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The pace of bank failures continues faster than last year at this point when it reported 64 bank failures. At this date, 2010, it now stands at 103.

The 100th bank to fail this year was accepted into the national banking group January 28, 1903, became part of the FDIC program when President Roosevelt started this program January 1, 1934, and when closed had 18 full time employees. They had opened their second branch 1917 in Hunter, Kansas.

The two branches of Thunder Bank, Sylvan Grove, Kansas were closed with The Bennington State Bank, Salina, Kansas, to assume all of the deposits.

According the Sylvan Grove Historic Society:

On March 4, 1892, eleven men met for the purpose of organizing a bank at Sylvan Grove. The capital stock of Five Thousand Dollars was subscribed and the name of the bank selected. On April 7, 1892, the Sylvan State Bank opened for business. It was a little wooden building located one block north of the tracks on the west side of main street. On November 12, 1894, the Sylvan State Bank was involved in an event that has survived the decades to become a legend – the first attempt to rob a bank in Lincoln County. An armed bandit robbed the bank, but upon his attempted getaway, was shot and killed by the bank cashier. Two accomplices on horseback managed to get away. All of the stolen money was recovered on the dead man.

In 1912, a new brick bank was built with office rooms and then later the city library upstairs. This building, although renovated and expanded, still houses the bank in Sylvan Grove today.

The 2000 census states there were 324 people, 157 households, and 88 families living in Sylvan. The median income for a household in the city was $27,188, and the median income for a family was $36,375. 96% White Non-Hispanic (Ancestries: German (37.7%), English (11.7%), French (9.6%), Irish (8.0%), French Canadian (4.6%), Swedish (4.3%).

Over two-thirds of the businesses on the main street are located in limestone buildings.

As of March 31, 2010, Thunder Bank had approximately $32.6 million in total assets and $28.5 million in total deposits. The bank equity was $2 million, going from $3.3 million March 31, 2009, losing $200,000 the period before and $759,000 March 31, 2010 with $586,000 in non-current loans after a charge off of $195,000 ( $71,000 in construction and land development, $122,000 1-4 multifamily residential property, and $2,000 in loans to individuals. Tier 1 risk-based capital ratio 3.19%. The bank was considered to specialize in agricultural loans.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $4.5 million.

SouthwestUSA Bank, Las Vegas, Nevada was closed with Plaza Bank, Irvine, California, to assume all of the deposits.

When it opened May, 2001, it was Peter Kingman stated his “vision:"

...private banking services for elite clients...to serve the ever-growing affluent population in Southern Nevada...Unlike other banks, SouthwestUSA Bank has no teller windows or lines. Entering the bank foyer, clients encounter a beautifully appointed lobby with an aquarium and a large, wall-mounted flat-screen television tuned to the business and financial market news of the day. Once the client’s desired banking services are ascertained, meetings take place in a one-on-one conference room where a personal banking officer negotiates the desired transaction or banking service for the client. The system is designed to provide personalized service with absolute discretion. An additional unique amenity at the bank is a full-service, professional kitchen. It is designed to prepare refreshments for clients during routine visits or scheduled meetings, and also to provide for special events at the bank, such as financial planning seminars.

As of March 31, 2010, SouthwestUSA Bank had approximately $214.0 million in total assets and $186.7 million in total deposits. The bank had 33 full time employees.

Equity had dropped from $21.5 million to $9 million following a $3.6 million loss March 31, 2009, to a $866,000 loss March 31, 2010, but with $47.5 million in non-current loans. The FDIC and Plaza Bank entered into a loss-share transaction on $111.3 million of SouthwestUSA Bank's assets. Tier 1 risk-based capital ratio 4.68%.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $74.1 million.

The five branches of Home Valley Bank, Cave Junction, Oregon, were closed with South Valley Bank & Trust, Klamath Falls, Oregon, to assume all of the deposits. The bank was founded August 15, 1980, in Cave Junction, then in 1994 opened their first branch in Grants Pass, another in 1998, a third in 2004 and a fourth in 2007. Jeff Manning wrote in the Oregonian:

Oregon's smaller commercial banks loaned heavily to residential real estate developers during the boom and paid a heavy price when the housing industry fell into disarray. With the exception of Central Oregon, Home Valley's home turf of Josephine and Jackson counties has suffered some of the steepest housing value declines and highest foreclosure rates in the state.

Seven other Oregon banks are also operating under orders from regulators to boost their capital or otherwise improve operations: PremiereWest Bancorp of Medford; Albina Community Bancorp of Portland; Liberty Financial Group, parent of Liberty Bank of Eugene; Pacific West Bank of West Linn; Cascade Bancorp in Bend; Merchants Bancorp in Gresham; and Columbia Community Bank of Hillsboro.

Home Valley Bank had 59 full time employees when they closed following a $403,000 loss March 31, 2009, and a $457,000 profit March 31, 2010, plus had reduced their non-current loans from $18.5 million to $12.8 million with $633,000 charge offs in real estate ( $621,000 construction and land development.) Bank equity had gone done from $17.4 million March 31, 2009, to $12.4 million March 31, 2010. Tier 1 was above the 5% goal at 6.70%. Among recent banks that were closed, this one appears healthy by the numbers and may have been more a management issue or perhaps geographical decision.

As of March 31, 2010, Home Valley Bank had approximately $251.80 million in total assets and $229.6 million in total deposits. South Valley Bank & Trust will pay the FDIC a premium of 1.05 percent to assume all of the deposits of Home Valley Bank.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $37.1 million.

As in a community fresh water fish tank, the first that grow larger than the small fish eat the smaller fish and become larger.

The six branches of Sterling Bank, Lantana, Florida, were closed with IBERIABANK, Lafayette, Louisiana, to assume all of the deposits.

For Iberiabank, this marks its third failed bank acquisition in Florida. In November, it acquired the assets and 34 branches of Sarasota-based Century Bank and Naples-based Orion Bank. The $8.7 billion-asset Iberiabank now has 220 offices in 12 states. The company said it now has $3 billion in deposits and 42 offices in Florida and should rank 20th in the state in deposits.

Sterling Bank was the fifth-largest bank chartered in Palm Beach County. As of March 31, 2010, Sterling Bank had approximately $407.9 million in total assets and $372.4 million in total deposits. The bank had 64 full time employees.

The net equity had gone from $27.6 million March 31, 2009, to $5.1 million with $30.1 million in non-current loans. The bank had lost $1.97 million the previous period and $5.47 million March 31, 2010, with charge offs of $3.3 million, all in real estate ($2.5 million construction and land development, $500,000 in 1-4 multifamily residential property, $332,000 in nonfarm nonresidential property. The tier 1 risk-based capital ratio is 3.26%.

The FDIC and IBERIABANK entered into a loss-share transaction on $244.3 million of Sterling Bank's assets.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $45.5 million.

The 11 branches of Crescent Bank and Trust Company, Jasper, Georgia were closed with Renasant Bank, Tupelo, Mississippi, to assume all of the deposits.

As of March 31, 2010, Crescent Bank and Trust Company had approximately $1.01 billion in total assets and $965.7 million in total deposits. Renasant Bank will pay the FDIC a premium of 1.0 percent to assume all of the deposits of Crescent Bank and Trust Company. In addition to assuming all of the deposits of the failed bank, Renasant Bank agreed to purchase essentially all of the assets.

According to the Atlanta Journal-Constitution Newspaper:

Crescent was a heavy lender to subdivision developers, strip retail centers and builders of vacation homes. From 2004 to 2008, Crescent doubled in size from $500 million in assets to $1 billion, fueled by a diet of real estate development loans.

Problems started in 2007 with the collapse of the housing market.

From the March 31, 2009, period to March 31, 2010, the bank had gone from 186 full time employees to 169, net equity had diminished from $56 million to $12.3 million after a loss of $4.7 to a loss of $13.2 with $112.6 million in non-current loans and a charge off of $12.8 million ($9.7 million construction and land development, $1.4 million in 1-4 multifamily residential property, $736,000 multifamily residential property, and $611,000 in non-farm non-residential property, as well as $233,000 in commercial and industrial loans. The tier 1 risk-based capital ratio is 1.52%.

The FDIC and Renasant Bank entered into a loss-share transaction on $617.4 million of Crescent Bank and Trust Company's assets. Renasant Bank will share in the losses on the asset pools covered under the loss-share agreement.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $242.4 million.

The five branches of Williamsburg First National Bank, Kingstree, South Carolina were closed with First Citizens Bank and Trust Company, Inc., Columbia, South Carolina, to assume all of the deposits. The bank had 46 full time employees. First Citizens bought another failed bank in September, Georgian Bank of Atlanta.

As of March 31, 2010, Williamsburg First National Bank had approximately $139.3 million in total assets and $134.3 million in total deposits. First Citizens Bank and Trust Company, Inc. will pay the FDIC a premium of 0.5 percent to assume all of the deposits of Williamsburg First National Bank. In addition to assuming all of the deposits of the failed bank, First Citizens Bank and Trust Company, Inc. agreed to purchase essentially all of the assets.

Bank net equity had dropped from $12.8 million March 31, 2009, to $2.27 million March 31, 2010, following a $2.2 million loss, $13.2 million non-current loans and $3.5 million charge off ($1.6 million construction and land development, $598,000 1-4 multi-family residential property, $1.199 million secured by non-residential non-farm property. The tier 1 risk-based capital ratio is 3.02%.

The FDIC and First Citizens Bank and Trust Company, Inc. entered into a loss-share transaction on $64.4 million of Williamsburg First National Bank's assets.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $8.8 million.

Community Security Bank, New Prague, Minnesota was closed with Roundbank, Waseca, Minnesota, to assume all of the deposits. As of March 31, 2010, Community Security Bank had approximately $108.0 million in total assets and $99.7 million in total deposits. Roundbank will pay the FDIC a premium of 0.89 percent to assume all of the deposits of Community Security Bank.

They had 23 full time employees with bank equity going from $9.9 million March 31, 2009, to $3.37 million March 31, 2010, following a $653,000 loss the previous time period and $1.8 million March 31, 2009, with $20.4 million in non-current loans. The tier 1 risk-based capital ratio is 2.12%

The FDIC estimates that the cost to the Deposit Insurance Fund will be $18.6 million.

Disclosure: No positions

Source: 103 Bank Failures: Why They Failed