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Failed Banks: Class Of 2013

By Aarti Kanjani and Robert Clark

SNL Financial

Regulators did not close any banks Friday, Feb. 8, keeping the year's total number of failures at two. In 2012, regulators had closed nine banks through Feb. 10.

As of Feb. 8, the two bank failures thus far in 2013 did not involve a loss-share agreement. In 2012, the FDIC entered loss-share agreements with the buyers of 20 of the 51 closed banks. In 2011, the FDIC entered loss-share agreements with the buyers of 58 of the 92 closed banks.

Andover, Minn.-based 1st Regents Bank ($50.2 million)

The bank was established in 2001 and had its sole branch in Minnesota. The FDIC issued the bank a consent order in March 2010. As of Sept. 30, 2012, its equity capital fell to $924,000 and its Texas ratio was 612.51%.

University Place, Wash.-based Westside Community Bank ($97.7 million)

Westside Community operated two branches in the Tacoma, Wash., area. The bank had previously agreed to sell the company to a group of investors for $5.7 million in August 2012. The FDIC issued a prompt corrective action directive to Westside Community in June 2012. As of Sept. 30, 2012, 32.50% of the bank's assets were nonperforming.

The median cost to the deposit insurance fund at the time of announcement as a percentage of the failed banks' assets was 22% in 2013, 21% in 2012 and 23% in 2011.

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