If it's T.G.I.F... then it must be B.F.F.

UPDATE: Bank Failures #10, #11, #12 & #13 added.

As always, in the interest of keeping our finger on the pulse of the strenght of the American Financial Sector, we start off Friday eagerly watching to see if it is once again Bank Failure Friday.

(We also have two posts for today, make sure you check out 'All the News That's Fit to Print?' below this article)

Comically, it seems that everytime a bank fails in the US, the announcement is always delayed until late on Friday afternoons. In many blog circles Friday is now jokingly referred to as 'Bank Failure Friday'.

Reflecting the dire times we are in, 2009 is off to a record breaking year for Bank Failures. Last Friday there were 3 failures which brought year's total to 9.

During 2008, 25 banks with $373.6 billion in total assets failed in the United States, and several others were strongly encouraged by the regulators to merge with other banks. In 2007 only 3e banks with a total of $2.3 billion in assets failed in 2007, and none failed in 2005 or 2006.

Last year was the highest number of bank failures in the U.S. since 1993, when 42 banks with $9.64 billion in assets failed.
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Bank Failure #10: Sherman County Bank, Loup City, Nebraska

From the FDIC: Heritage Bank, Wood River, Nebraska, Assumes All the Deposits of Sherman County Bank, Loup City, Nebraska

Sherman County Bank, Loup City, Nebraska, was closed today by the Nebraska Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Heritage Bank, Wood River, Nebraska, to assume all of the deposits of Sherman County Bank.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $28.0 million. Heritage Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's Deposit Insurance Fund compared to alternatives. Sherman County Bank is the tenth bank to fail in the nation this year. The last institution to fail in Nebraska was Equitable Savings and Loan, Columbus, on February 16, 1990.

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Bank Failure #11: Riverside Bank of the Gulf Coast, Cape Coral, Florida

From the FDIC: TIB Bank, Naples, Florida, Assumes All of the Deposits of Riverside Bank of the Gulf Coast, Cape Coral, Florida

Riverside Bank of the Gulf Coast, Cape Coral, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with TIB Bank, Naples, Florida, to assume all of the deposits of Riverside Bank.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $201.5 million. TIB Bank's acquisition of all of the deposits was the "least costly" resolution for the FDIC's Deposit Insurance Fund compared to alternatives. Riverside Bank is the eleventh bank to fail in the nation this year. The last bank to fail in Florida was Ocala National Bank on January 30, 2009.

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Bank Failure #12: Corn Belt Bank and Trust Company, Pittsfield, Illinois

From the FDIC: The Carlinville National Bank, Carlinville, Illinois, Assumes All of the Deposits of Corn Belt Bank and Trust Company, Pittsfield, Illinois

Corn Belt Bank and Trust Company, Pittsfield, Illinois, was closed today by the Division of Banking, Illinois Department of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with The Carlinville National Bank, Carlinville, Illinois, to assume all of the deposits of Corn Belt Bank and Trust Company

The FDIC estimates that the cost to the Deposit Insurance Fund will be $100 million. The Carlinville National Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's Deposit Insurance Fund compared to alternatives. Corn Belt Bank and Trust Company is the twelfth bank to fail in the nation this year. The last bank to fail in Illinois was National Bank of Commerce, Berkeley, on January 16, 2009.

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Bank Failure #13: Pinnacle Bank, Beaverton, Oregon

Pinnacle Bank, Beaverton, Oregon, was closed today by the Oregon Division of Finance and Corporate Securities, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Washington Trust Bank, Spokane, Washington, to assume all of the deposits of Pinnacle Bank.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $12.1 million. Washington Trust Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's Deposit Insurance Fund compared to alternatives. Pinnacle Bank is the thirteenth FDIC-insured institution to fail in the nation this year, and the first in Oregon since Far West, Federal Savings Bank, Portland, was closed on May 23, 1991.