Failed Banks
Since the beginning of the credit crunch in August 2007, a total of 27 banks have closed their doors, according to the Federal Deposit Insurance Corporation.
This year alone, 25 banks have gone under. Take a look at the failures of 2008 (in chronological order), as measured by total assets and the cost to the FDIC’s deposit insurance fund.
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Sanderson State Bank
Sanderson, Texas
Closed: Dec. 12, 2008
Assets: $37 million
Cost to FDIC: $12.5 million
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Haven Trust Bank
Duluth, Ga.
Closed: Dec. 12, 2008
Assets: $572 million
Cost to FDIC: $200 million
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First Georgia Community Bank
Jackson, GA.
Closed: Dec. 5, 2008
Assets: $237.5 million
Cost to FDIC: $72.2 million
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PFF Bank & Trust
Pomona, Calif.
Closed: Nov. 21, 2008
Assets: $3.7 billion
Cost to FDIC: $700 million
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Downey Savings & Loan
Newport Beach, Calif.
Closed: Nov. 21, 2008
Assets: $12.8 billion
Cost to FDIC: $1.4 billion
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The Community Bank
Loganville, Ga.
Closed: Nov. 7, 2008
Assets: $681.0 million
Cost to FDIC: $200 - $240 million
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Security Pacific Bank
Los Angeles, Calif.
Closed: Nov. 7, 2008
Assets: $561.1 million
Cost to FDIC: $210 million
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Franklin Bank
Houston, Texas
Closed: Nov. 7, 2008
Assets: $5.1 billion
Cost to FDIC: $1.4 - $1.6 billion
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Freedom Bank
Bradenton, Fla.
Closed: Oct. 31, 2008
Assets: $287 million
Cost to FDIC: $80 - $104 million
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Alpha Bank & Trust
Alpharetta, Ga.
Closed: Oct. 24, 2008
Assets: $354.1 million
Cost to FDIC: $158.1 million
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Meridian Bank
Eldred, Ill.
Closed: Oct. 10, 2008
Assets: $39.18 million
Cost: $13 - $14.5 million
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Main Street Bank
Northville, Mich.
Closed: Oct. 10, 2008
Assets: $98 million
Cost to FDIC: $33 - $39 million
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Washington Mutual
Henderson, Nev.
Closed: Sept. 25, 2008
Assets: $307 billion
Washington Mutual is the largest bank failure in history. The bank's assets were bought by JPMorgan Chase for $1.9 billion.
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Ameribank
Northfork, W. Va.
Closed: Aug. 29, 2008
Assets: $112.62 million
Cost: $42 million
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