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12 Branches Close in Washington, Illinois 6th Bank Failure


 

Columbia State Bank, Tacoma, Washington, assumed all the deposits of Bank of Whitman, Colfax, Washington. 12 of the branches will not be reopened, but eight of the original 20 will. The List of the branches remaining open and the ones closed (with the nearest open branch noted) can be found here:
www.fdic.gov/bank/individual/failed/whit...

In May Columbia State Bank acquired the three branches of Summit Bank, Burlington, Washington, and First Heritage Bank, Snohomish, Washington. Prior to the acquisition they had 68 branches in Washington and 25 in Oregon, plus are one of a relatively few banks active in equipment leasing
 


 

Bank of Whitman was founded September 29, 1977 as an employee owned community bank and had a high of 189 full time employees in December, 2008, and 158 March 31, 2011. March 31, 2011 Tier 1 risk-based capital ratio .000971%.

Investors lose all when a bank fails and in this case the retirement investments from the Employee Stock Ownership Plan hit many, as 2009 ESOP showed 178 participants.

In edition, the employees of the 12 branches being closed lost their jobs, and perhaps other changes will be made a presently existing Bank of Whitman branches.

Commercial and industrial loan write-offs were high, as well as nonfarm nonresidential loans going from $3.3 million in 2010 to $3.3 million the first quarter, and $5 million, the second quarter.

Reportedly the losses were among a small group of borrowers.

(in millions, unless otherwise)

Net Equity

 
2006
$53.2
2007
$60.7
2008
$61.6
2009
$39.7
2010
$24.9
3/31
$18.4
6/30
-$319,000

Profit

 
2006
$4.6
2007
$5.5
2008
$5.8
2009
-$17.0
2010
- $16.9
3/31
- $6.5
6/30
-$25.3

Non-Current Loans

 
2006
$341,000
2007
$530,000
2008
$11.5
2009
$48.5
2010
$36.5
3/31
$39.4

Charge Offs
2006 $5.5 ($4.9 commercial and industrial loans, $250,000 farmland, $163,000 L&C, $171,000 other)
2007 $58,000 ($128,000 commercial and industrial, -$93 other loans)
2008 $81,000 ($60,000 loans to individuasl, $39,000 other consumer, $12,000 1-4- family,
2009 $3.6 ($2 commercial and industrial, $1.1 nonfarm, $184,000 1-4 fam., $137,000 other loans)
2010 $19.8 ($14.3 commercial and industrial, $3.3 nonfarm, $935,000 1-4, $983,000 multi-fam.)
3/31 $6.2 ($3.3 nonfarm, $2.8 multifamily)
6/30 $13.2 ($5 nonfarm, $4.4 commercial & industrial, $2.8 multi, $630,000 1-4, $52,000 L&C)

Land and Construction, 1-4 family multiple residential, Multiple Family Residential, Non-Farm Non-Residential loans.
 

As of June 30, 2011, Bank of Whitman had approximately $548.6 million in total assets and $515.7 million in total deposits. In addition to assuming all of the deposits of the failed bank, Columbia State Bank agreed to purchase approximately $314.4 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $134.8 million.
www.fdic.gov/news/news/press/2011/pr1113...

 


 

The three branches of Bank of Shorewood, Shorewood, Illinois were closed with Heartland Bank and Trust Company, Bloomington, Illinois, to assume all of the deposits. Founded April 24, 1978, the bank had 31 full time employees in Elwood, Plainfield, and Shorewood. Tier 1 risk-based capital ratio 4.00%

(in millions, unless otherwise)

Net equity  
2006: $9.3
2007: $11.2
2008: $11.1
2009: $9.4
2010: $3.8
3/31: $3.4
6/30 $2.1

Profit:  
2006: $703,000
2007: $155,000
2008: $239,000
2009: -$2.7
2010: -$5.5
3/31: $338,000
6/30: -$1.78

Non-Current Loans:
2006: $172,000
2007: $1.2
2008: $2.5
2009: $3.7
2010: $7.4
3/31: $7.2

Charge Offs
2006 $3,000 (actual $24,000 L&C, -$15,000 commercial and industrial loans,-$6,000 other)
2007 $628,000 ($600,000 commercial and industrial loans, other loans)
2008 $291,000 ($366,000 L&C $60,000 1-4 family, -$139,000 commercial & industrial loans)
2009 $2.19 ($1.1 1-4 family, $800,000 nonfarm, $223 commercial and industrial loans
2010 $2.3 ($1.5 L&C, $481,000 1-4 family, $613,000 commercial and industrial loans, $40 lease receivables)
3/31 $1.2 ($838,000 1-4 family, $214,000 non-farm, $140 C&L)
6/30 $1.2 ($844,000 1-4 family, $214,000 nonfarm)

Land and Construction, 1-4 family multiple residential, Multiple Family Residential, Non-Farm Non-Residential loans.

As of June 30, 2011, Bank of Shorewood had approximately $110.7 million in total assets and $104.0 million in total deposits.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $25.6 million.

www.fdic.gov/news/news/press/2011/pr1113...

Tracking Bank Failures Map:
http://graphicsweb.wsj.com/documents/Failed-US-Banks.html

List of Bank Failures:
http://www.fdic.gov/bank/individual/failed/banklist.html

Bank Beat:
http://www.leasingnews.org/Conscious-Top%20Stories/Bank_Beat.htm