New Bank Failures
By Philip van Doorn, theStreet.com
New bank failures for the week of March 2 include Heritage Community Bank of Glenwood, Ill. and Security Savings Bank of Henderson, Nev., the 15th and 16th institutions to fail this year.
All 41 bank failures since the beginning of 2008 are detailed on TheStreet.com's new interactive bank failure map:
Not surprisingly, states at the center of the residential housing boom have produced the greatest number of failing institutions. Out of 41 bank and thrift failures since the beginning of 2008, eight were in California, six in Georgia and four in Florida.
Both failed institutions were included in TheStreet.com's analysis of undercapitalized banks and thrifts. Forty banks and eight thrifts were undercapitalized, by regulatory standards, based on preliminary data from Highline Financial.
The Federal Deposit Insurance Corp.'s bank insurance fund totaled $18.9 billion at the end of 2008, declining of $15.7 billion in the fourth quarter, as the agency handled twelve bank failures. The FDIC also announced amendments to the restoration plan for its deposit insurance fund, including an extra 20-basis point assessment on deposits, in addition to deposit insurance premiums already being collected. The assessments will be charged on Sept. 30.
TheStreet.com Ratings issues independent and very conservative financial strength ratings on each of the nation's 8,500 banks and savings and loans. These are available at no charge on the Banks & Thrifts Screener. In addition, the Financial Strength Ratings for 4,000 life, health, annuity, and property/casualty insurers are available on the Insurers & HMOs Screener.