This Friday brought 5 new bank seizures by the FDIC. Total estimated damage to the DIF is $530 million (details below). Rolfe Winkler already summarized the data, which I’m gonna borrow from him:

$85m

  • Failed bank: Premier American Bank, Miami FL
  • Acquiring bank: Premier American Bank Natl Assoc., Miami FL
  • Vitals: as of 9/30/09, assets of $350.9 million, deposits of $326.3 million
  • Estimated DIF damage: $85 million

$8.1m

  • Failed bank: Bank of Leeton, Leeton MO
  • Acquiring bank: Sunflower Bank Natl Assoc., Salina KS
  • Vitals: as of 12/31/09, assets of $20.1m, deposits of $20.4m
  • Estimated DIF damage: $8.1 million

$201m

  • Failed bank: Charter Bank, Santa Fe NM
  • Acquiring bank: Charter Bank, Albuquerque NM
  • Vitals: as of 9/30/09, assets of $1.2 billion, deposits of $851.5m
  • Estimated DIF damage: $201.9 million
  • Failed bank: Evergreen Bank, Seattle WA
  • Acquiring bank: Umpqua Bank, Roseburg OR
  • Vitals: as of 9/30/09, assets of $488.5m, deposits of $439.4m
  • Estimated DIF damage: $64.2m

$172m

  • Failed bank: Columbia River Bank, The Dalles OR
  • Acquiring bank: Columbia State Bank, Tacoma WA
  • Vitals: as of 9/30/09, assets of $1.1 billion, deposits of $1.0 billion
  • Estimated DIF damage: $172.5 million

FDIC Hiring Boom

I noticed another interesting announcement from the FDIC tonight — They’re opening a new temp office to handle Midwestern bank failures. That’s never a good sign, as we observed about FL/GA in May of ’09. There must be quite a backlog of banks waiting to fail in the heartland. Just what they need right now. Ugh.

Here’s the press release:

The Federal Deposit Insurance Corporation (FDIC) today announced it will open a temporary satellite office in suburban Chicago, to manage receiverships and to liquidate assets from failed financial institutions primarily located in Midwestern states.

After conducting a competitive leasing acquisition process, the FDIC entered into a short-term agreement to lease space at 200 North Martingale Road, Schaumburg, Illinois. The decision was based on mission needs and workload.

The new office will provide facilities for up to 500 non-permanent staff and contractors. Staffing will be based on the workload needs of this office, including the number of closings in the Midwest, the resulting number of receiverships, and the post-closing workload.

Throughout its history, the FDIC has used temporary satellite offices to keep temporary asset resolution staff closer to the concentration of failed bank assets they oversee. As the work diminishes, the temporary satellite offices are closed. The FDIC currently has similar offices in Irvine, California, and Jacksonville, Florida.

The FDIC expects to gradually move into the space starting in March 2010. For more information on the Midwest satellite office visit the FDIC’s Web site at http://www.fdic.gov/about/midwestoffice/.