The reason the FDIC releases bank failures on Friday is to avoid a panic. They also stagger the ones they are closing over time. We have had routine bank failures every Friday for the last two years. This week's bank failure lucky winners, along with their cost to the Deposit Insurance Fund are:
- Bank of Miami, National Association, Coral Gables, Florida, $64.0 million
- Chestatee State Bank, Dawsonville, Georgia, $75.3 million
- Appalachian Community Bank, F.S.B., McCaysville, Georgia, $26.0 million
- United Americas Bank, National Association, Atlanta, Georgia, $75.8 million
- First Southern Bank, Batesville, Arkansas, $22.8 million
- Community National Bank, Lino Lakes, Minnesota, $3.7 million
This is the 157th bank failure for 2010. We now have an entire website devoted to tracking problem banks.