This was not a good day for bank survival in the US. Eight banks were added to the FDIC Failed Bank List:

1. City Bank, Lynnwood, WA - $1.02 billion in total deposits and an estimated hit to the Deposit Insurance Fund (DIF) of $323.4 million. The FDIC and Whidbey Island Bank entered into a loss-share transaction on $455.6 million of City Bank’s assets.

2. Tamalpais Bank, San Rafael, CA - $487.6 million in total deposits and an estimated hit to the DIF of $81.1 million. This also had a loss-share agreement between the FDIC and Union Bank, N.A. on $522.3 million of Tamalpais Bank’s assets.

3. Innovative Bank, Oakland, CA - $225.2 million in total deposits and an estimated hit to the DIF of $37.8 million. This bank failure also involved a loss-share agreement between the FDIC and Center Bank on $178.1 million of Innovative Bank’s assets.

4. Butler Bank, Lowell, MA - $233.2 million in total deposits and an estimated hit to the DIF of $22.9 million. This bank failure also involved a loss-share agreement between the FDIC and People’s United Bank on $206.1 million of Butler Bank’s assets.

5. Riverside National Bank of Florida, Fort Pierce, FL - $2.76 billion in total deposits. This bank was included in a package deal with two others. The press release mentions that “The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for AmericanFirst Bank will be $10.5 million; for First Federal Bank of North Florida, $6.0 million; and for Riverside National Bank of Florida, 491.8 million. TD Bank, N.A.’s acquisition of all the deposits of the three institutions was the “least costly” option for the FDIC’s DIF compared to alternatives.” The package deal involved a loss-share agreement on $2.20 billion of the various institutions’ assets.

6. AmericanFirst Bank, Clermont, FL - $81.9 million in total deposits. This bank was part of the aforementioned package deal.

7. First Federal Bank of North Florida, Palatka, FL - $324.2 million in total deposits. This bank was also part of the previously mentioned package deal.

8. Lakeside Community Bank, Sterling Heights, MI - $52.3 million in total deposits and an estimated hit to the DIF of $11.2 million. Lakeside Community Bank was completely shut down and payouts for customers was approved. Once again, having deposits in excess of the FDIC limits was a bad idea.

This was not a good day for banks.