Friday Bank Failure Report For April 27, 2012

By Jeff Harding, on April 27th, 2012

It has been a long time since I last reported on bank failures. Today the FDIC announced four closings so it gives me a chance to catch us up on that front. The count today for 2012 is 21 bank failures. One positive note is that the rate of bank failures has dropped, substantially. There were 91 bank failures in 2011 and 157 in 2010. The main driver behind these failures is still commercial real estate mortgages. Here is the latest graph from Trepp, Inc. (it is for February):

I wish to remind readers that I intend these announcements to represent a positive thing for the economy. By trying to prevent bank closings, needed capital is tied up and prevented from reaching the economy. These regional and local banks are the mainstays of commercial real estate loans, and those loans are taking them down. They are also the primarly lenders to SMEs (small to medium business enterprises) which contribute about one-half of the commerce and create one-half of the jobs in America. These banks’ inability to quickly deal with their problems been one of the primary causes of the credit crunch. Consequently, this is one of the major factors hindering a recovery. Thus when you see the FDIC closing a bank, capital is no longer bring wasted and tied up in failed enterprises. It is a sign of the economy trying to recover.

Here is the list:

Bank Name	City	State	CERT #	Acquiring Institution	Closing Date	Updated Date
Plantation Federal Bank	Pawleys Island	SC	32503	First Federal Bank	April 27, 2012	April 27, 2012
Inter Savings Bank, fsb D/B/A InterBank, fsb	Maple Grove	MN	31495	Great Southern Bank	April 27, 2012	April 27, 2012
HarVest Bank of Maryland	Gaithersburg	MD	57766	Sonabank	April 27, 2012	April 27, 2012
Bank of the Eastern Shore	Cambridge	MD	26759	No Acquirer	April 27, 2012	April 27, 2012
Fort Lee Federal Savings Bank, FSB	Fort Lee	NJ	35527	Alma Bank	April 20, 2012	April 24, 2012
Fidelity Bank	Dearborn	MI	33883	The Huntington National Bank	March 30, 2012	April 23, 2012
Covenant Bank & Trust	Rock Spring	GA	58068	Stearns Bank, N.A.	March 23, 2012	March 27, 2012
New City Bank	Chicago	IL	57597	No Acquirer	March 9, 2012	March 20, 2012
Global Commerce Bank	Doraville	GA	34046	Metro City Bank	March 2, 2012	March 15, 2012
Home Savings of America	Little Falls	MN	29178	No Acquirer	February 24, 2012	February 24, 2012
Central Bank of Georgia	Ellaville	GA	5687	Ameris Bank	February 24, 2012	March 13, 2012
SCB Bank	Shelbyville	IN	29761	First Merchants Bank, National Association	February 10, 2012	March 8, 2012
Charter National Bank and Trust	Hoffman Estates	IL	23187	Barrington Bank & Trust Company, National Association	February 10, 2012	March 8, 2012
BankEast	Knoxville	TN	19869	U.S.Bank National Association	January 27, 2012	March 8, 2012
Patriot Bank Minnesota	Forest Lake	MN	34823	First Resource Bank	January 27, 2012	March 8, 2012
Tennessee Commerce Bank	Franklin	TN	35296	Republic Bank & Trust Company	January 27, 2012	March 8, 2012
First Guaranty Bank and Trust Company of Jacksonville	Jacksonville	FL	16579	CenterState Bank of Florida, N.A.	January 27, 2012	March 8, 2012
American Eagle Savings Bank	Boothwyn	PA	31581	Capital Bank, N.A.	January 20, 2012	March 8, 2012
The First State Bank	Stockbridge	GA	19252	Hamilton State Bank	January 20, 2012	March 8, 2012
Central Florida State Bank	Belleview	FL	57186	CenterState Bank of Florida, N.A.	January 20, 2012	March 8, 2012
Western National Bank	Phoenix	AZ	57917	Washington Federal	December 16, 2011	March 8, 2012
Premier Community Bank of the Emerald Coast	Crestview	FL	58343	Summit Bank	December 16, 2011	March 8, 2012
Central Progressive Bank	Lacombe	LA	19657	First NBC Bank	November 18, 2011	March 8, 2012
Polk County Bank	Johnston	IA	14194	Grinnell State Bank	November 18, 2011	March 8, 2012
Community Bank of Rockmart	Rockmart	GA	57860	Century Bank of Georgia	November 10, 2011	March 8, 2012