for the week of May 2, including two more Illinois banks and Florida's
, bringing the total number of institutions shuttered by regulators this year to 36.
All 61 bank failures since the beginning of 2008 are detailed on
interactive bank failure map:
Illinois state regulators on Friday seized
Strategic Capital Bank
of Champaign, Ill. On Friday and the Federal Deposit Insurance Corp. arranged for all of the failed bank's deposits to be taken over by
Midland States Bank
of Effingham, Ill. The Office of the Comptroller of the Currency shuttered
Citizens National Bank
of Macomb, Ill. and the FDIC arranged for
Morton Community Bank
of Morton, Ill. to assume its retail deposits.
was closed on Thursday by the Office of Thrift Supervision, which called it "critically undercapitalized and in an unsafe condition to conduct business." It was acquired by a private equity consortium including includes WL Ross & Co., Carlyle Investment Management, a unit of
, Centerbridge Capital Partners, LeFrak Organization, The Wellcome Trust, Greenaap Investments and East Rock Endowment Fund.
The private equity group won't take on approximately $348 million in brokered deposits at BankUnited.
led all U.S. states with 17 banks considered undercapitalized under
as of March 31, according to preliminary first-quarter regulatory data provided by SNL Financial. The state also has more banks than any other state, with 658 as of Dec. 31. Illinois was one of the last states to remove legal barriers against out-of-state banks doing business within its borders, which is one of the reasons it is not as far along on the road to consolidation as many other states.
leads all states with 11 bank or thrift failures during 2008 and 2009, followed by
with nine failures, Illinois with six,
with five and Nevada with four.
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.