for the week of Feb. 16 include Florida's Riverside Bank of the Gulf Coast, Corn Belt Bank and Trust in Illinois, Nebraska's Sherman County Bank and Oregon's Pinnacle Bank.
All 38 bank failures since the beginning of 2008 are detailed on
new interactive bank failure map, which debuts today:
State regulators closed the four banks on Friday, bringing the total number of 2009 bank and thrift failures to 13. There were 25 failures during 2008. Not surprisingly, states at the center of the residential housing boom have produced the greatest number of failing institutions. Out of 38 bank and thrift failures since the beginning of 2008, eight were in California, six in Georgia and four in Florida.
Federal Deposit Insurance Corp. spokesman David Barr said the agency's estimated cumulative losses to its deposit insurance fund from bank and thrift failures during 2008 was $15.6 billion, which included $8.9 billion from the failure of
in July. While a year-end figure was not yet available, the FDIC's deposit insurance fund totaled $34.6 billion as of Sept. 30.
TheStreet.com Ratings issues independent and very conservative financial strength ratings on each of the nation's 8,500 banks and savings and loans. These are available at no charge on the
. In addition, the Financial Strength Ratings for 4,000 life, health, annuity, and property/casualty insurers are available on the Insurers & HMOs Screener.
Riverside Bank of the Gulf Coast was separately chartered and held by a completely separate holding company from Riverside National Bank of Florida, but the two banks had an affiliate relationship for some processing functions. At the time of publication, van Doorn held shares of Riverside Banking Co., the privately held holding company for Riverside National Bank of Florida, where he used to work.
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.