The Office of the Comptroller of the Currency closed down Alabama Trust Bank, National Association, of Sycalaugua, Alabama over the weekend, marking the first Alabama bank failure and the 24th national failure this year.
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While the pace of bank closings has slowed this year compared to the year before, in its bank failure report, Trepp noted that there are still more than 200 banks at high risk of failure as of the first quarter of 2012. More specifically, 209 banks are considered to be at high risk of failure on the Trepp Watchlist, three of which failed in April, leaving 204. The high-risk banks are more heavily concentrated in Georgia (41 banks), followed by Florida (32), Illinois (24), Minnesota (12), North Carolina (11), Tennessee (9) and Missouri (9).
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While Treasury has stated it recovered $264 billion of the $245 billion invested in TARP, Treasury Assistant Secretary Timothy G. Massad said 343 banks still remain in TARP's taxpayer-funded bank programs. Most of these banks are smaller, community lenders and are having a more difficult time with raising funds from private investors in the capital markets to repay taxpayers, Massad explained in a Treasury blog Thursday.
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After what seemed to be a slow month for bank closings, with just one closing April 20, the FDIC announced five bank closings Friday, raising the national tally of failed banks to 22 so far this year. Regulators ceased operations for Bank of the Eastern Shore, HarVest Bank of Maryland, Inter Savings Bank, Plantation Federal Bank, and Palm Desert National Bank.
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State regulators closed Fidelity Bank of Dearborn, Michigan over the weekend, the first bank in Michigan to fail and the 16th in the nation to go dark.
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Two banks closed over the weekend, raising the national tally of failed FDIC-insured banks to 15 so far this year. Regulators closed Covenant Bank and Trust of Rock Spring, Georgia and Premier Bank of Wilmette, Illinois.
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A former chief financial officer of Taylor, Bean & Whitaker Mortgage (TBW) pleaded guilty Tuesday to making false statements and conspiring to commit bank and wire fraud for his role in a $2.9 billion scheme that contributed to the failures of TBW and Colonial Bank. Delton de Armas of Carrollton, Texas, faces a maximum penalty of 10 years in prison when he is sentenced on June 15, 2012. He admitted in court that from 2005 through August 2009, he and others schemed to defraud financial institutions that had invested in Ocala Funding.
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State regulators closed New City Bank of Chicago, Illinois March 9, raising the national tally for closed banks to 13 so far this year. The FDIC was unable to find another financial institution to take over the failed bank.
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State regulators closed Global Commerce Bank of Doraville, Georgia on Friday, marking the first bank closing for March and the second Georgia bank to close in two weeks. So far this year, twelve FDIC-insured banks have closed.
The FDIC entered into a purchase and assumption agreement with Metro City Bank of Doraville, Georgia, to assume all of the deposits of Global Commerce Bank.
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For the tenth consecutive quarter, FDIC insured banks and savings institutions reported year-over-year increases, with earnings at $26.3 billion for the 2011 fourth quarter.
This is $4.9 billion more from the $21.4 billion reported last year for the 2010 fourth quarter. Overall, the 2011 fourth quarter ended 23 percent higher than the fourth quarter last year. The $26.3 billion is still a decrease compared to the $35.3 billion in earnings from the previous 2011 third quarter.
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