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Bank Failures in 2008

Failed Banks

Since the beginning of the credit crunch in August, 2007, a total of 14 banks have closed their doors, according to the Federal Deposit Insurance Corporation. This year alone, 12 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, aka taxpayers. >>

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 : Dec. 12, 2008 : $37 million : $12.5 million

Sanderson, Texas

Closed: Dec. 12, 2008
Assets: $37 million
Cost to FDIC: $12.5 million


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Haven Trust Bank

Duluth, Ga. : Dec. 12, 2008 : $572 million : $200 million

Duluth, Ga.

Closed: Dec. 12, 2008
Assets: $572 million
Cost to FDIC: $200 million


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First Georgia Community Bank

Jackson, GA.: Dec. 5, 2008 : $237.5 million : $72.2 million

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. : Nov. 21, 2008 : $3.7 billion : $700 million

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. : Nov. 21, 2008 : $12.8 billion : $1.4 billion

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. : Nov. 7, 2008 : $681.0 million : $200 - $240 million

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. : Nov. 7, 2008 : $561.1 million : $210 million

Los Angeles, Calif.

Closed: Nov. 7, 2008
Assets: $561.1 million
Cost to FDIC: $210 million


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Franklin Bank

Houston, Texas : Nov. 7, 2008 : $5.1 billion : $1.4 - $1.6 billion

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. : Oct. 31, 2008 : $287 million : $80 - $104 million

Bradenton, Fla.

Closed: Oct. 31, 2008
Assets: $287 million
Cost to FDIC: $80 - $104 million


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Alpha Bank & Trust

Alpharetta, Ga.: Oct. 24, 2008: $354.1 million : $158.1 million

Alpharetta, Ga.

Closed: Oct. 24, 2008
Assets: $354.1 million
Cost to FDIC: $158.1 million


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Meridian Bank

Eldred, Ill.: Oct. 10, 2008 :  $39.18 million :  $13 - $14.5 million

Eldred, Ill.

Closed: Oct. 10, 2008
Assets:  $39.18 million
Cost:  $13 - $14.5 million

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Main Street Bank

Northville, Mich. : Oct. 10, 2008: $98 million : $33 - $39 million

Northville, Mich.

Closed: Oct. 10, 2008
Assets: $98 million
Cost to FDIC: $33 - $39 million

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Washington Mutual

Henderson, Nev. : Sept. 25, 2008: $307 billion
Photo: TheTruthAbout...

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

: Aug. 29, 2008: $112.62 million: $42 million>>

Northfork, W. Va.



Closed: Aug. 29, 2008
Assets: $112.62 million
Cost: $42 million


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