New bank failures 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 TheStreet.com's 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 IndyMac Bank 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 Banks & Thrifts Screener. In addition, the Financial Strength Ratings for 4,000 life, health, annuity, and property/casualty insurers are available on the Insurers & HMOs Screener.