Bank Failure Friday: 6 Tonight, 157 Year to Date

This is an updated post which corrects information previously posted in error:

#152 was The Bank of Miami N.A., Coral Gables, FL, costing the FDIC $64 million. Stated assets were short by 44%.

#153 was Chestatee State Bank, Dawsonville, GA, costing the FDIC $75.3 million. Stated assets were short by 48%.

#154 was Appalachian Community Bank FSB, McCaysville, GA, costing the FDIC $26 million. Stated assets were short by 35%.

#155 WAS UNITED AMERICAS BANK N.A., ATLANTA, GA, COSTING THE FDIC $75.8 MILLION, NOT $195.8 MILLION AS PREVIOUSLY POSTED. STATED ASSETS WERE SHORT BY 105%. STATED ASSETS WERE $242.3 MILLION WHEN TRUE ASSETS WERE MORE LIKE $118 MILLION. SEE WHAT HAPPENS TO YOU WHEN YOU TRY TO GET A LOAN AND THEY FIND OUT YOU EXAGGERATED YOUR ASSETS ON PAPER BY 105% AND SIGN YOUR NAME TO IT. NORMALLY YOU GO TO JAIL FOR FRAUD AND PERJURY, BUT IF YOU'RE A BANK YOU GET A TAXPAYER BAILOUT. 

#156 was First Southern Bank, Batesville, AR, costing the FDIC $22.8 million. Stated assets were short by 44%.

#157 was Community National Bank, Lino Lakes, MN, costing the FDIC $3.7 million. Stated assets were short by 26%.

Next Friday is Christmas Eve, and the Friday after is New Year's Eve, so I'm guessing that's a wrap for 2010: 157 bank failures vs. 140 last year.

But you never know.