From CalculatedRisk:

The FDIC closed ANB Financial today with an estimated $214 million hit to the FDIC insurance pool (see previous post).

… ANB Financial’s loans that are 30 days or more past due were valued at $614.6 million as of March 31, up 58.3 percent from Dec. 31.

The Bentonville bank’s total loan portfolio is about $1.57 billion, so 51 percent of its loans are considered delinquent on one level or another. The majority of those loans - $589.3 million - have been moved all the way into nonaccrual status. A year ago, the bank had $57.9 million in loans that were not accruing interest.

Most of the bank’s loans, 77.4 percent, were considered construction and development loans, and 94 percent of the loans are tied to real estate.

CR also comments:

C&D loans are especially dangerous. A developer will usually borrow enough to complete the project and make the interest payments, so during development they stay current. However when the developer completes the project - and they can’t sell the units - they suddenly stop paying the loan. Notice how the nonaccrual loans increase ten fold over the last year!