Bank Failure Friday - 5 more bite the dust

Another Friday, another round of bank failures. These week's lucky winners, with their costs to the FDIC deposit insurance fund, are:

  1. NorthWest Bank and Trust, Acworth, Georgia, $39.8 million
  2. Bayside Savings Bank, Port Saint Joe, Florida, $16.2 million
  3. Coastal Community Bank, Panama City Beach, Florida, $94.5 million
  4. The Cowlitz Bank, Longview, Washington, $68.9 million
  5. LibertyBank, Eugene, Oregon, $115.3 million

Looks like fishing for failure in Panama City caught a whopper. The national tally for 2010 is 108 bank closures.

The two Florida banks make the state closure tally 20 for 2010.

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1,000 banks to fail?

269 banks have failed since the start of 2008. 775 banks are on the "troubled" list.
This article details the condition of the FDIC and what we might expect.

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