Economic Outlook: Nearly 90 Bank Failures This Year

At first glance, the list below speaks for itself; if you were to tally up the total number of bank failures in 2011 alone, you would end up with a whopping 87 failed banks. But this is not the full story. Take a closer look at the list. Note that the majority of these are small, community banks. These are the ones hurting most and being forced to shut their doors. What gives? For one, the sheer volume of underwater loans has skyrocketed over the past few years. Add to this the lack of assistance from the FED, and you’ve created a recipe for disaster for these smaller players. However, if the past few years have taught us anything, it’s that many things have been swept under the rug and left for the critics to piece back together, so I’d like to open the floor and ask you: what do you believe is the cause for the bank failures this year?

November
1. Central Progressive Bank, Lacombe, LA
2. Polk County Bank, Johnston, IA
3. Community Bank of Rockmart, Rockmart, GA
4. SunFirst Bank, Saint George, UT
5. Mid City Bank, Inc., Omaha, NE

October
6. All American Bank, Des Plaines, IL
7. Community Banks of Colorado, Greenwood Village, CO
8. Community Capital Bank, Jonesboro, GA
9. Decatur First Bank, Decatur, GA
10. Old Harbor Bank, Clearwater, FL
11. Country Bank, Aledo, IL
12. First State Bank, Cranford, NJ
13. Blue Ridge Savings Bank, Inc., Asheville, NC
14. Piedmont Community Bank, Gray, GA
15. Sun Security Bank, Ellington, MO
16. The RiverBank, Wyoming, MN

September
17. First International Bank, Plano, TX
18. Citizens Bank of Northern California, Nevada City, CA
19. Bank of the Commonwealth, Norfolk, VA
20. The First National Bank Of Florida, Milton, FL
21. CreekSide Bank, Woodstock, GA
22. Patriot Bank of Georgia, Cumming, GA

August
23. First Choice Bank, Geneva, IL
24. First Southern National Bank, Statesboro, GA
25. Lydian Private Bank, Palm Beach, FL, including its division Virtual Bank
26. Public Savings Bank, Huntingdon Valley, PA
27. The First National Bank of Olathe, Olathe, KS
28. Bank of Whitman, Colfax, WA
29. Bank of Shorewood, Shorewood, IL

July
30. Integra Bank National Association, Evansville, IN
31. BankMeridian, N.A., Columbia, SC
32. Virginia Business Bank, Richmond, VA
33. Bank of Choice, Greeley, CO
34. LandMark Bank of Florida, Sarasota, FL
35. Southshore Community Bank, Apollo Beach, FL
36. Summit Bank, Prescott, AZ
37. First Peoples Bank, Port St. Lucie, FL
38. High Trust Bank, Stockbridge, GA
39. One Georgia Bank, Atlanta, GA
40. Signature Bank, Windsor, CO
41. Colorado Capital Bank, Castle Rock, CO
42. First Chicago Bank & Trust, Chicago, IL

June
43. Mountain Heritage Bank, Clayton, GA
44. First Commercial Bank of Tampa Bay, Tampa, FL
45. McIntosh State Bank, Jackson, GA
46. Atlantic Bank and Trust, Charleston, SC

May
47. First Heritage Bank, Snohomish, WA
48. Summit Banking Company, Burlington, WA
49. First Georgia Banking Company, Franklin, GA
50. Atlantic Southern Bank, Macon, GA
51. Coastal Bank, Cocoa Beach, FL

April
52. Community Central Bank, Mount Clemens, MI
53. The Park Avenue Bank, Valdosta, GA
54. First Choice Community Bank, Dallas, GA
55. Cortez Community Bank, Brooksville, FL
56. First National Bank of Central Florida, Winter Park, FL
57. Heritage Banking Group, Carthage, MS
58. Rosemount National Bank, Rosemount, MN
59. Superior Bank, Birmingham, AL
60. Nexity Bank, Birmingham, AL
61. New Horizons Bank, East Ellijay, GA
62. Bartow County Bank, Cartersville, GA
63. Nevada Commerce Bank, Las Vegas, NV
64. Western Springs National Bank and Trust, Western Springs, IL

March
65. The Bank of Commerce, Wood Dale, IL
66. Legacy Bank, Milwaukee, WI The First National Bank of Davis, Davis, OK

February
67. Valley Community Bank, St. Charles, IL
68. San Luis Trust Bank, FSB, San Luis Obispo, CA
69. Charter Oak Bank, Napa, CA
70. Citizens Bank of Effingham, Springfield, GA
71. Habersham Bank, Clarkesville, GA
72. Canyon National Bank, Palm Springs, CA
73. Badger State Bank, Cassville, WI Peoples State Bank, Hamtramck, MI
74. Sunshine State Community Bank, Port Orange, FL
75. Community First Bank Chicago, Chicago, IL
76. North Georgia Bank, Watkinsville, GA
77. American Trust Bank, Roswell, GA

January
78. First Community Bank, Taos, NM
79. FirsTier Bank, Louisville, CO Evergreen State Bank, Stoughton, WI
80. The First State Bank, Camargo, OK
81. United Western Bank, Denver, CO
82. The Bank of Asheville, Asheville, NC
83. CommunitySouth Bank & Trust, Easley, SC
84. Enterprise Banking Company, McDonough, GA
85. Oglethorpe Bank, Brunswick, GA
86. Legacy Bank, Scottsdale, AZ
87. First Commercial Bank of Florida, Orlando, FL

*List obtained from the FDIC: http://www.fdic.gov/bank/historical/bank/index.html