Failed Bank List

Closed Friday, December 4, 2009 · Cleveland, Cuyahoga County, Ohio

AmTrust Bank

By total assets AmTrust Bank is the 14th-largest of the 3,375 bank failures since 1934 for which the FDIC records a size, counted in dollars of the day. No failed bank in Ohio was larger, of 38 on record there since 1934. Its estimated cost to the Deposit Insurance Fund makes it the 16th-costliest failure on FDIC record since 1934.

On the books, 2001 to 2009

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$5B$10B$15B$20B20022003200420052006200720082009Closed
Total assets peaked at $18.1 billion in the second quarter of 2007 and were 37% lower at the final report. Equity capital went from 6.8% of assets in the fourth quarter of 2001 to 2.4% at the last report. By then 10% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $513 million, was booked in 2008.
Net income in each reporting year before closing, with equity capital as a share of assets at year endNet income per yearEquity to assets at year end$600M−$600M2001: $113 million20016.8%2002: $122 million20026.4%2003: $149 million20038.4%2004: $113 million20047.5%2005: $171 million20057.4%2006: $160 million20067.2%2007: $63.1 million20077.7%2008: −$513 million20084.9%2009: −$482 million2009*2.4%
* 2009: January to September only, the last report before closing.

Size against the other 2009 failures

Total assets of the 140 banks that failed in 2009, log scale$10M$100M$1B$10B$100B
Total assets of each 2009 failure, log scale; AmTrust Bank in red.

By assets it ranked fourth of the 140 failures in 2009. Across the failures of 2009, the median estimated loss came to 27% of assets. In the size ranking of that year, just above it was BankUnited, FSB of Coral Gables, Florida ($13.1 billion, loss 40% of assets); just below, United Commercial Bank of San Francisco, California ($10.9 billion, loss 5.3% of assets). Every 2009 failure in the explorer.

Regulators closed six banks that day. The largest of the others was The Buckhead Community Bank of Atlanta, Georgia, at $856 million.

Failures in Ohio

It was one of two banks in Ohio to fail in 2009. The previous failure there was Peoples Community Bank of West Chester, on July 31, 2009. The next was American National Bank of Parma, on March 19, 2010. Cuyahoga County has 8 failed banks on FDIC record since 1934. Closest in time: Broadview Savings Bank (1989), First Bank National Association (1990), Superior Savings Association (1990), Transohio Savings Bank (1992), American National Bank (2010).

Bank failures in Ohio per year, 1980 to 2026024681983: 11986: 11987: 11988: 11989: 31990: 61991: 81992: 32001: 12002: 12007: 12009: 22010: 22014: 12019: 119801990200020102020
Per year since 1980, 2009 in red. Every Ohio failure

The acquiring bank

New York Community Bank of Westbury, New York took over two failed banks between 2000 and 2026. The other:

  • Desert Hills BankPhoenix, AZ · March 26, 2010

FDIC certificate 29776 · loss estimate as of July 31, 2026 · How to read this page