9 failed banks ยท 2008 to 2012
Failed banks taken over by Stearns Bank, N.A.
Stearns Bank, N.A. of St. Cloud, Minnesota took over nine failed banks between 2008 and 2012, the fifth-highest count among the 318 acquirers of that period. Together they reported $1.7 billion in assets and $1.6 billion in deposits at closing. The largest was First State Bank, at $448 million. The banks were spread over four states, most in Georgia (4). Four of the deals came in 2009. The first was Alpha Bank & Trust of Alpharetta, on October 24, 2008. The most recent was First East Side Savings Bank of Tamarac, on October 19, 2012. The FDIC's estimated loss on these failures totals $575 million, a median of 27% of each bank's assets.
| Closed | Bank | Location | Total assets | Est. loss |
|---|---|---|---|---|
| October 24, 2008 | Alpha Bank & Trust | Alpharetta, GA | $354 million | $211 million |
| June 26, 2009 | Horizon Bank | Pine City, MN | $84.8 million | $24.0 million |
| August 7, 2009 | First State Bank | Sarasota, FL | $448 million | $119 million |
| August 7, 2009 | Community National Bank of Sarasota County | Venice, FL | $92.5 million | $25.4 million |
| August 21, 2009 | ebank | Atlanta, GA | $145 million | $49.9 million |
| November 12, 2010 | Copper Star Bank | Scottsdale, AZ | $204 million | $52.6 million |
| March 23, 2012 | Covenant Bank & Trust | Rock Spring, GA | $95.7 million | $30.3 million |
| July 27, 2012 | Jasper Banking Company | Jasper, GA | $207 million | $49.2 million |
| October 19, 2012 | First East Side Savings Bank | Tamarac, FL | $65.7 million | $12.4 million |
Recorded by the FDIC under two spellings: Stearns Bank N.A.; Stearns Bank, N.A..
The FDIC names the acquirer in each failure record. This page lists what that record shows and says nothing about the acquiring bank today.