Failed Banks - 8 More Bank Closures Announced by Federal Deposit Insurance Corporation

The Federal Deposit Insurance Corporation (FDIC) announced on 16 April that 8 more banks had closed.

The most recent failed banks are:

1. Innovative Bank, Oakland, CA;

2. Tamalpais Bank, San Rafael, CA;

3. AmericanFirst Bank, Clermont, FL;

4. Riverside National Bank of Florida, Fort Pierce, FL;

5. First Federal Bank of North Florida, Palatka, FL;

6. Butler Bank, Lowell, MA;

7. Lakeside Community Bank, Sterling Heights, MI; and

8. City Bank, Lynnwood, WA.


Innovative Bank
Innovative Bank had approximately $268.9 million in assets and approximately $225.2 million in deposits. Center Bank, Los Angeles, CA has agreed to assume all deposits, excluding certain brokered deposits.

Innovative Bank is the 48th FDIC-insured financial institution nationally to fail this year, and the 3rd in California. The last FDIC-insured institution closed in the state was La Jolla Bank, FSB, La Jolla on 19 February 2010.

Tamalpais Bank
The FDIC has entered into a purchase and assumption agreement with the Union Bank, National Association, San Francisco, California to assume all the deposits of Tamalpais Bank.

At the end of 2009, Tamalpais Bank had approximately $628.9 million in total assets and $487.6 million in total deposits.

The Tamalpais Bank is the 49th FDIC-insured bank to fail this year and the 4th bank in California to fail.

AmericanFirst Bank, Riverside National Bank of Florida and the First Federal Bank of North Florida
The deposits of AmericanFirst Bank, First Federal Bank of North Florida and Riverside National Bank were all acquired by TD Bank, National Association, Wilmington, Delaware. The three failed banks were not affiliated.

At the end of 2009 AmericanFirst Bank had total assets of $90.5 million and total deposits of $81.9 million. The First Federal Bank of North Florida had total assets of $393.3 million and total deposits of $324.2 million. The Riverside National Bank had total assets of $3.42 billion and total deposits of $2.76 billion.

Butler Bank
People's United Bank, Bridgeport, Connecticut has agreed to assume all the deposits of Butler Bank. At the end of 2009, Butler Bank had approximately $268.0 million in assets and approximately $233.2 million in deposits.

Butler Bank is the 47th FDIC-insured financial institution to fail this year and is the first bank to fail in Massachusetts thus far this year. Prior to this failure the last time a bank failed in Massachusetts was in 1994 when the Ludlow Savings Bank closed.

Lakeside Community Bank
The Lakeside Community Bank is first bank to fail in Michigan this year but and the 43rd FDIC-insured bank to fail. The last bank to fail in Michigan was Citizens State Bank in New Baltimore which closed on 18 December 2009.

At the end of 2009 Lake Community Bank had approximately $53.0 million in total assets and $52.3 million in total deposits.

The FDIC was unable to find another institution to take over the banking operations of Lakeside Community Bank and so the FDIC will mail cheques to depositors for their insured balances on Monday, 19 April.

City Bank
Whidbey Island Bank, Coupeville, Washington is assuming all the deposits of City Bank.

At the end of 2009, City Bank had approximately $1.13 billion in total assets and $1.02 billion in total deposits.

City Bank is the 50th FDIC-insured bank nationally to close this year and the 5th bank in Washington to fail this year.

How You Can Profit from the Current Banking Crisis

Bill Bartmann, a leading authority in debt collection, recently stated that he believed that as many as 1,000 banks will eventually fail this year. And so, this could just be the tip of the iceberg.

However, the banking crisis actually creates a special opportunity for ordinary individuals to profit. The opportunity comes through buying bad loans for pennies on the dollar and then collecting many times your initial investment. And the type of delinquent loans that Bill Bartmann recommends the everyday investor purchase are consumer loans such as charged-off credit cards debts.

It's possible to get started with a small investment and there are ways to obtain 100% financing for the loans you purchase. What's more, as well as making money yourself, this is an opportunity where you can also help others who find themselves experiencing financial hardship.

It's what you'd call a WIN-WIN situation.

Bill Bartmann explains the opportunity in greater detail in a special FREE video which you can access by clicking the URL below:

Profit from the Current Banking Crisis