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Bank Failures in Brief
2008

There were 25 bank failures in 2008. Please address questions on this subject to the Customer Service Hotline (telephone: 888-206-4662).

December

Sanderson State Bank, Sanderson, Texas, with approximately $37 million in total assets and $27.9 million in total deposits, was closed. The Pecos County State Bank, Fort Stockton, Texas has agreed to assume all deposits. (PR-135-2008)

Haven Trust Bank, Duluth, Georgia, with approximately $572 million in total assets and $515 million in total deposits, was closed. Branch Banking and Trust Company, Winston-Salem, North Carolina has agreed to assume all deposits. (PR-134-2008)

First Georgia Community Bank, Jackson, Georgia, with approximately $237.5 million in total assets and $197.4 million in total deposits, was closed. United Bank, Zebulon, Georgia has agreed to assume all deposits. (PR-132-2008)

November

PFF Bank and Trust, Pomona, California, with $3.7 billion in assets and $2.4 billion in deposits was closed. In a transaction facilitated by the FDIC, U.S. Bank, National Association acquired the banking operations of PFF Bank and Trust, and agreed to assume all deposits.(PR-124-2008)

Downey Savings and Loan Association, F.A., Newport Beach, California, with $12.8 billion in assets and $9.7 billion in deposits was closed. In a transaction facilitated by the FDIC, U.S. Bank, National Association, acquired the banking operations of Downey Savings and Loan Association, and agreed to assume all deposits.(PR-124-2008)

The Community Bank, Loganville, Georgia, with approximately $681.0 million in total assets and $611.4 million in total deposits, was closed. Bank of Essex, Tappahannock, Virginia has agreed to assume all deposits. (PR-123-2008)

Security Pacific Bank, Los Angeles, California, with approximately $561.1 million in total assets and $450.1 million in total deposits, was closed. Pacific Western Bank, Los Angeles, California has agreed to assume all deposits. (PR-114-2008)

Franklin Bank, SSB, Houston, Texas, with approximately $5.1 billion in total assets and $3.7 billion in total deposits, was closed. Prosperity Bank, El Campo, Texas has agreed to assume all deposits. (PR-113-2008)

October

Freedom Bank, Bradenton, Florida, with approximately $287 million in total assets and $254 million in total deposits, was closed. Fifth Third Bank of Grand Rapids, Michigan has agreed to assume all deposits. (PR-109-2008)

Alpha Bank & Trust, Alpharetta, Georgia, with approximately $354.1 million in total assets and $346.2 million in total deposits, was closed. Stearns Bank, N.A., St. Cloud, Minnesota has agreed to assume the non-brokered insured deposits. (PR-106-2008)

Meridian Bank, Eldred, Illinois, with approximately $39.18 million in total assets and $36.88 million in total deposits, was closed. National Bank of Hillsboro, Illinois has agreed to assume all deposits. (PR-99-2008)

Main Street Bank, Northville, Michigan, with approximately $98 million total assets and $86 million in total deposits, was closed. Monroe Bank & Trust of Monroe, Michigan has agreed to assume all deposits. (PR-98-2008)

September

Washington Mutual Bank, Seattle, Washington, with approximately $307 billion in assets was closed. In a transaction facilitated by the FDIC, JPMorgan Chase acquired the banking operations of Washington Mutual Bank, and agreed to assume all deposits (approximately $188 billion).(PR-85-2008)

Ameribank, Inc., Northfork, West Virginia, with approximately $115 million in assets and approximately $102 million in deposits was closed. Pioneer Community Bank, Inc., Iaeger, West Virginia has agreed to assume all deposits at Ameribank's West Virginia branches; The Citizens Savings Bank, Martins Ferry, Ohio has agreed to assume all deposits at Ameribank's Ohio branches. (PR-82-2008)

Silver State Bank, Henderson, Nevada, with approximately $2 billion in assets and approximately $1.7 billion in deposits was closed. Nevada State Bank, Las Vegas, Nevada has agreed to assume the non-brokered insured deposits. (PR-77-2008)

August

Integrity Bank, Alpharetta, Georgia, with approximately $1.1 billion in assets was closed. Regions Bank, Birmingham, Alabama has agreed to assume all deposits (approximately $974.0 million). (PR-74-2008)

The Columbian Bank and Trust, Topeka, Kansas, with approximately $752 million in assets and approximately $622 million in deposits was closed. Citizens Bank and Trust Company, Chillicothe, Missouri has agreed to assume the non-brokered insured deposits. (PR-69-2008)

First Priority Bank, Bradenton, Florida, with approximately $259 million in assets and approximately $227 million in deposits was closed. SunTrust Bank, Atlanta, Georgia has agreed to assume the non-brokered insured deposits. (PR-65-2008)

July

First National Bank of Nevada, Reno, Nevada, with approximately $3.4 billion in assets was closed. Mutual of Omaha Bank, Omaha, Nebraska has agreed to assume all deposits (approximately $3.0 billion). On June 30, 2008, First National Bank of Arizona, Scottsdale, Arizona, merged with First National Bank of Nevada and was included in this action. (PR-63-2008)

First Heritage Bank N.A., Newport Beach, California, with approximately $254 million in assets was closed. Mutual of Omaha Bank, Omaha, Nebraska has agreed to assume all deposits (approximately $233 million). (PR-63-2008)

IndyMac Bank, F.S.B., Pasadena, California, with approximately $32.01 billion in assets was closed. Non-brokered insured deposits and substantially all of the assets were transferred to IndyMac Federal Bank, F.S.B., Pasadena, California.  The FDIC was named Conservator. (PR-56-2008)

May

First Integrity Bank, National Association, Staples, Minnesota, with approximately $54.7 million in assets was closed. First International Bank and Trust, Watford City, North Dakota has agreed to assume all deposits (approximately $50.3 million). (PR-41-2008)

ANB Financial, National Association, Bentonville, Arkansas, with approximately $2.1 billion in assets was closed. Pulaski Bank and Trust Company, Little Rock, Arkansas has agreed to assume the non-brokered insured deposits (approximately $212.9 million). (PR-33-2008)

March

Hume Bank, Hume, Missouri, with approximately $18.7 million in assets was closed. Security Bank, Rich Hill, Missouri has agreed to assume the insured deposits (approximately $12.5 million). (PR-21-2008)

January

Douglass National Bank, Kansas City, Missouri, with approximately $58.5 million in assets was closed. Liberty Bank and Trust Company of New Orleans, Louisiana has agreed to assume all deposits (approximately $53.8 million). (PR-7-2008)


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