Small banks continue to fail in US

Three banks have been reported to fail in the first day of May taking the total number of bank failure in this year 2009 to 32 in just 4 months and 5 days. The banks to fail this month were:
1. America West Bank, Layton

2. Citizens Community Bank, Ridgewood
3. Silverton Bank, N.A., Atlanta

The news was updated on FDIC's website on 5th May. The biggest of the three is Silverton with about 4 billion assets. The bank, on its website, has put up the following notice:

"Silverton Bank, N.A. is participating in the FDIC's Transaction Account Guarantee Program. Under that program, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account through December 31, 2009. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules. Accounts that sweep into overnight Fed Funds are not considered non-interest bearing; therefore, they will not be covered under the FDIC’s Transaction Account Guarantee Program."

FDIC has created a bridge bank, Silverton Bridge Bank, to take over the operations of Silverton Bank. The bank will start its regular business from July 29, 2009.
The depositors will have the first priority followed by creditors and shareholders.

Details on the deposit insurance and other bank failure related information can be assessed from FDIC's website.

Top Bank holding companies in US by total domestic deposits

The biggest domestic deposit banks on June 30, 2008 as per the data published by FDIC were:

Bank Name	Deposits (Jun 2008) billion $
BoA Corp	701.5
JP Morgan Chase	497.2
Wachovia	422.0
Wells Fargo	293.4
Citigroup	271.3
US Bancorp	127.8
Suntrust Bank	115.6
National City Corp	97.8
RBS	95.3
Toronto-Dominion Bank	89.8

Of these the last two were foreign banks. In all there were 12 foreign banks in the top 50 list.

	Bank Name	Deposits (Jun 2008) billion $
1	RBS Group	95.3
2	Toronto-Dominion Bank	89.8
3	HSBC Holdings	83.0
4	Banco Santander	53.8
5	BNP Paribas	43.9
6	Mitsubishi UFJ	42.0
7	BBVA	39.4
8	Allied Irish Bank	36.5
9	Bank of Montreal	29.1
10	UBS	24.4
11	Royal Bank of Canada	17.8
12 Source:	Deutsche Bank FDIC	15.2