Six Illinois banks ultimately controlled by the same ownership group were among the seven
last week, making the state home to the second most bank collapses in the financial crisis.
The seven failures last week were the most in a single week in the past two years. All 77 bank failures since the beginning of 2008 are detailed on
interactive bank failure map:
The six Illinois failures brings its total number of failures since the start of 2008 to 13, moving it two ahead of
leads all states with 14 bank or thrift failures over the past two years.
follows with five and Nevada with four.
The six failed Illinois banks controlled by the Campbell Group had combined total assets of $1.4 billion. State regulators closed five of the banks and the Federal Deposit Insurance Corp arranged for assets and deposits to be sold to competitors.
The John Warner Bank
of Clinton's assets and deposits were acquired by
State Bank of Lincoln
First State Bank of Winchester's
assets and deposits were acquired by
The First National Bank of Beardstown
Rock River Bank
of Oregon sold its deposits and assets to
The Harvard State Bank
Galena State Bank and Trust
, a subsidiary of
bought deposits and assets of failed
Elizabeth State Bank
The PrivateBank and Trust Company
of Chicago, a subsidiary of
purchased the assets and deposits of
of Worth, Ill.
The Office of the Comptroller of the Currency took over
First National Bank of Danville
and the FDIC arranged for
First Financial Bank
, held by
First Financial Corp.
.of Terre Haute, Ind. to take over all of the failed institution's deposits and branches.
Also Thursday, Texas state regulators shut down Dallas-based
Millennium State Bank of Texas
and the FDIC sold the failed institution's deposits and branches to Irving-based
State Bank of Texas
All seven failed banks were included in
recent list of 89
Large bank holding companies that have acquired failed institutions during 2008 and 2009 include
, which acquired
, the largest bank or thrift ever to fail in the U.S.,
Fifth Third Bancorp
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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.