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Friday, March 19, 2010

It's Bank Failure Friday!!!!

And here they are, ordered, and numbered for the year so far, and these are, of course, in addition to the rather unusual Thursday closing yesterday.

  1. American National Bank, Parma, Oh
  2. Century Security Bank, Duluth, GA
  3. Advanta Bank Corp., Draper, UT
  4. Appalachian Community Bank, Ellijay, GA
  5. Bank of Hiawassee, Hiawassee, GA
  6. First Lowndes Bank, Fort Deposit, AL
  7. State Bank of Aurora, Aurora, MN
Some notes:
  • 7 Banks? Woah....
  • It's been a bad week for Georgia banks (well, duh, 3 got closed).
  • There is some sort of joke about the bank closing in Fort Deposit, I'm just saying.
  • Advanta is a big fish. It was a major player in small business credit cards, and the parent company had declared bankruptcy (see here and here) after its credit card debt write-offs exceeded 20%
Here is the Full FDIC list

And we also have some credit union closings.

My bad here, I had the wrong link bookmarked, so I missed a few after the 1st of the year:
  1. Friendship Community Federal Credit Union, Clarksdale, MS on 2/25/10
  2. Mutual Diversified Employees Federal Credit Union, Santa Ana, CA on 2/26/10
  3. Lawrence County School Employees Federal Credit Union, New Castle, PA on 3/5/10
Full NCUA list

So, here is the graph pr0n:

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