Failed Banks - Jan to May 2010, page 1

The list of failed banks can be found on the FDIC website: www.fdic.gov...

Click on the bank name, then click on the press release link to see the loss to the FDIC, this would be the last paragraph before the center "###' symbol.

So far this year the estimated loss to the FDIC is $12,613,320,000. At this time in 2009, the year losses to the FDIC was $10,609,700,000.

Here are the bank failures from January through May 2010
Bank Name Est Cost to FDIC
Bank of Florida - Tampa $40,300,000
Bank of Florida - Southeast $71,400,000
Bank of Florida - Southwest $91,300,000
Sun West Bank $96,700,000
Granite Community Bank, NA $17,300,000
Pinehurst Bank $6,000,000
New Liberty Bank $25,000,000
Satilla Community Bank $31,300,000
Southwest Community Bank $29,000,000
Midwest Bank and Trust Company $216,400,000
1st Pacific Bank of California $87,700,000
Towne Bank of Arizona $41,800,000
Access Bank $5,500,000
The Bank of Bonifay $78,700,000
R-G Premier Bank of Puerto Rico $11,400,000
Frontier Bank $1,370,000,000
CF Bancorp $615,300,000
Champion Bank $52,700,000
BC National Banks $11,400,000
Eurobank $743,900,000
Westernbank Puerto Rico $3,310,000,000
Citizens Bank and Trust Company of Chicago $20,900,000
Amcore Bank, National Association $220,300,000
Broadway Bank $394,300,000
Peotone Bank and Trust Company $31,700,000
Wheatland Bank $133,000,000
Lincoln Park Savings Bank $48,400,000
New Century Bank $125,300,000
AmericanFirst Bank $10,500,000
Lakeside Community Bank $11,200,000
First Federal Bank of North Florida $6,000,000
Riverside National Bank of Florida $491,800,000
Tamalpais Bank $81,100,000
Butler Bank $22,900,000
Innovative Bank $37,800,000
City Bank $323,400,000
Beach First National Bank $130,300,000
Unity National Bank $67,200,000
Key West Bank $23,100,000
Desert Hills Bank $106,700,000
McIntosh Commercial Bank $123,300,000
State Bank of Aurora $4,200,000
First Lowndes Bank $38,300,000
Bank of Hiawassee $137,700,000
Appalachian Community Bank $419,300,000
Century Security Bank $29,900,000
Advanta Bank Corp. $635,600,000
American National Bank $17,100,000
Statewide Bank $38,100,000
The Park Avenue Bank $50,700,000
Old Southern Bank $94,600,000
LibertyPointe Bank $24,800,000
Sun American Bank $103,800,000
Waterfield Bank $51,000,000
Centennial Bank $96,300,000
Bank of Illinois $53,700,000
Rainier Pacific Bank $95,200,000
Carson River Community Bank $9,700,000
Marco Community Bank $38,100,000
La Jolla Bank, FSB $882,300,000
George Washington Savings Bank $141,400,000
The La Coste National Bank $3,700,000
First Regional Bank $825,500,000
American Marine Bank $58,900,000
Marshall Bank, N.A. $4,100,000
Premier American Bank $85,000,000
Columbia River Bank $172,500,000
Evergreen Bank $201,900,000
Charter Bank $6,420,000
Bank of Leeton $8,100,000
St. Stephen State Bank $7,200,000
Town Community Bank & Trust $17,800,000
Barnes Banking Company $271,300,000
Horizon Bank $539,100,000

So the bleeding hasn't stopped, real estate values were the foundation of bank assets, and banks are the primary makers of money. Fewer banks means there's less money making power available. The economy is not getting better, beware of investment advisors pitching the upside of 'undervalued' stocks. Look at them the same way you do realtors who have been you for the last two years the housing market is at the bottom.

From a banking perspective, more wealth was destroyed this year to date than last year.