits.
bought First Bank of Idaho's deposits.
Level One Bank
, a subsidiary of
Michigan Heritage Bancorp
, bought all of Michigan Heritage Bank's retail deposits.
The Federal Deposit Insurance Corp. could not line up a buyer for First Bank of Beverly Hills and mailed checks to all retail depositors, covering all but an estimated $179,000 in uninsured deposits. The FDIC estimated the cost to its insurance fund for the four failures would be $698 million.
The FDIC's estimated total cost to its deposit insurance fund for the bank failures during the first quarter of 2009 was $2.3 billion
American Southern Bank was the fifth
bank to fail during 2009 and the 10th since the beginning of 2008, the most of any state. Large southern banks like
have acquired some of the failed institutions' assets.
has experienced the second most failures of any state, with nine, and
and Nevada, each of which has had four bank or thrift failures, are tied for third.
Many of the failed institutions, including First Bank of Beverly Hills and Michigan Heritage, were included in
, which was recently updated.
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Philip W. van Doorn joined TheStreet.com Ratings., Inc., in February 2007. He is the senior analyst responsible for assigning financial strength ratings to banks and savings and loan institutions. He also comments on industry and regulatory trends. Mr. van Doorn has fifteen years experience, having served as a loan operations officer at Riverside National Bank in Fort Pierce, Florida, 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.