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Dennis Santiago Headshot

FDIC Closures for the Week Ending June 8, 2012

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Earlier this week my company reported on our findings about the first quarter number of the banking industry. Our industry fact sheet indicates that banking is getting healthier. The number of F rated banks is at the lowest point since the start of the 2008 crisis. The FDIC's long-term campaign to push banks towards greater safety and soundness or perish seems to be bearing fruit.

This week, bank regulators continued this process taking down four under capitalized banks. Largest of the closures was $533M asset Waccamaw Bank in Whiteville, North Carolina. It had been under capitalized since June of 2011. Two smaller banks, $46M asset First Capital Bank of Kingfisher, Oklahoma and $34M asset Farmers' and Traders' State Bank of Shabbona, Illinois also succumbed to a lack of capital. A fourth under-capitalized small bank, $47M asset Carolina Federal Savings Bank of Charleston, South Carolina managed to improve its period operating numbers in the recently ended March 2012 reporting period but this was not enough to stave off the regulator's axe. All banks found buyers and will reopen as part of their acquiring institutions on Monday.

The IRA forensic reports on these four banks are locate at these links,

Farmers' and Traders' State Bank - Shabbona, IL 6/8/2012

Waccamaw Bank - Whiteville, NC 6/8/2012

First Capital Bank - Kingfisher, OK 6/8/2012

Carolina Federal Savings Bank - Charleston, SC 6/8/2012