Bank Failures, 2009 Edition: Three and Counting

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 |  Includes: KBE, PJB
by: The Sun

2009 is less than one month old, yet there are already a few banks being closed, picking up what was left from last year. A total of 25 banks were shut down in 2008. So far in 2009, three have gone under already:

  • National Bank of Commerce, Berkeley, IL: Closed on January 16, 2009, assets at close $430.9 million, deposits at close $402.1 million. National Bank of Commerce’s deposits were acquired by Republic Bank of Chicago.
  • Bank of Clark County, Vancouver, WA: Closed on January 16, 2009, assets at close $466.5 million, deposits at close $366.5 million. Insured deposits were acquired by Umpqua Bank, Roseburg, Oregon.
  • 1st Centennial Bank, Redlands, CA: Closed on January 23, 2009, assets at close $803.3 million, deposit at close $676.9 million. Insured deposits were acquired by First California Bank, Westlake Village, California.

During the same period last year, only one bank was closed. If the trend continues, the total number of bank failures this year will surely exceed that of 2008.