Tag:
banking failures
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Latest Headlines
Security Pacific Bank
Who: Security Pacific Bank
What: 19 th bank failure of 2008 (Nov. 7, 2008)
Where: Los Angeles, California
Why: Inadequate capital.
Fast Facts: Pacific Western Bank of Los Angeles assumed all deposits from Security Pacific Bank; as of Oct. 17, 2008, Security P
Franklin Bank
Who: Franklin Bank
What: 18 th bank failure of 2008 (Nov. 7, 2008)
Where: Houston, Texas
Why: A failure to strengthen capital.
Fast Facts: Prosperity Bank of El Campo, Texas assumed all deposits from Franklin Bank...Prosperity also will assume $850 millio
Freedom Bank
Who: Freedom Bank
What: 17 th bank failure of 2008 (Oct. 31, 2008)
Where: Bradenton, Florida
Why: A failure to raise capital.
Fast Facts: Fifth Third Bank of Grand Rapids, MI assumed all deposits from Freedom Bank; as of Oct. 17, 2008, Freedom Bank had $287 m
Alpha Bank & Trust
Who: Alpha Bank & Trust
What: 16 th bank failure of 2008 (Oct. 24, 2008)
Where: Alpharetta, Georgia
Why: A disproportionate number of problem loans.
Fast Facts: Stearns Bank of St. Cloud, MN assumed all insured deposits from Alpha Bank & Trust; as of
