Failed Banks: Class Of 2013

Aug. 23, 2013 1:38 PM ET

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Internet, Long/Short Equity, Portfolio Strategy, Banks

Contributor Since 2009

Christopher "Kit" Menkin is of editor LeasingNews.org (http://www.leasingnews.org/), an internet trade publication for the finance/leasing industry. He has 46 years experience in the finance/leasing industry as well as being a founder of a commercial regional bank and serving on several company board of directors. He was a syndicated business columnist in news from Silicon Valley, California, for 12 commercial newspapers in the 1970's and early 1980's. Prior to getting into the financial business, he was a West Coast News Producer for ABC-TV News, Managing Editor KGO-TV News, San Francisco, California, and news editor at KFRC News, San Francisco, California. His three times a week news edition posted at www.leasingnews.org is read by over 175,000 in the trade and by related entities each month.

By Aarti Kanjani and Harish Mali and Robert Clark

Special Report by SNL Financial

The regulators did not close any banks Aug. 16, keeping the year's total number of failures at 18. In 2012, regulators had closed 40 banks through Aug. 16.

As of Aug. 16, only two of the 18 bank failures thus far in 2013 have been involved in 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.

The median cost to the deposit insurance fund at the time of announcement as a percentage of the failed banks' assets was 27% in 2013, 21% in 2012 and 23% in 2011.

Wausau, Wis.-based Bank of Wausau ($43.6 million)
http://leasingnews.org/archives/Aug2013/8_13.htm#bank_beat

Fort Myers, Fla.-based First Community Bank of Southwest Florida ($247.3 million)
http://leasingnews.org/archives/Aug2013/8_06.htm#bank_beat

Sevierville, Tenn.-based Mountain National Bank ($437.3 million)
North Las Vegas, Nev.-based 1st Commerce Bank ($20.2 million)
http://leasingnews.org/archives/Jun2013/6_11.htm#bank_beat

Kenosha, Wis.-based Bank of Wisconsin ($134.0 million)
http://leasingnews.org/archives/Jun2013/6_03.htm#bank_beat

Scottsdale, Ariz.-based Central Arizona Bank ($31.6 million)
http://leasingnews.org/archives/May2013/5_15.htm#wef

Valdosta, Ga.-based Sunrise Bank ($60.8 million)
Asheville, N.C.-based Pisgah Community Bank ($21.9 million)
http://leasingnews.org/archives/May2013/5_13.htm#bank_beat

Douglasville, Ga.-based Douglas County Bank ($317.3 million)
Lenoir, N.C.-based Parkway Bank ($109.6 million)
http://leasingnews.org/archives/Apr2013/4_29x.htm#bank_beat

Marianna, Fla.-based Chipola Community Bank ($37.5 million)
Orange Park, Fla.-based Heritage Bank of North Florida ($104.0 million)

Lexington, Ky.-based First Federal Bank ($93.0 million)
http://leasingnews.org/archives/Apr2013/4_23.htm#bank_beat

Gold Canyon, Ariz.-based Gold Canyon Bank ($42.1 million)
http://leasingnews.org/archives/Apr2013/4_08.htm#arizona

LaGrange, Ga.-based Frontier Bank ($258.8 million)
http://leasingnews.org/archives/Mar2013/3_11.htm#bank_beat

Chicago-based Covenant Bank ($58.4 million)
http://leasingnews.org/archives/Feb2013/2_19.htm#bank_beat

Andover, Minn.-based 1st Regents Bank ($49.6 million)
http://leasingnews.org/archives/Jan2013/1_22.htm#bank_beat

University Place, Wash.-based Westside Community Bank ($91.9 million)
http://leasingnews.org/archives/Jan2013/1_15.htm#beat

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.