Bank Failures 2017 - FDIC Closes Guaranty Bank, Milwaukee, WI - FINANCIAL-24
Bank Failures 2017 continue with the FDIC closing Guaranty Bank, Milwaukee, WI on Friday, May 5, 2017. Guaranty Bank did business as BestBank in Georgia and Michigan. This is the fifth bank failure of the year. Banks have now been closed in New Jersey, Illinois, Utah, Louisiana, and Wisconsin in 2017.
#5 Guaranty Bank, Milwaukee, WI
* First-Citizens Bank & Trust Company, Raleigh, NC assumed all of the deposits.
* As of March 31, 2017, Guaranty Bank had approximately $1.0 billion in total assets and $1.0 billion in total deposits.
* FDIC estimates the cost to the Deposit Insurance Fund (DIF) will be $51.6 million
* In addition to assuming all of the deposits of the failed bank, First-Citizens Bank & Trust Company agreed to purchase $892.6 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.
* The last FDIC-insured institution closed in the state was North Milwaukee State Bank, Milwaukee, on March 11, 2016.
USA Failed Banks by Year Bank failures skyrocketed in 2009 and 2010 to 140 and 157, respectively - a 2-year total of 297 compared to 32 from 2004 through 2008. Bank failures in 2011 continued at a high rate of 92. The 2012 closings decreased to 51. Closings have continued to decrease through 2016. The total 2017 closings are currently estimated at 11. The 2017 annual bank failures are extrapolated from the weeks reported and failures year-to-date.
Cost of Failed Banks 2017 The total estimated losses to the FDIC Deposit Insurance Fund for 2017 bank closures year-to-date are $1.23 billion.
Losses to the Deposit Insurance Fund (DIF) in 2017 year-to-date:
5 Guaranty Bank, Milwaukee, Wisconsin, 5-5-17, $146.4M
4 First NBC Bank, New Orleans, Louisiana, 4-28-17, $996.9M
3 Proficio Bank, Cottonwood Heights, Utah, 3-3-17, $11.0M
2 Seaway Bank and Trust Company, Chicago, Illinois, 1-27-17, $57.2M
1 Harvest Community Bank, Pennsville, New Jersey, 1-13-17, $22.3M
Failed Credit Unions
The NCUA has closed 2 credit unions in 2017:
Closed and Liquidated
2 Valley State Credit Union of Saginaw, Michigan, 3-31-17.
1 Florida Conference AME Church Federal Credit Union of Tallahassee, Florida, 3-17-17.
The NCUA has placed 3 credit unions in conservatorship in 2017:
Placed In Conservatorship
3 Community United Federal Credit Union, Waycross, Georgia,, 4-20-17
2 Shreveport Federal Credit Union, Shreveport, Louisiana, 4-13-17
1 Melrose Credit Union, Briarwood, New York, 2-10-17
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