FDIC’s Closure Of Security Bank Corp. Brings 2009 Total To 58

Posted by on Jul 31st, 2009

The FDIC broke its streak of weekly bank closures on Friday, failing to report any bank seizures this week for the first time in 2009.

Last Friday’s closure of Security Bank Corp., headquartered in Macon GA, was the latest and marked the 58th bank the FDIC was appointed to receive.

State Bank & Trust Company agreed to a purchase agreement on July 24 with the FDIC to assume all the deposits of Security Bank’s six subsidiary banks.

The six banks operate 20 branches across Georgia and have combined deposits of $2.4 billion.

The FDIC advised Security Bank customers to continue using their branches as normal until Security and Trust can fully integrate the failed bank.  Security Bank deposits remain insured by the FDIC.

Bank failures this year have already more than doubled 2008 totals as financial institutions continued to battle mounting bad loan losses from the real estate bubble.

Below is a list of 2009 bank failures:

  1. Temecula Valley Bank, Temecula, Calif. July 17, 2009
  2. Vineyard Bank, Rancho Cucamonga, Calif. July 17, 2009
  3. BankFirst, Sioux Falls, S.D. July 17, 2009
  4. First Piedmont Bank, Winder, Ga. July 17, 2009
  5. Bank of Wyoming Thermopolis, Wyo. July 10, 2009
  6. Founders Bank Worth, Ill. July 2, 2009
  7. Millennium State Bank of Texas Dallas, Texas July 2, 2009
  8. First National Bank of Danville Danville, Ill. July 2, 2009
  9. Elizabeth State Bank Elizabeth, Ill. July 2, 2009
  10. Rock River Bank Oregon, Ill. July 2, 2009
  11. First State Bank of Winchester Winchester, Ill. July 2, 2009
  12. John Warner Bank Clinton, Ill. July 2, 2009
  13. Mirae Bank, Los Angeles, Calif. June 26, 2009
  14. Metro Pacific Bank, Irvine, Calif. June 26, 2009
  15. Horizon Bank, Pine City, Minn. June 26, 2009
  16. Neighborhood Community Bank, Newnan, Ga. June 26, 2009
  17. Community Bank of West Georgia, Villa Rica, Ga. June 26, 2009
  18. First National Bank of Anthony, Anthony, Kan. June 19, 2009
  19. Cooperative Bank, Wilmington, N.C. June 19, 2009
  20. Southern Community Bank, Fayetteville, Ga. June 19, 2009
  21. Bank of Lincolnwood, Lincolnwood, Ill. June 5, 2009
  22. Citizens National Bank, Macomb, Ill. May 22 2009
  23. Strategic Capital Bank, Champaign, Ill. May 22 2009
  24. BankUnited, FSB, Coral Gables, Fla. May 21 2009
  25. Westsound Bank, Bremerton, Wash. May 8, 2009
  26. America West Bank, Layton, Utah May 1, 2009
  27. Citizens Community Bank, Ridgewood, N.J. May 1, 2009
  28. Silverton Bank, N.A., Atlanta, Ga. May 1, 2009
  29. First Bank of Idaho, Ketchum, ID April 24, 2009
  30. First Bank of Beverly Hills, Calabasas, Calif., April 24, 2009
  31. Heritage Bank, Farmington Hills, Mich.; April 24, 2009
  32. American Southern Bank, Kennesaw, Ga.  April 24, 2009
  33. Great Basin Bank of Nevada, Elko, Nev. April 17, 2009
  34. American Sterling Bank, Sugar Creek, Mo. April 17, 2009
  35. New Frontier Bank, Greeley, Colo., April 10, 2009
  36. Cape Fear Bank, Wilmington, N.C., April 10, 2009
  37. Omni National Bank, Atlanta, Ga., March 27, 2009
  38. TeamBank, Paola, Kan., March 20, 2009
  39. Colorado National Bank, Colorado Springs, Colo., March 20, 2009
  40. FirstCity Bank, Stockbridge, Ga., March 20, 2009
  41. Freedom Bank of Georgia, Commerce, Ga. March 6, 2009
  42. Security Savings Bank, Henderson, Nev. February 27, 2009
  43. Heritage Community Bank, Glenwood, Ill. February 27, 2009
  44. Silver Falls Bank, Silverton, Ore. February 20, 2009
  45. Pinnacle Bank of Oregon, Beaverton, Ore. February 13, 2009
  46. Corn Belt Bank and Trust Company, Pittsfield, Ill. February 13, 2009
  47. Riverside Bank of the Gulf Coast, Cape Coral, Fl. February 13, 2009
  48. Sherman County Bank, Loup City, Neb. February 13, 2009
  49. County Bank, Merced, Calif. February 6, 2009
  50. Alliance Bank, Culver City, Calif. February 6, 2009
  51. FirstBank Financial Services, McDonough, Ga. February 6, 2009
  52. Ocala National Bank, Ocala, Fla. January 30, 2009
  53. Suburban Federal Savings Bank, Crofton, Md. January 30, 2009
  54. MagnetBank, Salt Lake City, Utah January 30, 2009
  55. 1st Centennial Bank, Redlands, Calif. January 23, 2009
  56. Bank of Clark County, Vancouver, Wash. January 16, 2009
  57.  National Bank of Commerce, Berkeley, Ill. January 16, 2009