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October 12, 2010

Largest CDFI among bank failures

ShoreBank, the country's largest Community Development Financial Institution, was among the eight bank failures announced Aug. 20 by the FDIC.

ShoreBank's failure was due to asset quality problems, according to FDIC. The announcement noted that as the largest CDFI, the bank experienced some unique marketing challenges.

The FDIC estimates that the cost of the bank's failure to the Deposit Insurance Fund will be $367.7 million.

Other bank failures announced Aug. 20 include:

  • Los Padres Bank, Solvang, Calif.;
  • Butte Community Bank, Chico, Calif.;
  • Pacific State Bank, Stockton, Calif.;
  • Sonoma Valley Bank, Sonoma, Calif.;
  • Independent National Bank, Ocala, Fla.;
  • Community National Bank at Bartow, Fla.; and
  • Imperial Savings and Loan Association, Martinsville, Va.

So far, 118 banks have failed this year.

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