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Hundreds of Failed Banks Reported!

What Bank Failures Continue to Mean for Foreclosure Cleanup Businesses

According to a previous FDIC reporting, over 100 banks had closed (at article's publication). See list of 119 failed banks profiled below. As of this article's re-publication, almost 450 banks have failed. Read on to see what bank failures across the U.S. mean for your foreclosure cleanup business / property preservation business and how you can help the industry get back on its feet while growing your business:

NOTE: To find an updated list of failed banks, visit the FDIC's website.

Bank Name, City, State, Closing Date

  • 1. Horizon Bank, Bradenton, FL, September 10, 2010
  • 2. Sonoma Valley Bank, Sonoma, CA, August 20, 2010
  • 3. Los Padres Bank, Solvang, CA, August 20, 2010
  • 4. Butte Community Bank, Chico, CA, August 20, 2010
  • 5. Pacific State Bank, Stockton, CA, August 20, 2010
  • 6. ShoreBank, Chicago, IL, August 20, 2010
  • 7. Imperial Savings and Loan Association, Martinsville, VA, August 20, 2010
  • 8. Independent National Bank, Ocala, FL, August 20, 2010
  • 9. Community National Bank at Bartow, Bartow, FL, August 20, 2010
  • 10. Palos Bank and Trust Company, Palos Heights, IL, August 13, 2010
  • 11. Ravenswood Bank, Chicago, IL, August 6, 2010
  • 12. LibertyBank, Eugene, OR, July 30, 2010
  • 13. The Cowlitz Bank, Longview, WA, July 30, 2010
  • 14. Coastal Community Bank, Panama City Beach, FL, July 30, 2010
  • 15. Bayside Savings Bank, Port Saint Joe, FL, July 30, 2010
  • 16. Northwest Bank & Trust, Acworth, GA, July 30, 2010
  • 17. Home Valley Bank, Cave Junction, OR, July 23, 2010
  • 18. SouthwestUSA Bank, Las Vegas, NV, July 23, 2010
  • 19. Community Security Bank, New Prague, MN, July 23, 2010
  • 20. Thunder Bank, Sylvan Grove, KS, July 23, 2010
  • 21. Williamsburg First National Bank, Kingstree, SC, July 23, 2010
  • 22. Crescent Bank and Trust Company, Jasper, GA, July 23, 2010
  • 23. Sterling Bank, Lantana, FL, July 23, 2010
  • 24. Mainstreet Savings Bank, FSB, Hastings, MI, July 16, 2010
  • 25. Olde Cypress Community Bank, Clewiston, FL, July 16, 2010
  • 26. Turnberry Bank, Aventura, FL, July 16, 2010
  • 27. Metro Bank of Dade County, Miami, FL, July 16, 2010
  • 28. First National Bank of the South, Spartanburg, SC, July 16, 2010
  • 29. Woodlands Bank, Bluffton, SC, July 16, 2010
  • 30. Home National Bank, Blackwell, OK, July 9, 2010
  • 31. USA Bank, Port Chester, NY, July 9, 2010
  • 32. Ideal Federal Savings Bank, Baltimore, MD, July 9, 2010
  • 33. Bay National Bank, Baltimore, MD, July 9, 2010
  • 34. High Desert State Bank, Albuquerque, NM, June 25, 2010
  • 35. First National Bank, Savannah, GA, June 25, 2010
  • 36. Peninsula Bank, Englewood, FL, June 25, 2010
  • 37. Nevada Security Bank, Reno, NV, June 18, 2010
  • 38. Washington First International Bank, Seattle, WA, June 11, 2010
  • 39. TierOne Bank, Lincoln, NE, June 4, 2010
  • 40. Arcola Homestead Savings Bank, Arcola, IL, June 4, 2010
  • 41. First National Bank, Rosedale, MS, June 4, 2010
  • 42. Sun West Bank, Las Vegas, NV, May 28, 2010
  • 43. Granite Community Bank, NA, Granite Bay, CA, May 28, 2010
  • 44. Bank of Florida - Tampa, Tampa, FL, May 28, 2010
  • 45. Bank of Florida - Southwest, Naples, FL, May 28, 2010
  • 46. Bank of Florida - Southeast, Fort Lauderdale, FL, May 28, 2010
  • 47. Pinehurst Bank, Saint Paul, MN, May 21, 2010
  • 48. Midwest Bank and Trust Company, Elmwood Park, IL, May 14, 2010
  • 49. Southwest Community Bank, Springfield, MO, May 14, 2010
  • 50. New Liberty Bank, Plymouth, MI, May 14, 2010
  • 51. Satilla Community Bank, Saint Marys, GA, May 14, 2010
  • 52. 1st Pacific Bank of California, San Diego, CA, May 7, 2010
  • 53. Towne Bank of Arizona, Mesa, AZ, May 7, 2010
  • 54. Access Bank, Champlin, MN, May 7, 2010
  • 55. The Bank of Bonifay, Bonifay, FL, May 7, 2010
  • 56. Frontier Bank, Everett, WA, April 30, 2010
  • 57. BC National Banks, Butler, MO, April 30, 2010
  • 58. Champion Bank, Creve Coeur, MO, April 30, 2010
  • 59. CF Bancorp, Port Huron, MI, April 30, 2010
  • 60. Westernbank Puerto Rico, En Espanol, Mayaguez, PR, April 30, 2010
  • 61. R-G Premier Bank of Puerto Rico, En Espanol, Hato Rey, PR, April 30, 2010
  • 62. Eurobank, En Espanol, San Juan, PR, April 30, 2010
  • 63. Wheatland Bank, Naperville, IL, April 23, 2010
  • 64. Peotone Bank and Trust Company, Peotone, IL, April 23, 2010
  • 65. Lincoln Park Savings Bank, Chicago, IL, April 23, 2010
  • 66. New Century Bank, Chicago, IL, April 23, 2010
  • 67. Citizens Bank and Trust Company of Chicago, Chicago, IL, April 23, 2010
  • 68. Broadway Bank, Chicago, IL, April 23, 2010
  • 69. Amcore Bank, National Association, Rockford, IL, April 23, 2010
  • 70. City Bank, Lynnwood, WA, April 16, 2010
  • 71. Tamalpais Bank, San Rafael, CA, April 16, 2010
  • 72. Innovative Bank, Oakland, CA, April 16, 2010
  • 73. Butler Bank, Lowell, MA, April 16, 2010
  • 74. Riverside National Bank of Florida, Fort Pierce, FL, April 16, 2010
  • 75. AmericanFirst Bank, Clermont, FL, April 16, 2010
  • 76. First Federal Bank of North Florida, Palatka, FL, April 16, 2010
  • 77. Lakeside Community Bank, Sterling Heights, MI, April 16, 2010
  • 78. Beach First National Bank, Myrtle Beach, SC, April 9, 2010
  • 79. Desert Hills Bank, Phoenix, AZ, March 26, 2010
  • 80. Unity National Bank, Cartersville, GA, March 26, 2010
  • 81. Key West Bank, Key West, FL, March 26, 2010
  • 82. McIntosh Commercial Bank, Carrollton, GA, March 26, 2010
  • 83. State Bank of Aurora, Aurora, MN, March 19, 2010
  • 84. First Lowndes Bank, Fort Deposit, AL, March 19, 2010
  • 85. Bank of Hiawassee, Hiawassee, GA, March 19, 2010
  • 86. Appalachian Community Bank, Ellijay, GA, March 19, 2010
  • 87. Advanta Bank Corp., Draper, UT, March 19, 2010
  • 88. Century Security Bank, Duluth, GA, March 19, 2010
  • 89. American National Bank, Parma, OH, March 19, 2010
  • 90. Statewide Bank, Covington, LA, March 12, 2010
  • 91. Old Southern Bank, Orlando, FL, March 12, 2010
  • 92. The Park Avenue Bank, New York, NY, March 12, 2010
  • 93. LibertyPointe Bank, New York, NY, March 11, 2010
  • 94. Centennial Bank, Ogden, UT, March 5, 2010
  • 95. Waterfield Bank, Germantown, MD, March 5, 2010
  • 96. Bank of Illinois, Normal, IL, March 5, 2010
  • 97. Sun American Bank, Boca Raton, FL, March 5, 2010
  • 98. Rainier Pacific Bank, Tacoma, WA, February 26, 2010
  • 99. Carson River Community Bank, Carson City, NV, February 26, 2010
  • 100. La Jolla Bank, FSB, La Jolla, CA, February 19, 2010
  • 101. George Washington Savings Bank, Orland Park, IL, February 19, 2010
  • 102. The La Coste National Bank, La Coste, TX, February 19, 2010
  • 103. Marco Community Bank, Marco Island, FL, February 19, 2010
  • 104. 1st American State Bank of Minnesota, Hancock, MN, February 5, 2010
  • 105. American Marine Bank, Bainbridge Island, WA, January 29, 2010
  • 106. First Regional Bank, Los Angeles, CA, January 29, 2010
  • 107. Community Bank and Trust, Cornelia, GA, January 29, 2010
  • 108. Marshall Bank, N. A., Hallock, MN, January 29, 2010
  • 109. Florida Community Bank, Immokalee, FL, January 29, 2010
  • 110. First National Bank of Georgia, Carrollton, GA, January 29, 2010
  • 111. Columbia River Bank, The Dalles, OR, January 22, 2010
  • 112. Evergreen Bank, Seattle, WA, January 22, 2010
  • 113. Charter Bank, Santa Fe, NM, January 22, 2010
  • 114. Bank of Leeton, Leeton, MO, January 22, 2010
  • 115. Premier American Bank, Miami, FL, January 22, 2010
  • 116. Barnes Banking Company, Kaysville, UT, January 15, 2010
  • 117. St. Stephen State Bank, St. Stephen, MN, January 15, 2010
  • 118. Town Community Bank & Trust, Antioch, IL, January 15, 2010
  • 119. Horizon Bank, Bellingham, WA, January 8, 2010

See below article for more information on how your foreclosure cleanup business / property preservation business can help the industry, all the while growing your enterprise.

NOTE: To find an updated list of failed banks, visit the FDIC's website.


Why Bank Failures Can Mean Sub-vending Contracts for Foreclosure Cleanup Businesses

Did you know that just 60 days or so into 2010, over 20 banks had already failed? In 2009, hundreds of banks across the United States failed. While no one likes to hear of banks failing in communities across the country, it can be good news for foreclosure cleanup business / property preservation business owners and others who operate real estate service businesses (eg, plumbers, general contractors, electricians, etc.).

Why? Because these failed banks are often acquired by larger and/or more solvent financial institutions -- which means they need the services your company can offer.

To explain, when a bank fails, it falls in the hands of the Federal Deposit Insurance Corporation (aka the FDIC). This is the initial step. Failed banks go on to be acquired by other banks, as mentioned above, because they have customers that still need to be serviced. This is, in part, why you see the FDIC seal in every bank. They protect the everyday consumer in case a bank fails.

Understanding What Happens When a Bank Fails & Why It Helps Real Estate Services Businesses

Oftentimes, once a failed bank falls into the hands of the FDIC, they contract with larger property preservation companies to handle the maintenance of the failed bank's real estate assets (eg, foreclosed homes, foreclosed commercial properties, etc.).

And this is where it gets interesting for you, the little to mid-sized foreclosure cleanup business owner. You see, these large property preservation companies are, in many cases, simply taking too long to handle all the requests for foreclosure cleanup work because they are just overwhelmed with the number of properties on their roster.

These properties can't sit idle just because the bank that owned them failed. They need inspections, yard maintenance, winterization, boarding up, lock changes, etc. And, these larger companies simply can't keep up.

Add to this - the more banks that fail, the more properties fall into the big guys' laps. So what do they do? The contract with small to mid-sized foreclosure cleaning companies (like yours!) to help them at least try to keep up.

If you're one of the lucky ones to be properly set up as a foreclosure clean up business - ie, licensed and insured -- you can target those handling failed banks to get foreclosure cleaning jobs.

Who to Target When a Bank Fails to Get Ongoing Foreclosure Cleanup Jobs

As a foreclosure cleanup business / REO trash out business owner, you would contact the REO asset managers within acquiring institutions (ie, the FDIC or whichever institution took over the assets of the failed bank).

While it may take some elbow grease to get through to them, getting an "in" with just one of these companies can provide you with all the foreclosure cleaning jobs you will ever need. So it's definitely worth it to put in the time it takes.

Contributing Author: http://EzineArticles.com/?expert=Yuwanda_Black, Foreclosure Cleanup Products Affiliate

See previous article, How to Earn More Money via the acquiring institutions of failed banks, by clicking here.

Continued success with your foreclosure cleanup business / REO trash out business!

NOTE: Throughout the web and in real estate industry literature/publications, you may see the terms mortgage field services, property preservation business, foreclosure cleanup, foreclosure cleaning, foreclosure clean-outs, foreclosure clean, clean foreclosures, cleaning foreclosures, REO trashout, REO trashouts, field asset services, property field services, field service, and field services used interchangeable. The main thing to remember is foreclosure cleaning and foreclosure cleanup generally refer to smaller entities; while property preservation generally refers to larger entities/businesses.

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Article by Cassandra Black, Author of How to Start a Foreclosure Cleanup Business and several foreclosure cleanup industry Guides, Reports and Forms. Sign up as a Premium Newsletter Subscriber. You will periodically receive foreclosure clean-up job leads and consultative advice to help you grow your foreclosure cleanup business!

For more industry information, visit the foreclosure cleanup blog and the foreclosure cleaning newsletter archive.

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