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Bank and Credit Union Failures Soar in 2008

FDIC reports 25 failed banks last year

January 12, 2009

By MortgageDaily.com staff


So far during the new millennium, more than 50 federally insured banks have failed -- with nearly half of those failures occurring last year. Meanwhile, credit union failures doubled last year.

Data from the Federal Deposit Insurance Corporation indicate that 25 federally insured institutions failed during 2008 -- soaring from just three institutions the prior year.

In addition to the failed banks already covered by MortgageDaily.com, the FDIC reported that Hume Bank, in Hume Mo., and Douglass National Bank, in Kansas City, Mo., were taken over by the government last year. In 2007, Miami Valley Bank in Lakeview, Ohio, and Metropolitan Savings Bank were among the casualties.

FDIC's data reflected no bank failures in 2005 or 2006. The following table summarizes the number of bank failures so far this decade.

FDIC-Insured Bank Failures
Year # Failures
2008 25
2007 3
2006 0
2005 0
2004 4
2003 3
2002 11
2001 4
2000 2
total
52

Among 2004's four failures were Bank of Ephraim, in Ephraim, Utah; Reliance Bank, in White Plains, N.Y.; Guaranty National Bank of Tallahassee in Florida; and Dollar Savings Bank in Newark, N.J.

Three banks taken over by the FDIC in 2003 included Pulaski Savings Bank in Philadelphia; The First National Bank of Blanchardville in Wisconsin; and Southern Pacific Bank out of Torrance, Calif.

A surge in 2002 casualties included the following 11 institutions.

2002 Bank Failures
Bank Name
Location
AmTrade International Bank of Georgia Atlanta, Ga.
The Bank of Alamo Alamo, Tenn.
Bank of Sierra Blanca Sierra Blanca, Texas
Connecticut Bank of Commerce Stamford, Conn.
The Farmers Bank of Cheneyville Cheneyville, La.
Hamilton Bank, N.A. Miami
Net 1st National Bank Boca Raton, Fla.
New Century Bank Shelby Township, Mich.
NextBank, N.A. Phoenix
Oakwood Deposit Bank Co. Oakwood, Ohio
Universal Federal Savings Bank Chicago

In 2001, The Malta National Bank, in Malta, Ohio, and First Alliance Bank & Trust Co. in Manchester, N.H., were among the four banks taken over by the FDIC. The two banks to fail in 2000 were National State Bank of Metropolis, in Metropolis, Ill., and Bank of Honolulu in Hawaii.

A rising number of credit unions have also been failing, with 14 failures reported last year by the National Credit Union Administration -- double 2007's level. In addition to failed credit unions reported by MortgageDaily.com, the NCUA indicated the following credit union failed last year.

2008 Credit Union Failures
Credit Union Name
Location
Father Burke Federal Credit Union Bronx, N.Y.
High Desert Federal Credit Union Apple Valley, Calif.
Interfaith Federal Credit Union East Orange, N.J.
Kaiperm Federal Credit Union Oakland, Calif.
Meriden F. A. Federal Credit Union Meriden, Conn.
N&W Poca Division Federal Credit Union Bluefield, W.V.
New London Security Federal Credit Union New London, Conn.
Port Trust Federal Credit Union of Charleston Charleston, S.C.
St. Luke Baptist Federal Credit Union Laurelton, N.Y.
TEXDOT-WF Credit Union Wichita Falls, Texas
Valley Credit Union San Jose, Calif.

NCUA reported that seven credit unions shut down in 2007.

2007 Credit Union Failures
Credit Union Name
Location
Communities United Credit Union Wichita, Kan.
Green Tree Federal Credit Union Feasterville, Penn.
Huron River Area Credit Union Ann Arbor, Mich.
Obelisk Federal Credit Union New Albany, Ind.
Peoples First Choice Federal Credit Union Glen Rock, N.J.
Sharebuilders Federal Credit Union Northridge, Calif
Zion United Community Credit Union Denver

In 2006, NCUA announced the closures of nine credit unions.

2006 Credit Union Failures
Credit Union Name
Location
Credit Union Group Lawrence, Kan.
Greater Harrisburg Community Credit Union Harrisburg, Penn.
Gulfport CBC Credit Union Gulfport, Miss.
La Casa Federal Credit Union Newark, N.J.
Mt. Hebron Baptist Federal Credit Union Philadelphia
Potter's House Federal Credit Union Jacksonville, Fla.
St. Charles Borromeo Church Federal Credit Union New York
Union Pacific Streamliner Federal Credit Union Omaha, Neb.
Yankton Employees Federal Credit Union Yankton, S.D.

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