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Failed Banks: Class Of 2013

by Divya Lulla and Robert Clark

SNL Feature Article

Regulators did not close any banks Oct. 4, keeping the year's number of failures at 22. In 2012, regulators had closed 43 banks as of Oct. 11.

As of Oct. 11, only three of the 22 bank failures thus far in 2013 have involved 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 24% so far in 2013, 21% in 2012 and 23% in 2011.

2013 Bank Failures

Wausau, Wis.-based Bank of Wausau ($43.6 million)

Fort Myers, Fla.-based First Community Bank of Southwest Florida ($247.3 million)

Sevierville, Tenn.-based Mountain National Bank ($437.3 million)
North Las Vegas, Nev.-based 1st Commerce Bank ($20.2 million)

Kenosha, Wis.-based Bank of Wisconsin ($134.0 million)

Scottsdale, Ariz.-based Central Arizona Bank ($31.6 million)

Valdosta, Ga.-based Sunrise Bank ($60.8 million)
Asheville, N.C.-based Pisgah Community Bank ($21.9 million)

Douglasville, Ga.-based Douglas County Bank ($317.3 million)
Lenoir, N.C.-based Parkway Bank ($109.6 million)

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)

Gold Canyon, Ariz.-based Gold Canyon Bank ($42.1 million)

LaGrange, Ga.-based Frontier Bank ($258.8 million)

Chicago-based Covenant Bank ($58.4 million)

Andover, Minn.-based 1st Regents Bank ($49.6 million)

University Place, Wash.-based Westside Community Bank ($91.9 million)

Parsons, Tennessee---Community South Bank ($386.9 million)

Phoenix, Arizona---Sunrise Bank of Arizona ($292,2 million)

Edinburg, Texas-based First National Bank ($3.09 billion)

Bridgeport, Conn.-based Community Bank ($26.4 million)

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