You know this is way too routine when few even read the post. It's now so common we barely blink an eye at another bank failure.
Atlanta-based Georgian Bank was closed by regulators on Friday, marking the 95th U.S. bank failure of the year as the credit crunch continues claiming victims.
Irwin Bank FSB had $493 million in assets and $441 million in deposits, while Irwin Union Bank and Trust had $2.7 billion in assets and $2.1 billion in deposits.
Looks like these found a buyer.
both bank's deposits will be assumed by First Financial Bank in Hamilton, Ohio.
First Financial also agreed to purchase essentially all of the two banks' assets. The FDIC and First Financial Bank reached a loss-share agreement covering about $2.5 billion of the two banks' combined assets.
Five small regional banks were closed by regulators on Friday evening, pushing 2009's tally so far to 88 institutions. Of the five failures, two were in Illinois, and there was one each in Arizona, Iowa and Missouri.
Affinity Bank, which had total assets of $1 billion, deposits of $922 million and 10 branches in Northern and Southern California as of July 10, will be taken over by San Diego-based Pacific Western Bank, the FDIC announced.
Affinity Bank cost - $254 million
Bradford Bank, the second bank to fail in Maryland this year, had $452 million in assets and $383 million in deposits as of June 30
Bradford cost - $97 million.
ainstreet Bank had $459 million in assets and $434 million in deposits as of June 30, the FDIC reported.
Mainstreet Bank (isn't this title apropos since mainstreet is being told to go to hell generally?) cost $95 million.
And the grandaddy of the week, Guaranty Bank of Austin, Texas
As of June 30, 2009, Guaranty Bank had total assets of approximately $13 billion and total deposits of approximately $12 billion. ...
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $3 billion. ... Guaranty Bank is the 81st FDIC-insured institution to fail in the nation this year, and the second in Texas.
Guaranty Bank will cost the FDIC nearly as much as Colonial did last week.
Calculated Risk has a sortable table of troubled banks on their website. This is not official, but from public sources. It's massive and appears to be a unique list to CR, so I just give the link for you to check it out.
So now we can place bets on which banks will be seized on our reoccuring series, Bank Failure Friday, which announced this week's bank failures almost like Pizza night.
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