American Southern Bank becomes year's 26th failure

[Pale Blue Dot]

Source: Marketwatch

AN FRANCISCO (MarketWatch) -- American Southern Bank of Kennesaw, Ga. was closed by the Georgia Department of Banking and Finance, the Federal Deposit Insurance Corporation said Friday. The closure marks the 26th bank fauilure of 2009, and the 51st since the beginning of the recession. Bank of North Georgia of Alpharetta, Ga. will assume all of the deposits. As of March 30, American Southern Bank had assets of about $112.3 million and total deposits of $104.3 million.

Read more: http://www.marketwatch.com/News/Story/Story.aspx?guid={CD3D70F8-D4BD-4D01-8D0A-669CF5955A9B}

---

The night is still young. There may be more.

[marketcrazy1]

1. and a credit union

in Florida was also taken over today...*U.S. SAYS EASTERN FLORIDA CREDIT HAD $1.6 BILLION IN ASSETS
*U.S. SEIZES EASTERN FINANCIAL FLORIDA CREDIT UNION IN MIRAMAR.

[YOY]

2. 112.3 million is not a large bank.

n.t.

[Dr.Phool]

3. It's still early.

Seems like an awful lot of activity in Georgia. More than anywhere else.

[Doctor Cynic]

4. Were all those North Georgia banks, thinly veiled money laundering fronts?

[UpInArms]

5. Michigan Heritage Bank fails; 27th of year

http://www.marketwatch.com/news/story/michigan-heritage-bank-closed-regulators/story.aspx?guid=%7BA5EA3784%2DD1BB%2D43C3%2DB0B2%2D987AC0E20A75%7D&siteid=bnbh

SAN FRANCISCO (MarketWatch) -- Michigan Heritage Bank of Farmington Hills, Mich. was closed by the Michigan Office of Financial and Insurance Regulation, according to the Federal Deposit Insurance Corporation Friday, making Michigan Heritage the 27th bank failure of 2009, and the 52nd of the recession. Level One Bank of Farmington Hills, Mich. will assume all of the deposits, except $50 million in brokered deposits held by Michigan Heritage. As of Dec. 31, Michigan Heritage had total assets of about $184.6 million and total deposits of $151.7 million. Earlier in the day, American Southern Bank of Kennesaw, Ga. became the 26th bank of 2009 to fail.

[pravin404]

6. Map & List of Failed Banks in 2009

As usual FDIC closed 2 banks this Friday.

"Heritage Bank, Farmington Hills, MI" and "American Southern Bank, Kennesaw, GA".

Some statistics about the bank failures :

American Southern Bank:
#26th bank to fail this year in USA
#First bank from Michigan to fail this year and 2nd since 2008
#Has $112.3 million in assets and $104.3 million in deposits

Heritage bank:
#27th bank to fail this year in USA
#5th bank from Georgia to fail this year and 10th since 2008
#Has $184.6 million in assets and $151.7 million in deposits
#Maximum banks failed in Georgia since 2008


Check the list of all the failed banks at :
http://portalseven.com/Failed-Banks-2009

And on google map see where the banks are failing at :
http://portalseven.com/finance/Failed_Banks_Map_2009.jsp

Also layoff tracker at :
http://portalseven.com/finance/FinanceHome.jsp

[marketcrazy1]

7. now three

On April 24, 2009, the FDIC was named as Receiver for First Bank of Beverly Hills, Calabasas, CA by the California Department of Financial Institutions. plus the credit union in Florida I posted above.

[CatholicEdHead]

8. We need to get through all the US timezones

from Eastern to Hawaiian. Interesting evening.

[Dr.Phool]

9. A snowball starting to roll downhill?

[pravin404]

10. 3 Banks closed by FDIC today

As usual FDIC closed 3 banks this Friday.

"Heritage Bank, Farmington Hills, MI" and "American Southern Bank, Kennesaw, GA".

Some statistics about the bank failures :

American Southern Bank:
#26th bank to fail this year in USA
#First bank from Michigan to fail this year and 2nd since 2008
#Has $112.3 million in assets and $104.3 million in deposits

Heritage bank:
#27th bank to fail this year in USA
#5th bank from Georgia to fail this year and 10th since 2008
#Has $184.6 million in assets and $151.7 million in deposits
#Maximum banks failed in Georgia since 2008

First Bank of Beverly Hills, Calabasas, CA
# 28th bank to fail this year in USA
# 4th bank from California to fail this year and 9th since 2008
# Has $1.5 billion in assets and $1.0 billion in deposits


Check the list of all the failed banks at :
http://portalseven.com/Failed-Banks-2009 "> Failed Banks List


And on google map see where the banks are failing at :
Failed Banks Map - 2009


Also layoff tracker at :
Layoffs Tracker

[FarCenter]

12. First bank of Beverly Hills is the biggest hit to the FDIC's funds

The FDIC estimates the cost of the failure to its Deposit Insurance Fund to be approximately $394 million.

[FarCenter]

11. Add First Bank of Idaho, Ketchum, ID to the list

http://www.fdic.gov/bank/individual/failed/firstbankidaho.html

As of December 31, 2008, First Bank of Idaho had total assets of approximately $488.9 million and total deposits of $374.0 million.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $191.2 million.

[UpInArms]

13. Idaho bank is fourth closed in a single day

http://www.marketwatch.com/news/story/regulators-seize-4th-bank-friday/story.aspx?guid=%7B6DEB47A9%2D059A%2D467C%2DBEC6%2D22419D1EDBF9%7D&siteid=bnbh

SAN FRANCISCO (MarketWatch) -- Ketchum, Idaho-based First Bank of Idaho became the fourth bank closed by regulators Friday, as the credit crisis continued claiming victims. The Federal Deposit Insurance Corp. said Minneapolis-based U.S. Bank (USB: 18.95, +0.58, +3.2%) has assumed the failed bank's deposits. First Bank of Idaho had $374 million in deposits as of Dec. 31, the FDIC said. The bank's closure follows that of other banks in Georgia, Michigan and California on Friday.

[dixiegrrrrl]

14. Hmmm...Texas is missing from the list and the map.

And Wyoming.

Guess all the banks there are safe and sound.

[UpInArms]

15. U.S. regulators close 4 banks and a credit union

http://www.reuters.com/article/ousiv/idUSTRE53O0E020090425

WASHINGTON (Reuters) - U.S. bank regulators on Friday closed four banks and one credit union as the recession took its toll on financial institutions.

"The FDIC has been consistent in our public statements that there will be an increase in activity in bank failures over the course of this year and the announcements tonight reflect that," Federal Deposit Insurance Corp spokesman Andrew Gray said.

Officials have seized 29 banks so far this year. That is up from 25 U.S. banks in all of 2008 and three in 2007.

"There's been little to no disruption for insured depositors," Gray said, declining to estimate how many more bank failures loom.

FDIC and the National Credit Union Administration announced the closings of:

* Eastern Financial Florida Credit Union, headquartered in Miramar, Florida. The National Credit Union Administration was appointed conservator by the Florida Office of Financial Regulations.

The credit union has about $1.6 billion in assets and about 200,000 members. Space Coast Credit Union of Melbourne, Florida, will temporarily manage operations.

...more...