More than 20 banks have been closed by the FDIC in 2011, based on a list obtained from Fox Business News. The list includes the name of the bank as well as the amount of FDIC insurance guaranteed for the transaction.
In most cases these banks are acquired by a bank already established within the region. Based upon past Spectrem experience, when a bank is acquired, all of the accounts already insured by the FDIC (up to $250,000 per account) are automatically moved to the new organization. Accounts that are not insured are subject to a review by the FDIC.
Investors, particularly families, are able to have more than one account at an organization if properly titled when establishing the account. For example, John and Mary Jones can receive up to $750,000 if they have accounts titles as follows: John Jones for account no. 1, Mary Jones for account no. 2 and John and Mary Jones for account no. 3.
It is important for investors to discuss the titles of their accounts with their bankers to ensure they are providing themselves with the greatest amount of FDIC insurance coverage.
Below is a list of the names of the banks closed since the beginning of 2011
Valley Community Bank St. Charles, IL
San Luis Trust Bank FSB San Luis Obispo, CA
Charter Oaks Bank Napa, CA
Citizens Bank of Effingham Springfield, GA
Habersham Bank Clarksville, GA
Canyon National Bank Palm Springs, CA
Badger State Bank Cassville, WI
Peoples State Bank Hamtramck, MI
Sunshine State Community Bank Port Orange, FL
Community First Bank Chicago, IL
North Georgia Bank Watkinsville, GA
American Trust Bank Watkinsville, GA
American Trust Bank Roswell, GA
First Community Bank Taos, NM
FirsTier Bank Louisville, CO
Evergreen State Bank Stoughton, WI
The First State Bank Camargo, OK
United Western Bank Denver, CO
Bank of Asheville Asheville, NC
Community South Bank & Trust Easley, SC
Enterprise Banking Company McDonough, GA
Oglethorpe Bank Brunswick, GA
Legacy Bank Scottsdale, AZ
First Community Bank of Florida Orlando, FL