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    Large Texas bank shut down by federal regulators [feds sell it to major foreign competitor]
    ::
       Property, Economics, Government (Independent) -> The Committee to Defend Private Property Rights

    By MARCY GORDON
    August 22, 2009


    WASHINGTON (AP) - Guaranty Bank became the second-largest U.S. bank to fail this year after the Texas lender was shut down by regulators and most of its operations sold at a loss of billions of dollars for the U.S. government to a major Spanish bank.

    The transaction approved by the Federal Deposit Insurance Corp. marked the first time a foreign bank has bought a failed U.S. bank.

    The bank failure, the 10th largest in U.S. history, is expected to cost the deposit insurance fund an estimated $3 billion.

    The FDIC seized Austin-based Guaranty Bank, with about $13 billion in assets and $12 billion in deposits, and on Friday sold all of its deposits and $12 billion of its assets to BBVA Compass, the U.S. division of Banco Bilbao Vizcaya Argentaria SA, Spain's second-largest bank. In addition, the FDIC agreed to share losses with BBVA on about $11 billion of Guaranty Bank's loans and other assets.

    Guaranty Bank, with 162 branches in Texas and California, saw its investments in real estate lending and mortgage-backed securities bought from other banks sour and had been teetering near collapse for weeks. Its parent, Guaranty Financial Group Inc. (GFG), reaffirmed Monday in a regulatory filing that the company was critically short of capital and didn't believe it could stay in business.

    Continue reading...

    Posted 2009-08-23 6:39 AM (#21077) By: Scott_Thomas


  • AUGUST 22, 2009
  • Guaranty Bank Is 81st to Fail

    WASHINGTON – Federal regulators shut down Guaranty Bank in Texas on Friday and agreed to absorb the bulk of potential losses on a portfolio of assets sold to the U.S. division of a Spanish bank.

    Guaranty's collapse marks the 10th largest bank failure in U.S. history as government officials continue to close some of the larger troubled banks on their problem list. Regulators also closed three smaller banks in Georgia and Alabama with combined assets of $927 million. The FDIC predicted the four failures would cost its already depleted deposit insurance fund $3.3 billion.

    [U.S. bank failures]

    The FDIC sold most of Guaranty's operations to BBVA Compass, the U.S. division of Banco Bilbao Vizcaya Argentaria SA of Spain. Guaranty had $13 billion of assets, and BBVA Compass agreed to buy $12 billion worth. The FDIC agreed to absorb potential losses on $11 billion in that portfolio. It's the first time regulators have sold a failed bank to a subsidiary of a foreign lender.

    [...]  The FDIC's insurance fund continues to face extreme pressure. The FDIC had roughly $13 billion in this fund at the end of March. The agency plans next week to disclose the fund's balance at the end of June, after 24 banks failed in the second quarter. More than 30 banks have already failed in the third quarter.

    Read more,.. http://online.wsj.com/article/SB125089446936650523.html


    "Come on in,..the waters fine." - FDIC.gov
    http://www.fdic.gov/bank/individual/failed/banklist.html

    Bank Name

    City

    State

    CERT #

    Closing Date

    Updated Date

    Guaranty BankAustinTX32618August 21, 2009August 25, 2009
    CapitalSouth BankBirmingham AL22130August 21, 2009August 25, 2009
    First Coweta Bank NewnanGA57702August 21, 2009August 25, 2009
    ebankAtlantaGA34682August 21, 2009August 25, 2009
    Community Bank of NevadaLas VegasNV34043August 14, 2009August 19, 2009
    Community Bank of ArizonaPhoenixAZ57645August 14, 2009August 19, 2009
    Union Bank, National AssociationGilbertAZ34485August 14, 2009August 19, 2009
    Colonial BankMontgomeryAL9609August 14, 2009August 19, 2009
    Dwelling House Savings and Loan AssociationPittsburghPA31559August 14, 2009August 19, 2009
    Community First BankPrinevilleOR23268August 7, 2009August 11, 2009
    Community National Bank of Sarasota CountyVeniceFL27183August 7, 2009August 11, 2009
    First State BankSarasotaFL27364August 7, 2009August 11, 2009
    Mutual BankHarveyIL18659July 31, 2009August 10, 2009
    First BankAmericanoElizabethNJ34270July 31, 2009August 10, 2009
    Peoples Community BankWest ChesterOH32288July 31, 2009August 10, 2009
    Integrity BankJupiterFL57604July 31, 2009August 5, 2009
    First State Bank of AltusAltusOK9873July 31, 2009August 10, 2009
    Security Bank of Jones CountyGrayGA8486July 24, 2009July 30, 2009
    Security Bank of Houston CountyPerryGA27048July 24, 2009July 30, 2009
    Security Bank of Bibb CountyMaconGA27367July 24, 2009July 30, 2009
    Security Bank of North MetroWoodstockGA57105July 24, 2009July 30, 2009
    Security Bank of North FultonAlpharettaGA57430July 24, 2009July 30, 2009
    Security Bank of Gwinnett CountySuwaneeGA57346July 24, 2009July 30, 2009
    Waterford Village BankWilliamsvilleNY58065July 24, 2009August 11, 2009
    Temecula Valley BankTemeculaCA34341July 17, 2009August 11, 2009
    Vineyard BankRancho CucamongaCA23556July 17, 2009August 11, 2009
    BankFirstSioux FallsSD34103July 17, 2009July 23, 2009
    First Piedmont BankWinderGA34594July 17, 2009August 11, 2009
    Bank of WyomingThermopolisWY22754July 10, 2009July 15, 2009
    Founders BankWorthIL18390July 2, 2009August 11, 2009
    Millennium State Bank of TexasDallasTX57667July 2, 2009August 11, 2009
    First National Bank of DanvilleDanvilleIL3644July 2, 2009August 11, 2009
    Elizabeth State BankElizabethIL9262July 2, 2009August 11, 2009
    Rock River BankOregonIL15302July 2, 2009August 11, 2009
    First State Bank of WinchesterWinchesterIL11710July 2, 2009August 11, 2009
    John Warner BankClintonIL12093July 2, 2009August 11, 2009
    Mirae BankLos AngelesCA57332June 26, 2009August 11, 2009
    MetroPacific BankIrvineCA57893June 26, 2009August 6, 2009
    Horizon BankPine CityMN9744June 26, 2009August 11, 2009
    Neighborhood Community BankNewnanGA35285June 26, 2009August 6, 2009
    Community Bank of West GeorgiaVilla RicaGA57436June 26, 2009August 6, 2009
    First National Bank of AnthonyAnthonyKS4614June 19, 2009August 6, 2009
    Cooperative BankWilmingtonNC27837June 19, 2009August 6, 2009
    Southern Community BankFayettevilleGA35251June 19, 2009August 6, 2009
    Bank of LincolnwoodLincolnwoodIL17309June 5, 2009August 6, 2009
    Citizens National BankMacombIL5757May 22, 2009August 6, 2009
    Strategic Capital BankChampaignIL35175May 22, 2009August 6, 2009
    BankUnited, FSBCoral GablesFL32247May 21, 2009August 6, 2009
    Westsound BankBremertonWA34843May 8, 2009August 6, 2009
    America West BankLaytonUT35461May 1, 2009August 6, 2009
    Citizens Community BankRidgewoodNJ57563May 1, 2009August 6, 2009
    Silverton Bank, NAAtlantaGA26535May 1, 2009August 6, 2009
    First Bank of IdahoKetchumID34396April 24, 2009August 6, 2009
    First Bank of Beverly HillsCalabasasCA32069April 24, 2009August 6, 2009
    Michigan Heritage BankFarmington HillsMI34369April 24, 2009August 6, 2009
    American Southern BankKennesawGA57943April 24, 2009August 6, 2009
    Great Basin Bank of NevadaElkoNV33824April 17, 2009August 6, 2009
    American Sterling BankSugar CreekMO8266April 17, 2009August 6, 2009
    New Frontier BankGreeleyCO34881April 10, 2009August 6, 2009
    Cape Fear BankWilmingtonNC34639April 10, 2009August 6, 2009
    Omni National BankAtlantaGA22238March 27, 2009August 6, 2009
    TeamBank, NAPaolaKS4754March 20, 2009August 6, 2009
    Colorado National BankColorado SpringsCO18896March 20, 2009August 6, 2009
    FirstCity BankStockbridgeGA18243March 20, 2009August 11, 2009
    Freedom Bank of GeorgiaCommerceGA57558March 6, 2009August 6, 2009
    Security Savings BankHendersonNV34820February 27, 2009August 25, 2009
    Heritage Community BankGlenwoodIL20078February 27, 2009August 6, 2009
    Silver Falls BankSilvertonOR35399February 20, 2009August 6, 2009
    Pinnacle Bank of OregonBeavertonOR57342February 13, 2009August 6, 2009
    Corn Belt Bank & Trust Co.PittsfieldIL16500February 13, 2009August 18, 2009
    Riverside Bank of the Gulf CoastCape CoralFL34563February 13, 2009August 6, 2009
    Sherman County BankLoup CityNE5431February 13, 2009August 6, 2009
    County BankMercedCA22574February 6, 2009August 6, 2009
    Alliance BankCulver CityCA23124February 6, 2009August 6, 2009
    FirstBank Financial ServicesMcDonoughGA57017February 6, 2009August 6, 2009
    Ocala National BankOcalaFL26538January 30, 2009August 6, 2009
    Suburban FSBCroftonMD30763January 30, 2009August 6, 2009
    MagnetBankSalt Lake CityUT58001January 30, 2009August 6, 2009
    1st Centennial BankRedlandsCA33025January 23, 2009August 6, 2009
    Bank of Clark CountyVancouverWA34959January 16, 2009August 6, 2009
    National Bank of CommerceBerkeleyIL19733January 16, 2009August 18, 2009
    Sanderson State Bank
    En Español
    SandersonTX11568December 12, 2008August 6, 2009
    Haven Trust BankDuluthGA35379December 12, 2008August 6, 2009
    First Georgia Community BankJacksonGA34301December 5, 2008August 6, 2009
    PFF Bank & Trust PomonaCA28344November 21, 2008August 6, 2009
    Downey Savings & LoanNewport BeachCA30968November 21, 2008August 6, 2009
    Community BankLoganvilleGA16490November 21, 2008August 6, 2009
    Security Pacific BankLos AngelesCA23595November 7, 2008August 6, 2009
    Franklin Bank, SSBHoustonTX26870November 7, 2008August 6, 2009
    Freedom BankBradentonFL57930October 31, 2008August 11, 2009
    Alpha Bank & TrustAlpharettaGA58241October 24, 2008August 11, 2009
    Meridian BankEldredIL13789October 10, 2008August 6, 2009
    Main Street BankNorthvilleMI57654October 10, 2008August 6, 2009
    Washington Mutual BankHendersonNV32633September 25, 2008April 24, 2009
    Washington Mutual Bank FSBPark CityUT32633September 25, 2008August 14, 2009
    AmeribankNorthforkWV6782September 19, 2008August 6, 2009
    Silver State Bank
    En Español
    HendersonNV34194September 5, 2008August 6, 2009
    Integrity BankAlpharettaGA35469August 29, 2008August 6, 2009
    Columbian Bank & TrustTopekaKS22728August 22, 2008August 6, 2009
    First Priority BankBradentonFL57523August 1, 2008August 6, 2009
    First Heritage Bank, NANewport BeachCA57961July 25, 2008August 6, 2009
    First National Bank of NevadaRenoNV27011July 25, 2008August 6, 2009
    IndyMac BankPasadenaCA29730July 11, 2008August 6, 2009
    First Integrity Bank, NAStaplesMN12736May 30, 2008August 6, 2009
    ANB Financial, NABentonvilleAR33901May 9, 2008August 6, 2009
    Hume BankHumeMO1971March 7, 2008August 6, 2009
    Douglass National BankKansas CityMO24660January 25, 2008August 6, 2009
    Miami Valley BankLakeviewOH16848October 4, 2007August 6, 2009
    NetBankAlpharettaGA32575September 28, 2007August 6, 2009
    Metropolitan Savings BankPittsburghPA35353February 2, 2007August 6, 2009
    Bank of EphraimEphraimUT1249June 25, 2004April 9, 2008
    Reliance BankWhite PlainsNY26778March 19, 2004April 9, 2008
    Guaranty National Bank
    of Tallahassee
    TallahasseeFL26838March 12, 2004August 6, 2009
    Dollar Savings BankNewarkNJ31330February 14, 2004April 9, 2008
    Pulaski Savings BankPhiladelphiaPA27203November 14, 2003July 22, 2005
    First National Bank of BlanchardvilleBlanchardvilleWI11639May 9, 2003August 6, 2009
    Southern Pacific BankTorranceCA27094February 7, 2003October 20, 2008
    Farmers Bank of CheneyvilleCheneyvilleLA16445December 17, 2002October 20, 2004
    Bank of AlamoAlamoTN9961November 8, 2002March 18, 2005
    AmTrade International Bank
    En Español
    AtlantaGA33784September 30, 2002September 11, 2006
    Universal Federal Savings BankChicagoIL29355June 27, 2002April 9, 2008
    Connecticut Bank of CommerceStamfordCT19183June 26, 2002August 6, 2009
    New Century BankShelby TownshipMI34979March 28, 2002March 18, 2005
    Net 1st National BankBoca RatonFL26652March 1, 2002April 9, 2008
    NextBank, NAPhoenixAZ22314February 7, 2002August 6, 2009
    Oakwood Deposit Bank Co.OakwoodOH8966February 1, 2002August 6, 2009
    Bank of Sierra BlancaSierra BlancaTX22002January 18, 2002November 6, 2003
    Hamilton Bank, NA
    En Español
    MiamiFL24382January 11, 2002August 6, 2009
    Sinclair National BankGravetteAR34248September 7, 2001February 10, 2004
    Superior Bank, FSBHinsdaleIL32646July 27, 2001August 6, 2009
    Malta National BankMaltaOH6629May 3, 2001November 18, 2002
    First Alliance Bank & Trust Co.ManchesterNH34264February 2, 2001February 18, 2003
    National State Bank of MetropolisMetropolisIL3815December 14, 2000March 17, 2005
    Bank of HonoluluHonoluluHI21029October 13, 2000March 17, 2005

     

    And in other economic news:

    Decade of Debt: only $9 Trillion

    What is Critical mass?


    What is Critical mass??

    http://www.youtube.com/watch?v=Jtkg6lr746M
    Posted 2009-08-26 11:52 AM (#21334 - in reply to #21077) By: gcsteven


    US May See 150-200 More Bank Failures: Dick Bove




    http://www.cnbc.com/id/32532937

    Is it looking allot like 1929?
    Posted 2009-08-26 1:25 PM (#21338 - in reply to #21334) By: gcsteven


    Well 'Vantas Bank of Iowa' be number #82


     


    August 25, 2009

    Vantus Bank told to sell or fold

    By KAREN MRACEK
    kmracek@dmreg.com

    Vantus Bank is at risk of becoming the first bank in Iowa to fail as a result of the current recession and rising bad loans.

    The Sioux City bank has received notice from federal regulators that its plan to increase its capital was unacceptable. The bank must be sold or liquidated by Sept. 30, a filing with the U.S. Securities and Exchange Commission showed.

    If it closes, Vantus Bank, founded in 1923, would be the first Iowa bank since 2000 to fail.

    Vantus was the 22nd largest of Iowa's approximately 400 banks in terms of total assets at the end of the first quarter. It has 13 locations in Iowa, including Ankeny, Johnston and West Des Moines, as well as Sioux City.

    The bank's problems stem from loans that went bad, including those to Regency Homes, the state's largest homebuilder before it collapsed last year, and to Des Moines developer Bob Knapp for the Equitable Building renovation.

    Vantus Bank deposits continue to be insured up to $250,000 per depositor by the Federal Deposit Insurance Corp.

    "There is no reason to run to the bank," said Joydeep Bhattacharya, a professor of economics at Iowa State University, who has studied bank panics.



    The last bank to fail in Iowa was Hartford-Carlisle Savings Bank in January 2000,...Read more http://www.desmoinesregister.com/article/20090825/BUSINESS/908250364

    Posted 2009-08-27 8:46 AM (#21406 - in reply to #21338) By: gcsteven


    I was wrong! Vantas Bank was not #82 but #89.

    FDIC; complete YTD list

    Press Releases


    Great Southern Bank, Springfield, Missouri, Assumes All of the Deposits of Vantus Bank, Sioux City, Iowa

    FOR IMMEDIATE RELEASE
    September 4, 2009
    Media Contact:
    David Barr
    Office (202) 898-6992
    Cell (703) 622-4790
    Email: dbarr@fdic.gov

    Vantus Bank, Sioux City, Iowa, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Great Southern Bank, Springfield, Missouri, to assume all of the deposits of Vantus Bank.

    The 15 branches of Vantus Bank will reopen on Saturday with normal business hours as branches of Great Southern Bank. Depositors of Vantus Bank will automatically become depositors of Great Southern Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branches until Great Southern Bank can fully integrate the deposit records of Vantus Bank.

    This evening and over the weekend, depositors of Vantus Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

    As of August 28, 2009, Vantus Bank had total assets of $458 million and total deposits of approximately $368 million. In addition to assuming all of the deposits of the failed bank, Great Southern Bank agreed to purchase approximately $387 million of the assets. The FDIC will retain the remaining assets for later disposition.

    The FDIC and Great Southern Bank entered into a loss-share transaction on approximately $338 million of Vantus Bank's assets. Great Southern Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share arrangement is projected to maximize returns on the assets covered by keeping them in the private sector. The agreement also is expected to minimize disruptions for loan customers.

    Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-405-1439. The phone number will be operational this evening until 9:00 p.m., Central Daylight Time (CDT); on Saturday from 9:00 a.m. to 6:00 p.m., CDT; on Sunday from noon to 6:00 p.m., CDT; and thereafter from 8:00 a.m. to 8:00 p.m., CDT. Interested parties can also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/vantus.html.

    The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $168 million. Great Southern Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. Vantus Bank is the 87th FDIC-insured institution to fail in the nation this year, and the first in Iowa. The last FDIC-insured institution closed in the state was Hartford-Carlisle Savings Bank, Carlisle, on January 14, 2000.

    # # #

     

     

    Posted 2009-09-08 10:06 AM (#22180 - in reply to #21406) By: gcsteven


     The Wall Street Journal

    SEPTEMBER 23, 2009

    FDIC Considers Prepaid Bank Fees

    By DAMIAN PALETTA

    WASHINGTON -- The Federal Deposit Insurance Corp. is leaning toward asking banks to prepay future fees as a way to quickly rebuild the agency's deposit-insurance fund, people familiar with the matter said.

    Such a move is within the agency's power and would have banks push forward some of their payments in order to recapitalize the FDIC's fund, which is supported by fees levied on the banking industry. The agency is expected to propose a new policy at a board meeting next week. A final decision on how to recapitalize the fund hasn't been made, the people said.

    Recent reports said the FDIC was considering borrowing money from the banking industry to replenish the fund, a prospect downplayed by FDIC officials Tuesday. "It is an option, although it is not under serious consideration," a spokesman said.

    read more,..

    The agency has several options for replenishing the deposit-insurance fund. It has already hit the banking industry with a special assessment this year, which brought in $5.6 billion. With more bank failures looming, federal officials are considering another special assessment and borrowing money from the Treasury Department.

    read more,..




    Bank Failures in Brief- (#95 Year to Date 2009)
    2009

    The list of Bank Failures in Brief is updated through September 25, 2009. Please address questions on this subject to the Customer Service Hotline (telephone: 888-206-4662).

    September

    Georgian Bank, Atlanta, GA with approximately $2 billion in assets and approximately $2 billion in deposits was closed. First Citizens Bank and Trust Company, Inc., Columbia, SC has agreed to assume all deposits, excluding certain brokered deposits. (PR-177-2009)

    Irwin Union Bank, F.S.B., Louisville, KY with approximately $493 million in assets and approximately $441 million in deposits was closed. First Financial Bank, N.A., Hamilton, OH has agreed to assume all deposits. (PR-174-2009)

    Irwin Union Bank and Trust Company, Columbus, IN with approximately $2.7 billion in assets and approximately $2.1 billion in deposits was closed. First Financial Bank, N.A., Hamilton, OH has agreed to assume all deposits. (PR-174-2009)

    Venture Bank, Lacey, WA with approximately $970 million in assets and approximately $903 million in deposits was closed. First-Citizens Bank & Trust Company, Raleigh, NC has agreed to assume all deposits, excluding certain brokered deposits. (PR-170-2009)

    Brickwell Community Bank, Woodbury, MN with approximately $72 million in assets and approximately $63 million in deposits was closed. CorTrust Bank N.A. Mitchell, SD has agreed to assume all deposits, excluding certain brokered deposits. (PR-169-2009)

    Corus Bank, N.A., Chicago, IL with approximately $7 billion in assets and approximately $7 billion in deposits was closed. MB Financial Bank, N.A., Chicago, IL has agreed to assume all deposits, excluding certain brokered deposits. (PR-168-2009)

    First State Bank, Flagstaff, AZ with approximately $105 million in assets and approximately $95 million in deposits was closed. Sunwest Bank, Tustin, CA has agreed to assume all deposits, excluding certain brokered deposits. (PR-165-2009)

    Platinum Community Bank, Rolling Meadows, IL, with approximately $345.6 million in assets and approximately $305.0 million in deposits was approved for payout by the FDIC Board of Directors. (PR-164-2009)

    Vantus Bank, Sioux City, IA with approximately $458 million in assets and approximately $368 million in deposits was closed. Great Southern Bank, Springfield, MO has agreed to assume all deposits. (PR-163-2009)

    InBank, Oak Forest, IL with approximately $212 million in assets and approximately $199 million in deposits was closed. MB Financial Bank, National Association, Chicago, IL has agreed to assume all deposits, excluding certain brokered deposits. (PR-162-2009)

    First Bank of Kansas City, Kansas City, MO with approximately $16 million in assets and approximately $15 million in deposits was closed. Great American Bank, De Soto, KS has agreed to assume all deposits. (PR-161-2009)
    Posted 2009-09-28 2:27 PM (#24062 - in reply to #22180) By: gcsteven




    .
    AIPNews.com


    Posted 2009-09-28 2:32 PM (#24064 - in reply to #24062) By: Savvy


    gcsteven:
    Its been a very busy summer...August in particular.
    Posted 2009-09-28 5:17 PM (#24071 - in reply to #21334) By: FreeByrd


    Whoops!

    #98 as of October 2, 2009

    October

    Southern Colorado National Bank, Pueblo, CO with approximately $39.5 million in assets and approximately $31.9 million in deposits was closed. Legacy Bank, Wiley, CO has agreed to assume all deposits. (PR-181-2009)

    Jennings State Bank, Spring Grove, MN with approximately $56.3 million in assets and approximately $52.4 million in deposits was closed. Central Bank, Stillwater, MN has agreed to assume all deposits. (PR-180-2009)

    Warren Bank, Warren, MI with approximately $538 million in assets and approximately $501 million in deposits was closed. The Huntington National Bank, Columbus, OH has agreed to assume all deposits, excluding certain brokered deposits. (PR-179-2009)


     Press Releases

    The Pay Forward Plan,... (or Extortion?)


     


    Banks Tapped to Bolster FDIC Resources
    FDIC Board Approves Proposed Rule to Seek Prepayment of Assessments

    FOR IMMEDIATE RELEASE
    September 29, 2009
    Media Contact:
    Andrew Gray (202) 898-7192
    angray@fdic.gov

    The Board of Directors of the Federal Deposit Insurance Corporation today adopted a Notice of Proposed Rulemaking (NPR) that would require insured institutions to prepay their estimated quarterly risk-based assessments for the fourth quarter of 2009 and for all of 2010, 2011 and 2012. The FDIC estimates that the total prepaid assessments collected would be approximately $45 billion. The FDIC Board also voted to adopt a uniform three-basis point increase in assessment rates effective on January 1, 2011, and extend the restoration period from seven to eight years.

    FDIC Chairman Sheila C. Bair said, "First and foremost, bank customers should know that their insured deposits have and always will be 100 percent safe, no matter what. This commitment to depositors is absolute. The decision today is really about how and when the industry fulfills its obligation to the insurance fund. It's clear that the American people would prefer to see an end to policies that look to the federal balance sheet as a remedy for every problem. In choosing this path, it should be clear to the public that the industry will not simply tap the shoulder of the increasingly weary taxpayer. This proposal is a vote of confidence for the banking industry's resilience, and it will continue to recover its strength as we work through the significant challenges ahead."

    Prepayment of assessments will allow the industry to strengthen the cash position of the Deposit Insurance Fund (DIF) immediately, while allowing the capital impact of deposit insurance assessments to be felt gradually over time as the industry improves its own financial position. The banking industry has substantial liquidity to prepay assessments. As of June 30, FDIC-insured institutions held more than $1.3 trillion in liquid balances, or 22 percent more than they did a year ago. Prepaying assessments will put the industry's liquid balances to good use in conserving capital and helping to maintain the capacity of banks to lend while they rebuild the DIF. FDIC analysis indicates that this arrangement is much less likely to impair bank lending than a one-time special assessment.

    Public comments are due 30 days after publication in the Federal Register.

    # # #

    Posted 2009-10-05 3:34 PM (#24873 - in reply to #24064) By: gcsteven


    200 Bank Failures Expected in 2010

    Martin D. Weiss, Ph.D.

    Washington has so thoroughly botched its supervision of the banking industry that 200 banks are likely to fail this year — easily surpassing last year’s 140 bank failures … inevitably involving the greatest bank losses in history … and already costing the FDIC ten times more than the great S&L and banking crisis of the 1980s did.

    I am not basing these conclusions on conjecture. They come straight from official sources. Specifically …

    In her testimony before the Financial Crisis Inquiry Commission on Thursday, FDIC Chairman Blair attacked the Fed under Greenspan for causing the housing bubble and subsequent debt crisis with its highly stimulative, low interest rate policy of the 2000s.

    She slammed virtually all of Washington for allowing banks to establish a huge, high-risk “shadow banking system.”

    And she made it abundantly clear that, without sweeping, far-reaching reforms, we risk another devastating debt crisis.

    Each of her conclusions is abundantly obvious and thoroughly documented. What she did not mention, however, are the following equally obvious facts:

    Obvious fact #1. The Fed under Bernanke is now pursuing an even more stimulative, lower interest rate policy than it did under Greenspan, threatening to create even larger bubbles and more devastating busts …

    Obvious fact #2. In just the last two years, between bank bailouts and easy money, Washington has done more to encourage the growth of the shadow banking system than in all previous years combined, and …

    Obvious fact #3. Despite all the talk and testimony, the nation’s powerful banking lobby virtually guarantees that, in the absence of another Wall Street meltdown, the chance of sweeping reforms is virtually nil.

    So here’s America’s financial dilemma in a nutshell:

    Without sweeping reforms, the nation is doomed to repeat history with another debt disaster. But without another debt disaster, the nation’s political will for sweeping reforms is dead or dying.

    In the meantime, the aftershocks of the 2008 debt crisis are getting worse, as the latest news clearly illustrates …

    171 actual total failures: In addition to the 140 banks and S&Ls that failed in 2009, 31 credit unions went under, bringing the total tally to 171.

    Worse than the 1980s: If you’re among those who think today’s banking crisis isn’t nearly as bad as the great S&L and banking crisis of the 1980s, think again. The average bank failing today is six times larger than it was back then, producing far greater losses. Moreover, each bank failure is costing the FDIC about TEN times more than it did in the 1980s crisis, according to the Meridian Group of Seattle. As a result …

    Worst FDIC losses of all time: The FDIC lost more money in bank failures ($36 billion) than it lost in the ENTIRE five-year banking crisis from 1987 through 1992 ($29.6 billion). And in 2010, with the number of failures likely to increase, the losses will be even larger.

    Big banks still losing billions with consumers: Until last week, the consensus opinion on Wall Street was that the troubles at the BIG banks were over; that to close this chapter in history, the only task remaining was a mop-up operation at smaller regional and community banks around the country.

    That theory was shattered on Friday when JPMorgan Chase revealed it was forced to add $1.5 billion to its consumer loan loss reserves. The big problem: When it took over Washington Mutual last year, the biggest failed S&L of all time, it inherited a cesspool of mortgages that are now going bad at an accelerating pace. Other big consumer banks — like Citigroup and Bank of America — likely face similar woes.

    The trading profits of big investment banks are a bubble: What most Wall Street bank analysts still don’t seem to recognize is that the giant trading profits they’ve been so enthusiastic about are generated by the same low-interest Fed policy that created the housing bubble — and is now in the process of creating MORE bubbles.

    Without the Fed’s largesse, without the low-cost financing, and without the big risk appetite it generates, most of the big bank trading profits would have been impossible. More to the point: Just as soon as the Fed finally executes an exit plan, the bulk of those profits are likely to turn to losses.

    What To Do

    First and foremost, do not let up your guard when it comes to keeping your money safe. Yes, I know. With all the talk of the “end” to the crisis and Treasury bills paying virtually nothing, it’s tempting to venture away from safe harbors.

    But how much more yield can you get by doing so? If you switch from Treasury bills to bank CDs, for example, the most you can gain is a small fraction of a percent. And if you switch from bank CDs to low-rated corporate debt, the extra yield you get is even less attractive.

    In sum …

    At this early stage so soon after the worst debt crisis since the Great Depression, the TRUE RISK of putting your money in higher yielding savings vehicles is still very high. Nevertheless, banks and other borrowers are asking you to take that risk WITHOUT paying you more than pennies for it.

    My recommendation: Tell them to go fly a kite!

    For your keep-safe funds, use strictly short-term Treasuries or equivalent.

    Second, if you do other business with a bank or if you still want to keep some part of your savings in bank CDs … at least be sure to avoid the banks most likely to fail and stick with the ones most likely to survive. (For the latest Weiss Lists of the weakest banks and S&Ls, click here. For the strongest, click here.)

    Third, bear in mind that, when it comes to your investment decision-making, TIMING is everything.

    Last year, the stepped-up pace of bank failures did not derail the weak-but-continuing recovery in the U.S. economy. And for now, that’s bound to remain the case. As soon as we see signs that’s about to change, we’ll do our best to alert you. Until then, we stick with our current posture: Continue to invest, but do so with great caution.

    Good luck and God bless!

    Martin

    This investment news is brought to you by Money and Markets. Money and Markets is a free daily investment newsletter from Martin D. Weiss and Weiss Research analysts offering the latest investing news and financial insights for the stock market, including tips and advice on investing in gold, energy and oil. Dr. Weiss is a leader in the fields of investing, interest rates, financial safety and economic forecasting. To view archives or subscribe, visit http://www.moneyandmarkets.com.


     

    Posted 2010-01-18 3:30 PM (#32099 - in reply to #24873) By: gcsteven


     1/18/10

     Political Cartoon by Lisa Benson

    Lisa Benson 

    Posted 2010-01-18 6:12 PM (#32102 - in reply to #32099) By: FreeByrd


    Bank Failures in Brief

     BankFailures.jpg picture by gcsteven56

     


     

    2010

    The list of Bank Failures in Brief is updated through February 5, 2010. Please address questions on this subject to the Customer Service Hotline (telephone: 1-888-206-4662).

    February

    1st American State Bank of Minnesota, Hancock, MN with approximately $18.2 million in assets and approximately $16.3 million in deposits was closed. Community Development Bank, FSB, Ogema, MN has agreed to assume all deposits. (PR-030-2010)

    January

    American Marine Bank, Bainbridge Island, WA with approximately $373.2 million in assets and approximately $308.5 million in deposits was closed. Columbia State Bank, Tacoma, WA has agreed to assume all deposits, excluding certain brokered deposits. (PR-027-2010)

    First Regional Bank, Los Angeles, CA with approximately $2.18 billion in assets and approximately $1.87 billion in deposits was closed. First-Citizens Bank & Trust Company, Raleigh, NC has agreed to assume all deposits, excluding certain brokered deposits. (PR-026-2010)

    Community Bank and Trust, Cornelia, GA with approximately $1.2 billion in assets and approximately $1.1 billion in deposits was closed. SCBT National Association, Orangeburg, SC has agreed to assume all deposits, excluding certain brokered deposits. (PR-025-2010)

    Marshall Bank, N.A., Hallock, MN with approximately $59.9 million in assets and approximately $54.7 million in deposits was closed. United Valley Bank, Cavalier, ND has agreed to assume all deposits. (PR-024-2010)

    Florida Community Bank, Immokalee, FL with approximately $875.5 million in assets and approximately $795.5 million in deposits was closed. Premier American Bank, N.A., Miami, FL has agreed to assume all deposits, excluding certain brokered deposits. (PR-023-2010)

    First National Bank of Georgia, Carrollton, GA with approximately $832.6 million in assets and approximately $757.9 million in deposits was closed. Community and Southern Bank, Carrollton, GA has agreed to assume all deposits, excluding certain brokered deposits. (PR-022-2010)

    Columbia River Bank, The Dalles, OR with approximately $1.1 billion in assets and approximately $1.0 billion in deposits was closed. Columbia State Bank, Tacoma, WA has agreed to assume all deposits. (PR-018-2010)

    Evergreen Bank, Seattle, WA with approximately $488.5 million in assets and approximately $439.4 million in deposits was closed. Umpqua Bank, Roseburg, OR has agreed to assume all deposits, excluding certain brokered deposits. (PR-017-2010)

    Charter Bank, Santa Fe, NM with approximately $1.2 billion in assets and approximately $851.5 million in deposits was closed. Charter Bank, Albuquerque, NM has agreed to assume all deposits, excluding certain brokered deposits. (PR-016-2010)

    Bank of Leeton, Leeton, MO with approximately $20.1 million in assets and approximately $20.4 million in deposits was closed. Sunflower Bank, N.A., Salina, KS has agreed to assume all deposits. (PR-015-2010)

    Premier American Bank, Miami, FL with approximately $350.9 million in assets and approximately $326.3 million in deposits was closed. Premier American Bank, N.A., Miami, FL has agreed to assume all deposits, excluding certain brokered deposits. (PR-014-2010)

    Barnes Banking Company, Kaysville, UT, with approximately $827.8 million in assets and $786.5 million in deposits was closed. The FDIC has created the Deposit Insurance National Bank of Kaysville, UT ("DINB of Kaysville") to facilitate the resolution of Barnes Banking Company, Kaysville, UT. (PR-010-2010)

    St. Stephen State Bank, St. Stephen, MN with approximately $24.7 million in assets and approximately $23.4 million in deposits was closed. First State Bank of St. Joseph, St. Joseph, MN has agreed to assume all deposits. (PR-009-2010)

    Town Community Bank and Trust, Antioch, IL with approximately $69.6 million in assets and approximately $67.4 million in deposits was closed. First American Bank, Elk Grove Village, IL has agreed to assume all deposits, excluding certain brokered deposits. (PR-008-2010)

    Horizon Bank, Bellingham, WA with approximately $1.3 billion in assets and approximately $1.1 billion in deposits was closed. Washington Federal Savings and Loan Association, Seattle, WA has agreed to assume all deposits, excluding certain brokered deposits. (PR-004-2010)

    Posted 2010-02-15 7:40 AM (#33310 - in reply to #32102) By: gcsteven


    February

    La Jolla Bank, FSB, La Jolla, CA with approximately $3.8 billion in assets and approximately $2.8 billion in deposits was closed. OneWest Bank, FSB, Pasadena, CA has agreed to assume all deposits. (PR-034-2010)

    George Washington Savings Bank, Orland Park, IL with approximately $412.8 million in assets and approximately $397.0 million in deposits was closed. FirstMerit Bank, N.A., Akron, OH has agreed to assume all deposits. (PR-033-2010)

    The La Coste National Bank, La Coste, TX with approximately $53.9 million in assets and approximately $49.3 million in deposits was closed. Community National Bank, Hondo, TX has agreed to assume all deposits. (PR-032-2010)

    Marco Community Bank, Marco Island, FL with approximately $119.6 million in assets and approximately $117.1 million in deposits was closed. Mutual of Omaha Bank, Omaha, NE has agreed to assume all deposits, excluding certain brokered deposits. (PR-031-2010)


    Lost count is that 34 for 2010 ?
    What a 'bellyacher,..'


    Edited by gcsteven 2010-02-20 12:34 PM
    Posted 2010-02-20 12:30 PM (#33608 - in reply to #33310) By: gcsteven


    U.S. ‘Problem’ Banks Soar, Lending Drops, FDIC Says (Update2)

    February 23, 2010, 01:49 PM EST

     (Adds industry improvements in ninth paragraph, SunTrust earnings in 12th, small bank conditions in 17th.)

    By Phil Mattingly

    Feb. 23 (Bloomberg) -- U.S. “problem” banks climbed to the highest level in 17 years, signaling failures may accelerate in 2010, the Federal Deposit Insurance Corp. said. Bank lending had the biggest retreat in more than six decades.

    The FDIC included 702 banks with $402.8 billion in assets on the confidential list as of Dec. 31, a 27 percent increase from 552 banks with $345.9 billion in assets at the end of the third quarter, the regulator said today in a quarterly report. “Problem” banks account for 8.7 percent of all U.S. lenders.

    The growth in the number and assets of institutions on the problem list points to a likely rise in the number of failures,” FDIC Chairman Sheila Bair said today at a Washington news conference. “Both the problem list and bank failures tend to lag behind economic recovery.

    Read more.

    Sure could use a cup of coffee,.! 

    [Bank+Failures.bmp]

    Posted 2010-02-24 7:30 AM (#33733 - in reply to #33608) By: gcsteven


    Bloomberg

    FDIC Auctions $610.5 Million in Loans From Failed U.S. Lenders February 27, 2010,

    By Brian Louis

     

    Feb. 27 (Bloomberg) -- The Federal Deposit Insurance Corp. is seeking bids for $610.5 million of unpaid loans it’s holding from failed U.S. lenders including IndyMac Bank, Silverton Bank and New Frontier Bank.

    The loans are backed in part by land, developed lots and condominium construction projects, said Peter Tobin, managing director of New York-based Mission Capital Advisors LLC, the FDIC’s marketing agent and financial adviser for the offering. Most of the properties are in Colorado, California, Utah and Idaho, and about 78 percent of the debt is 90 days or more past due, according to a description on Mission Capital’s Web site.

    The FDIC is disposing of real estate, soured mortgages and personal property ranging from tour buses to palm trees that once belonged to failed banks. More than 160 lenders collapsed since the start of 2009, and the tally may grow this year, with 702 firms on the FDIC’s “problem bank” list as of Dec. 31.

    Read more,..

    BusinessWeek Cover

    "Hold What,..?"

    [Bank+Failures.bmp]

    "Hold for this important message,.."



    http://www.youtube.com/watch?v=pe84rqbiKmE

    And this; two more,..

    February

    Rainier Pacific Bank, Tacoma, WA with approximately $717.8 million in assets and approximately $446.2 million in deposits was closed. Umpqua Bank, Roseburg, OR has agreed to assume all deposits, excluding certain brokered deposits. (PR-041-2010)

    Carson River Community Bank, Carson City, NV with approximately $51.1 million in assets and approximately $50.0 million in deposits was closed. Heritage Bank of Nevada, Reno, NV has agreed to assume all deposits, excluding certain brokered deposits. (PR-040-2010)

    PS. Hold,.. for the "Unemployment numbers" on March 5, 2010.  

    Posted 2010-02-28 2:52 PM (#33889 - in reply to #33733) By: gcsteven


    Bank Failures in Brief
    2010

    The list of Bank Failures in Brief is updated through March 12, 2010. Please address questions on this subject to the Customer Service Hotline (telephone: 1-888-206-4662).

    March

    Statewide Bank, Covington, LA with approximately $243.2 million in assets and approximately $208.8 million in deposits was closed. Home Bank, Lafayette, LA has agreed to assume all deposits. (PR-053-2010)

    Old Southern Bank, Orlando, FL with approximately $315.6 million in assets and approximately $319.7 million in deposits was closed. Centennial Bank, Conway, AR has agreed to assume all deposits. (PR-052-2010)

    The Park Avenue Bank, New York, NY, with approximately $520.1 million in assets and approximately $494.5 million in deposits was closed. Valley National Bank, Wayne, NJ has agreed to assume all deposits, excluding certain brokered deposits. (PR-051-2010)

    LibertyPointe Bank, New York, NY with approximately $209.7 million in assets and approximately $209.5 million in deposits was closed. Valley National Bank, Wayne, NJ has agreed to assume all deposits. (PR-049-2010)

    Centennial Bank, Ogden, UT, with approximately $215.2 million in assets and approximately $205.1 million in deposits was approved for payout by the FDIC Board of Directors. (PR-046-2010)

    Waterfield Bank, Germantown, MD with approximately $155.6 million in assets and approximately $156.4 million in deposits was closed. To protect the insured depositors, the FDIC created Waterfield Bank, FA - a new depository institution chartered by the Office of Thrift Supervision (OTS) and insured by the FDIC - to take over the operations of Waterfield Bank. The FDIC will mail checks directly to customers with CDs and IRAs for the amount of their insured funds. (PR-045-2010)

    Bank of Illinois, Normal, IL with approximately $211.7 million in assets and approximately $198.5 million in deposits was closed. Heartland Bank and Trust Company, Bloomington, IL has agreed to assume all deposits, excluding certain brokered deposits. (PR-044-2010)

    Sun American Bank, Boca Raton, FL with approximately $535.7 million in assets and approximately $443.5 million in deposits was closed. First-Citizens Bank & Trust Company, Raleigh, NC has agreed to assume all deposits, excluding certain brokered deposits. (PR-043-2010)


    ‘On the Edge’ Banks Face Writedowns on FDIC Auctions (Update1)

    By James Sterngold

    March 8 (Bloomberg) -- A Federal Deposit Insurance Corp. plan to auction more than $1 billion in assets seized from failed banks next month, including a loan to build a W Hotel in Atlanta, may trigger writedowns that weaken lenders nationwide.

    Almost half of the loans were originated by Silverton Bank N.A., whose collapse last May was the biggest in Georgia history. Community banks that joined Silverton in providing $80 million for the 237-room hotel and condominium complex, as well as backing for 39 other projects, could be forced to write down their stakes to reflect sale prices.

    The auctions may have wider repercussions. Of the $41 billion in assets seized from failed banks held by the FDIC as of the end of January, $15.6 billion are real estate loans and about 4 percent of those involve participations by other lenders, according to agency spokesman Andrew Gray.

    “These banks can’t believe that the regulator they pay to protect them is going to sell these loans to someone who can flip them and cause them serious losses,” said Robert Reynolds, a lawyer at Reynolds Reynolds & Duncan LLC in Tuscaloosa, Alabama, who represents 25 lenders that took part in financing the W Hotel. “Our banks just cannot believe they’re being treated in a way that ultimately hurts the FDIC’s insurance fund, because some of them are right on the edge.”

    Bank Failures Read more


    Thomas Jefferson (1802):

    “I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of the currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.” (or wake-up not at all).

    Posted 2010-03-16 2:14 PM (#34505 - in reply to #33889) By: gcsteven


    Bank Closing Information - March 26, 2010
    These links contain useful information for the customers and vendors of these closed banks.

      Desert Hills Bank, Phoenix, AZ
      Unity National Bank, Cartersville, GA
      Key West Bank, Key West, FL
      McIntosh Commercial Bank, Carrolton, GA

      State Bank of Aurora, Aurora, MN
      First Lowndes Bank, Fort Deposit, AL
      Bank of Hiawassee, Hiawassee, GA
      Appalachian Community Bank, Ellijay, GA
      Advanta Bank Corp., Draper, UT
      Century Security Bank, Duluth, GA
      American National Bank, Parma, OH


    Bank Failures in Brief


     

     

    2010

    The list of Bank Failures in Brief is updated through March 26, 2010. Please address questions on this subject to the Customer Service Hotline (telephone: 1-888-206-4662).

    March

    Desert Hills Bank, Phoenix, AZ with approximately $496.6 million in assets and approximately $426.5 million in deposits was closed. New York Community Bank, Westbury, NY has agreed to assume all deposits, excluding certain brokered deposits. ( PR-069-2010)

    Unity National Bank, Cartersville, GA with approximately $292.2 million in assets and approximately $264.3 million in deposits was closed. Bank of the Ozarks, Little Rock, AR has agreed to assume all deposits, excluding certain brokered deposits. (PR-068-2010)

    Key West Bank, Key West, FL with approximately $88.0 million in assets and approximately $67.7 million in deposits was closed. Centennial Bank, Conway, AR has agreed to assume all deposits, excluding certain brokered deposits. (PR-067-2010)

    McIntosh Commercial Bank, Carrollton, GA with approximately $362.9 million in assets and approximately $343.3 million in deposits was closed. CharterBank, West Point, GA has agreed to assume all deposits, excluding certain brokered deposits. (PR-066-2010)

    State Bank of Aurora, Aurora, MN with approximately $28.2 million in assets and approximately $27.8 million in deposits was closed. Northern State Bank, Ashland, WI has agreed to assume all deposits. (PR-062-2010)

    First Lowndes Bank, Fort Deposit, AL with approximately $137.2 million in assets and approximately $131.1 million in deposits was closed. First Citizens Bank, Luverne, AL has agreed to assume all deposits. (PR-061-2010)

    Bank of Hiawassee, Hiawassee, GA, with approximately $377.8 million in assets and approximately $339.9 million in deposits was closed. Citizens South Bank, Gastonia, NC has agreed to assume all deposits, excluding certain brokered deposits. (PR-060-2010)

    Appalachian Community Bank, Ellijay, GA with approximately $1.01 billion in assets and approximately $917.6 million in deposits was closed. Community & Southern Bank, Carrollton, GA has agreed to assume all deposits. (PR-059-2010)

    Advanta Bank Corp., Draper, UT, with approximately $1.6 billion in assets and approximately $1.5 billion in deposits was approved for payout by the FDIC Board of Directors. (PR-058-2010)

    Century Security Bank, Duluth, GA, with approximately $96.5 million in assets and approximately $94.0 million in deposits was closed. Bank of Upson, Thomaston, GA has agreed to assume all deposits, excluding certain brokered deposits. (PR-057-2010)

    American National Bank, Parma, OH, with approximately $70.3 million in assets and approximately $66.8 million in deposits was closed. The National Bank and Trust Company, Wilmington, OH has agreed to assume all deposits, excluding certain brokered deposits. (PR-056-2010)



    Edited by gcsteven 2010-03-29 9:21 AM
    Posted 2010-03-22 1:05 PM (#34891 - in reply to #34505) By: gcsteven




    These ads must have cost a pretty penny,..!

    Not to worry,.. Its free,..!


    http://www.youtube.com/watch?v=lWRfoTyf47o  

    Press Releases


    FDIC Announces Winning Bidder of $490 Million in Loans

    FOR IMMEDIATE RELEASE
    April 1, 2010
    Media Contact:
    David Barr (202) 898-6992
    dbarr@fdic.gov

    The Federal Deposit Insurance Corporation (FDIC) has closed on a sale of an equity interest in a limited liability company (LLC) created to hold certain assets transferred from 19 failed bank receiverships. The purchaser of the interest in the Multibank Structured Transaction Single Family Residential 2010-1 is Roundpoint Mortgage Servicing Corporation.

    The sale was conducted through a competitive auction held on February 24, 2010. Nine different qualified groups submitted bids to purchase either a 50% leveraged ownership interest or a 20% unleveraged ownership interest in the newly formed LLC. The winning bid was submitted on the leveraged ownership interest. FDIC will hold the remaining 50% equity interest in its receivership capacity.

    As an equity participant, the FDIC will share in the returns on the assets owned by the LLC. The percentage of the LLC Interests owned by Roundpoint and the FDIC may be adjusted based on the performance of the Mortgage Loans.

    The FDIC as Receiver for the failed banks conveyed to the LLC a portfolio of 3,373 single family residential mortgage loans, of which approximately 51% were 30 or more days delinquent. Collectively, the loans have an unpaid principal balance of approximately $490.7 million. Approximately 80% of the collateral of the portfolio is located in Florida, Georgia and Arizona. Roundpoint paid approximately $34.4 million in cash for its 50% equity stake in the LLC, which equates to an approximate value of 42% of the unpaid principal balance of the portfolio. As the LLC's managing equity owner, Roundpoint will provide for the management and servicing of the LLC's assets.

    The 19 participating FDIC receiverships provided financing to the LLC by issuing approximately $137,499,283 of corporate guaranteed notes. The FDIC guaranteed notes will receive payments of interest and principal on a monthly basis.

    The bid for the interest was determined to be the offer that resulted in the greatest return to the participating receiverships. All of the loans contributed to the portfolio came from banks that had failed between August 2008 and March 2009. The sale closed April 1, 2010.

    # # #

    Posted 2010-04-05 3:01 PM (#35586 - in reply to #33889) By: gcsteven


    Bank Failures in Brief

    2010

    The list of Bank Failures in Brief is updated through April 30, 2010. Please address questions on this subject to the Customer Service Hotline (telephone: 1-888-206-4662).

    April

    Westernbank Puerto Rico, Mayaguez, PR with approximately $11.94 billion in assets and approximately $8.62 billion in deposits was closed. Banco Popular de Puerto Rico, San Juan, PR has agreed to assume all deposits, excluding certain brokered deposits. (PR-097-2010)

    R-G Premier Bank of Puerto Rico, Hato Rey, PR with approximately $5.92 billion in assets and approximately $4.25 billion in deposits was closed. Scotiabank de Puerto Rico, San Juan, PR has agreed to assume all deposits, excluding certain brokered deposits. (PR-096-2010)

    Eurobank, San Juan, PR with approximately $2.56 billion in assets and approximately $1.97 billion in deposits was closed. Oriental Bank and Trust, San Juan, PR has agreed to assume all deposits, excluding certain brokered deposits. (PR-095-2010)

    Wheatland Bank, Naperville, IL with approximately $437.2 million in assets and approximately $438.5 million in deposits was closed. Wheaton Bank & Trust, Wheaton, IL has agreed to assume all deposits, excluding certain brokered deposits. (PR-090-2010)

    Peotone Bank and Trust Company, Peotone, IL with approximately $130.2 million in assets and approximately $127.0 million in deposits was closed. First Midwest Bank, Itasca, IL has agreed to assume all deposits, excluding certain brokered deposits. (PR-089-2010)

    Lincoln Park Savings Bank, Chicago, IL with approximately $199.9 million in assets and approximately $171.5 million in deposits was closed. Northbrook Bank and Trust Company, Northbrook, IL has agreed to assume all deposits. (PR-088-2010)

    New Century Bank, Chicago, IL with approximately $485.6 million in assets and approximately $492.0 million in deposits was closed. MB Financial Bank, National Association, Chicago, IL has agreed to assume all deposits. (PR-087-2010)

    Citizens Bank & Trust Company of Chicago, Chicago, IL with approximately $77.3 million in assets and approximately $74.5 million in deposits was closed. Republic Bank of Chicago, Oak Brook, IL has agreed to assume all deposits. (PR-086-2010)

    Broadway Bank, Chicago, IL with approximately $1.2 billion in assets and approximately $1.1 billion in deposits was closed. MB Financial Bank, National Association, Chicago, IL has agreed to assume all deposits, excluding certain brokered deposits. (PR-085-2010)

    Amcore Bank, National Association, Rockford, IL with approximately $3.8 billion in assets and approximately $3.4 billion in deposits was closed. Harris National Association, Chicago, IL has agreed to assume all deposits, excluding certain brokered deposits. (PR-084-2010)

    City Bank, Lynnwood, WA with approximately $1.13 billion in assets and approximately $1.02 billion in deposits was closed. Whidbey Island Bank, Coupeville, WA has agreed to assume all deposits, excluding certain brokered deposits. (PR-082-2010)

    Tamalpais Bank, San Rafael, CA with approximately $628.9 million in assets and approximately $487.6 million in deposits was closed. Union Bank, National Association, San Francisco, CA has agreed to assume all deposits, excluding certain brokered deposits. (PR-081-2010)

    Innovative Bank, Oakland, CA with approximately $268.9 million in assets and approximately $225.2 million in deposits was closed. Center Bank, Los Angeles, CA has agreed to assume all deposits, excluding certain brokered deposits. (PR-080-2010)

    Butler Bank, Lowell, MA with approximately $268.0 million in assets and approximately $233.2 million in deposits was closed. People's United Bank, Bridgeport, CT has agreed to assume all deposits. (PR-079-2010)

    Riverside National Bank of Florida, Fort Pierce, FL with approximately $3.42 billion in assets and approximately $2.76 billion in deposits was closed. TD Bank, National Association, Wilmington, DE has agreed to assume all deposits, excluding certain brokered deposits. (PR-078-2010)

    AmericanFirst Bank, Clermont, FL with approximately $90.5 million in assets and approximately $81.9 million in deposits was closed. TD Bank, National Association, Wilmington, DE has agreed to assume all deposits, excluding certain brokered deposits. (PR-078-2010)

    First Federal Bank of North Florida, Palatka, FL with approximately $393.3 million in assets and approximately $324.2 million in deposits was closed. TD Bank, National Association, Wilmington, DE has agreed to assume all deposits. (PR-078-2010)

    Lakeside Community Bank, Sterling Heights, MI, with approximately $53.0 million in assets and approximately $52.3 million in deposits was approved for payout by the FDIC Board of Directors. (PR-077-2010)

    Beach First National Bank, Myrtle Beach, SC with approximately $585.1 million in assets and approximately $516.0 million in deposits was closed. Bank of North Carolina, Thomasville, NC has agreed to assume all deposits, excluding certain brokered deposits. ( PR-073-2010)


     

    Friday, April 23, 2010

    Obama's Bank Failures | Too Busy To Care

    Through April 23, 2010, there have been 57 bank failures. That's 57 in 113 days, or a failure rate of 50.4%. In 2009 there were 140 bank failures at a failure rate of 38.4%. So it's been more than a year since the problem was 'solved', and the rate of bank failures has actually increased. In contrast, there were only 25 bank failures in 2008, 3 in 2007, none in 2005 or 2006, and only 22 from 2001 through 2004.


    Wow, seven banks in his own back yard. We'll see if he cares now, or whether he maintains the 'quo'. Perhaps another round of golf is the cure!

    Obama says he wants "...to get a better idea of what our options are...". Well, here you go: (1) Crash and Burn, (2) Drastically Cut Government Borrowing and Spending, or (3) Burn and Crash. It's not rocket science. Make an executive decision.


    References:

    Obama's Bank Failures - Too Little to Save

    FDIC Failed Bank List

    Read More at Natural Born Conservative:



    Edited by gcsteven 2010-04-30 2:08 PM
    Posted 2010-04-24 7:44 AM (#36477 - in reply to #35586) By: gcsteven


    And then there was 60. -April 30, 2010-

    (above revised)

    Posted 2010-04-30 2:10 PM (#36843 - in reply to #36477) By: gcsteven


    Bank Failures in Brief - #78 and counting.
    2010

    The list of Bank Failures in Brief is updated through May 28, 2010. Please address questions on this subject to the Customer Service Hotline (Telephone: 1-888-206-4662).

    May

    Sun West Bank, Las Vegas, NV with approximately $360.7 million in assets and approximately $353.9 million in deposits was closed. City National Bank, Los Angeles, CA has agreed to assume all deposits, excluding certain brokered deposits. (PR-127-2010)

    Granite Community Bank, NA, Granite Bay, CA with approximately $102.9 million in assets and approximately $94.2 million in deposits was closed. Tri Counties Bank, Chico, CA has agreed to assume all deposits. (PR-126-2010)

    Bank of Florida - Tampa Bay, Tampa, FL with approximately $245.2 million in assets and approximately $224.0 million in deposits was closed. EverBank, Jacksonville, FL has agreed to assume all deposits, excluding certain brokered deposits. (PR-125-2010)

    Bank of Florida - Southwest, Naples, FL with approximately $640.9 million in assets and approximately $559.9 million in deposits was closed. EverBank, Jacksonville, FL has agreed to assume all deposits, excluding certain brokered deposits. (PR-125-2010)

    Bank of Florida - Southeast, Fort Lauderdale, FL with approximately $595.3 million in assets and approximately $531.7 million in deposits was closed. EverBank, Jacksonville, FL has agreed to assume all deposits, excluding certain brokered deposits. (PR-125-2010)

    Pinehurst Bank, St. Paul, MN with approximately $61.2 million in assets and approximately $58.3 million in deposits was closed. Coulee Bank, La Crosse, WI has agreed to assume all deposits. (PR-118-2010)

    Midwest Bank and Trust Company, Elmwood Park, IL with approximately $3.17 billion in assets and approximately $2.42 billion in deposits was closed. FirstMerit Bank, National Association, Akron, OH has agreed to assume all deposits. (PR-116-2010)

    Southwest Community Bank, Springfield, MO with approximately $96.6 million in assets and approximately $102.5 million in deposits was closed. Simmons First National Bank, Pine Bluff, AR has agreed to assume all deposits. (PR-115-2010)

    New Liberty Bank, Plymouth, MI with approximately $109.1 million in assets and approximately $101.8 million in deposits was closed. Bank of Ann Arbor, Ann Arbor, MI has agreed to assume all deposits, excluding certain brokered deposits. (PR-114-2010)

    Satilla Community Bank, Saint Marys, GA with approximately $135.7 million in assets and approximately $134.0 million in deposits was closed. Ameris Bank, Moulteri, GA has agreed to assume all deposits, excluding certain brokered deposits. (PR-113-2010)

    1st Pacific Bank of California, San Diego, CA with approximately $335.8 million in assets and approximately $291.2 in deposits was closed. City National Bank, Los Angeles, CA has agreed to assume all deposits, excluding certain brokered deposits. (PR-109-2010)

    Towne Bank of Arizona, Mesa, AZ with approximately $120.2 million in assets and approximately $113.2 million in deposits was closed. Commerce Bank of Arizona, Mesa, AZ has agreed to assume all deposits, excluding certain brokered deposits. (PR-108-2010)

    Access Bank, Champlin, MN with approximately $32.0 million in assets and approximately $32.0 million in deposits was closed. PrinsBank, Prinsburg, MN has agreed to assume all deposits. (PR-107-2010)

    The Bank of Bonifay, Bonifay, FL with approximately $242.9 million in assets and approximately $230.2 million in deposits was closed. First Federal Bank of Florida, Lake City, FL has agreed to assume all deposits. (PR-106-2010)



    Edited by gcsteven 2010-06-02 11:00 AM
    Posted 2010-05-10 10:14 AM (#37402 - in reply to #36843) By: gcsteven


    Weiss Ratings: 20 Giant Banks Still Vulnerable

    Martin D. Weiss, Ph.D.

    Later this morning, Weiss Ratings is issuing a landmark press release, warning that 20 giant U.S. banks are still vulnerable to serious financial difficulties — and even failure. (I’ll name them in a moment.)

    With 73 bank failures so far this year, double last year’s pace … with a new phase of the global debt crisis now unfolding … and with the dangers in the Dow I told you about Thursday … this news has far-reaching implications! So I wanted to give you this heads up.

    First, just in case our Weiss Ratings are new to you, let me explain what they are. We began issuing ratings on 13,000 banks in 1987 — based on a statistical analysis of their capital, asset quality, earnings, liquidity, and other factors.

    Unlike other major ratings agencies, Weiss Ratings never accepts compensation of any kind from the companies it rates.

    Unlike other rating agencies, we do not grade companies on a curve. If they’re weak and they put your investments or savings at risk, we say so. No sugarcoating.

     

    And unlike other agencies, we never delay downgrades or suppress publication of a company’s rating.

    Our independence and objectivity help explain why we have accurately identified the weakness of nearly all banks that subsequently failed in the last 23 years.

    Plus, it’s why …

    The New York Times wrote Weiss was “the first to see the dangers and say so unambiguously;”

    Barron’s wrote that Weiss is “the leader in identifying vulnerable companies;” and

    Esquire concluded that Weiss Ratings is “the one company [that] … provides financial grades free of any conflicts of interest.”

    Second, what our ratings mean. We rate companies on a scale similar to school grades:

    • A = excellent

       

    • B = good

       

    • C = fair

       

    • D = weak

       

    • E = very weak

       

    • F = failed

       

    • plus sign = upper third of the grade range

       

    • minus sign = lower third of the grade range

    Third, our general recommendations. Regardless of government guarantees or bailouts, we believe you should seek to:

    • Avoid institutions with a Weiss Rating of D+ or lower. These are the institutions on our “weakest” list, considered vulnerable.

       

    • Do business with those boasting a Weiss Rating of B+ or higher. These are on our “strongest” list, and we generally recommended them for their safety.

    Fourth, it’s time to name names. There are currently 20 very large institutions (with $25 billion or more in assets) in our vulnerable or “weakest” category, including Bank of America, Citibank, Wachovia, HSBC Bank USA, SunTrust, Regions Bank, RBS Citizens, plus the 13 others listed in the table below.

    Chart

    Fifth, unfortunately, there are many more which are also vulnerable — a total of 2,259* U.S. banks and thrifts in the U.S. that currently receive a Weiss Rating of D+ or lower.

    Sixth, fortunately, there are still many strong banks in America — 962 institutions receiving a Weiss Rating of B+ or higher.

    Seventh, despite the strong banks, the banking system as a whole remains very weak. This is because the weakest banks hold $5.8 trillion, or 44.7 percent of the industry’s total assets. But the strongest banks hold only $483 billion, or a meager 3.7 percent of the industry’s assets.

    Is your bank safe? Where can you find a strong bank near you?

    The big dilemma in America today is that, while many of the largest banks are still weak, most of the strongest banks are relatively small with fewer branches.

    That makes it more likely that your bank is among the vulnerable institutions. Plus, it can make it more difficult for you to find a bank worthy of your money.

    Good news: Tomorrow, I will give you our lists of ratings to help you find out if your bank is among the weakest; and if it is, to help you find a strong bank in your state.

    Better news: Given the severity of this situation and the growing difficulty of finding a truly safe place for your money, we have decided to end our former business practice of charging our readers for our ratings. We will provide them free of charge.

    So stand by for my email tomorrow in which I will give you direct access to our latest lists of the weakest and strongest institutions.

    When you get the lists, just remember one thing: Even if a bank is bailed out or taken over by the FDIC, you can

    • miss out on promised interest income,

       

    • lose access to lines of credit, and

       

    • suffer other serious inconveniences.

    Worse, if you’ve invested in the bank’s stocks, bonds, or debentures … or if you have uninsured deposits not covered by the FDIC … you could suffer substantial losses in a failed bank.

    So whether you believe the government can adequately protect your savings — or not — I recommend that you seriously consider avoiding the weakest while seeking to do business only with the strongest.

    Good luck and God bless!

    Martin

    This investment news is brought to you by Money and Markets. Money and Markets is a free daily investment newsletter from Martin D. Weiss and Weiss Research analysts offering the latest investing news and financial insights for the stock market, including tips and advice on investing in gold, energy and oil. Dr. Weiss is a leader in the fields of investing, interest rates, financial safety and economic forecasting. To view archives or subscribe, visit http://www.moneyandmarkets.com.



    Edited by gcsteven 2010-05-24 9:39 AM
    Posted 2010-05-16 9:17 AM (#37710 - in reply to #36843) By: gcsteven


    Bank Failures in Brief -# 86 and counting.
    2010

    The list of Bank Failures in Brief is updated through June 25, 2010. Please address questions on this subject to the Customer Service Hotline (Telephone: 1-888-206-4662

    June

    High Desert State Bank, Albuquerque, NM with approximately $80.3 million in assets and approximately $81.0 million in deposits was closed. First American Bank, Artesia, NM, GA has agreed to assume all deposits (PR-145-2010). First National Bank, Savannah, GA with approximately $252.5 million in assets and approximately $231.9 million in deposits was closed. The Savannah Bank, National Association, Savannah, GA has agreed to assume all deposits, excluding certain brokered deposits (PR-144-2010)

    Peninsula Bank, Englewood, FL with approximately $644.3 million in assets and approximately $580.1 million in deposits was closed. Premier American Bank, Miami, FL has agreed to assume all deposits excluding certain brokered deposits. (PR-143-2010)

     

    Nevada Security Bank, Reno, Nevada (also known as Silverado Bank, Roseville, CA), with approximately $480.3 million in assets and approximately $479.8 million in deposits was closed. Umpqua Bank, Roseburg, OR has agreed to assume all deposits, excluding certain brokered deposits. (PR-137-2010)

    Washington First International Bank, Seattle, WA with approximately $520.9 million in assets and approximately $441.4 million in deposits was closed. East West Bank, Pasadena, CA has agreed to assume all deposits. (PR-133-2010)

    TierOne Bank, Lincoln, NE with approximately $2.8 billion in assets and approximately $2.1 billion in deposits was closed. Great Western Bank, Sioux Falls, SD has agreed to assume all deposits. (PR-132-2010)

    Arcola Homestead Savings Bank, Arcola, IL with approximately $17.0 million in assets and approximately $18.1 million in deposits was approved for payout by the FDIC Board of Directors. (PR-131-2010)

    First National Bank, Rosedale, MS with approximately $60.4 million in assets and approximately $63.5 million in deposits was closed. Jefferson Bank, Fayette, MS has agreed to assume all deposits. (PR-130-2010))



    Edited by gcsteven 2010-07-06 9:26 AM
    Posted 2010-06-07 1:28 PM (#38959 - in reply to #37402) By: gcsteven



    Bank Failures in Brief  - And then there were 157

    "Talking about driving into a ditch,..." why not rent a mule.

    -Oh, The absence of Economic Reality-

     


     

    2010

    The list of Bank Failures in Brief is updated through December 17, 2010 Please address questions on this subject to the Customer Service Hotline (Telephone: 1-888-206-4662 .


    December


    Community National Bank, Lino Lakes, MN with approximately $31.6 million in total assets and $28.8 million in total deposits was closed. Farmers & Merchants Savings Bank, Manchester, IA, has agreed to assume all deposits.
    (PR-276-2010).

    First Southern Bank, Batesville, AR with approximately $191.8 million in total assets and $155.8 million in total deposits was closed. Southern Bank, Poplar Bluff, MO has agreed to assume all deposits excluding the Cede & Co. deposits.
    (PR-275-2010).

    United Americas Bank, N.A., Atlanta, GA with approximately $242.3 million in total assets and $193.8 million in total deposits was closed. State Bank and Trust Company, Macon, GA has agreed to assume all deposits excluding the Cede & Co. deposits.
    (PR-274-2010).

    Appalachian Community Bank, FSB, McCaysville, GA with approximately $68.2 million in total assets and $76.4 million in total deposits was closed. Peoples Bank of East Tennessee, Madisonville, TN has agreed to assume all deposits excluding the Cede & Co. deposits.
    (PR-273-2010).

    Chestatee State Bank, Dawsonville, GA with approximately $244.4 million in total assets and $240.5 million in total deposits was closed. Bank of the Ozarks, Little Rock, AR has agreed to assume all deposits.
    (PR-272-2010).

    The Bank of Miami, National Association (N.A.), Coral Gables, FL with approximately $448.2 million in total assets and $374.2 million in total deposits was closed. 1st United Bank, Boca Raton, FL has agreed to assume all deposits excluding the Cede & Co. deposits.
    (PR-271-2010).

    Earthstar Bank, Southampton, PA with approximately $112.6 million in total assets and $104.5 million in total deposits was closed. Polonia Bank, Huntingdon Valley, PA has agreed to assume all deposits.
    (PR-264-2010).

    Paramount Bank, Farmington Hills, MI with approximately $252.7 million in total assets and $213.6 million in total deposits was closed. Level One Bank, Farmington Hills, MI has agreed to assume all deposits excluding the Cede & Co. deposits.
    (PR-263-2010).

    November


    First Banking Center, Burlington, WI with approximately $750.7 million in total assets and $664.8 million in total deposits was closed. First Michigan Bank, Troy, MI has agreed to assume all deposits excluding the Cede & Co. deposits.
    (PR-255-2010).

    Allegiance Bank of North America, Bala Cynwyd, PA with approximately $106.6 million in total assets and $92.0 million in total deposits was closed. VIST Bank, Wyomissing, PA has agreed to assume all deposits excluding the Cede & Co. deposits.
    (PR-254-2010).

    Gulf State Community Bank, Carrabelle, FL with approximately $112.1 million in total assets and $112.2 million in total deposits was closed. Centennial Bank, Conway, AR has agreed to assume all deposits excluding the Cede & Co. deposits.
    (PR-253-2010).

    Copper Star Bank, Scottsdale, AZ with approximately $204.0 million in total assets and $190.2 million in total deposits was closed. Stearns Bank, N.A., Saint Cloud, MN has agreed to assume all deposits excluding the Cede & Co. deposits.
    (PR-250-2010).

    Darby Bank & Trust Co., Vidalia, GA with approximately $654.7 million in total assets and $587.6 million in total deposits was closed. Ameris Bank, Moultrie, GA has agreed to assume all deposits excluding the Cede & Co. deposits.
    (PR-249-2010).

    Tifton Banking Company, Tifton, GA with approximately $143.7 million in total assets and $141.6 million in total deposits was closed. Ameris Bank, Moultrie, GA has agreed to assume all deposits including certain brokered deposits.
    (PR-249-2010).

    First Vietnamese American Bank, Westminster, CA with approximately $48.0 million in total assets and $47.0 million in total deposits was closed. Grandpoint Bank, Los Angeles, CA has agreed to assume all deposits excluding certain brokered deposits.
    (PR-245-2010).

    Pierce Commercial Bank, Tacoma, WA with approximately $221.1 million in total assets and $193.5 million in total deposits was closed. Heritage Bank, Olympia, WA has agreed to assume all deposits.
    (PR-244-2010).

    Western Commercial Bank, Woodland Hills, CA with approximately $98.6 million in total assets and $101.1 million in total deposits was closed. First California Bank, Westlake Village, CA has agreed to assume all deposits.
    (PR-243-2010).

    K Bank, Randallstown, MD with approximately $538.3 million in total assets and $500.1 million in total deposits was closed. Manufacturers and Traders Trust Company, Buffalo, NY has agreed to assume all deposits excluding certain brokered deposits.
    (PR-242-2010).

    October


    First Arizona Savings, A FSB, Scottsdale, AZ with approximately $272.2 million in total assets and $198.8 million in total deposits was closed. The FDIC has approved the payout of the insured deposits of First Arizona Savings, A FSB. (PR-237-2010).

    Hillcrest Bank, Overland Park, KS with approximately $1.65 billion in total assets and $1.54 billion in total deposits was closed. Hillcrest Bank, N.A., Overland Park, KS has agreed to assume all deposits excluding certain brokered deposits.
    (PR-236-2010).

    First Suburban National Bank, Maywood, IL with approximately $148.7 million in total assets and $140.0 million in total deposits was closed. Seaway Bank and Trust Company, Chicago, IL has agreed to assume all deposits excluding certain brokered deposits.
    (PR-235-2010).

    The First National Bank of Barnesville, Barnesville, GA with approximately $131.4 million in total assets and $127.1 million in total deposits was closed. United Bank, Zebulon, GA has agreed to assume all deposits excluding certain brokered deposits.
    (PR-234-2010).

    The Gordon Bank, Gordon, GA with approximately $29.4 million in total assets and $26.7 million in total deposits was closed. Morris Bank, Dublin, GA has agreed to assume all deposits.
    (PR-233-2010).

    Progress Bank of Florida, Tampa, FL with approximately $110.7 million in total assets and $101.3 million in total deposits was closed. Bay Cities Bank, Tampa, FL has agreed to assume all deposits excluding certain brokered deposits.
    (PR-232-2010).

    First Bank of Jacksonville, Jacksonville, FL with approximately $81.0 million in total assets and $77.3 million in total deposits was closed. Ameris Bank, Moultrie, GA has agreed to assume all deposits.
    (PR-231-2010).

    Premier Bank, Jefferson City, MO with approximately $1.18 billion in total assets and $1.03 billion in total deposits was closed. Providence Bank, Columbia, MO has agreed to assume all deposits excluding certain brokered deposits.
    (PR-228-2010).

    WestBridge Bank and Trust Company, Chesterfield, MO with approximately $91.5 million in total assets and $72.5 in total deposits was closed. Midland States Bank, Effingham, IL has agreed to assume all deposits excluding certain brokered deposits.
    (PR-227-2010).

    Security Savings Bank, F.S.B, Olathe, KS with approximately $508.4 million in total assets and $397.0 million in total deposits was closed. Simmons First National Bank, Pine Bluff, AR has agreed to assume all deposits.
    (PR-226-2010).

    Shoreline Bank, Shoreline, WA with approximately $104.2 million in total assets and $100.2 million in total deposits was closed. GBC International Bank, Los Angeles, CA has agreed to assume all deposits excluding certain brokered deposits.
    (PR-221-2010).

    Wakulla Bank, Crawfordville, FL with approximately $424.1 million in total assets and $386.3 million in total deposits was closed. Centennial Bank, Conway, AR has agreed to assume all deposits excluding certain brokered deposits.
    (PR-220-2010).


    September (Delay, Labor-Day Post)


    North County Bank, Arlington, WA with approximately $288.8 million total assets and and $276.1 million in total deposits was closed. Whidbey Island Bank, Cupeville, WA has agreed to assume all deposits excluding certain brokered deposits.
    (PR-215-2010).

    Haven Trust Bank Florida, Ponte Vedra Beach, FL with approximately $148.6 million total assets and $133.6 million in total deposits was closed. First Southern Bank, Boca Raton, FL has agreed to assume all deposits excluding certain brokered deposits.
    (PR-214-2010).

    Maritime Savings Bank, West Allis, WI with approximately $350.5 million total assets and $248.1 million in total deposits was closed. North Shore Bank, FSB, Brookfield, WI has agreed to assume all deposits excluding certain brokered deposits.
    (PR-210-2010).

    Bramble Savings Bank, Milford, OH with approximately $47.5 million total assets and $41.6 million in total deposits was closed. Foundation Bank, Cincinnati, OH has agreed to assume all deposits excluding certain brokered deposits.
    (PR-209-2010).

    The Peoples Bank, Winder, GA with approximately $447.2 million total assets and $398.2 million in total deposits was closed. Community & Southern Bank, Carrollton, GA has agreed to assume all deposits excluding certain brokered deposits.
    (PR-208-2010).

    First Commerce Community Bank, Douglasville, GA with approximately $248.2 million total assets and $242.8 million in total deposits was closed. Community & Southern Bank, Carrollton, GA has agreed to assume all deposits excluding certain brokered deposits.
    (PR-208-2010).

    Bank of Ellijay, Ellijay, GA with approximately $168.8 million total assets and $160.7 million in total deposits was closed. Community & Southern Bank, Carrollton, GA has agreed to assume all deposits.
    (PR-208-2010).

    ISN Bank, Cherry Hill, NJ with approximately $81.6 million total assets and $79.7 million in total deposits was closed. New Century Bank, Phoenixville, PA has agreed to assume all deposits excluding certain brokered deposits.
    (PR-207-2010).

    Horizon Bank, Bradenton, FL with approximately $187.8 million total assets and $164.6 million in total deposits was closed. Bank of the Ozarks, Little Rock, AR has agreed to assume all deposits excluding certain brokered deposits.
    (PR-205-2010).

    August

    Sonoma Valley Bank, Sonoma, CA with approximately $337.1 million in total assets and $255.5 million in total deposits was closed. Westamerica Bank, San Rafael, CA has agreed to assume all deposits.
    (PR-196-2010).

    Los Padres Bank, Solvang, CA with approximately $870.4 million in total assets and $770.7 million in total deposits was closed. Pacific Western Bank, San Diego, CA has agreed to assume all deposits.
    (PR-195-2010).

    Butte Community Bank, Chico, CA with approximately $498.8 million in total assets and $471.3 million in total deposits was closed. Rabobank, National Association (N.A.), El Centro, CA has agreed to assume all deposits.
    (PR-194-2010).

    Pacific State Bank, Stockton, CA with approximately $312.1 million in total assets and $278.8 million in total deposits was closed. Rabobank, National Association (N.A.), El Centro, CA has agreed to assume all deposits, excluding certain brokered deposits.
    (PR-194-2010).

    ShoreBank, Chicago, IL with approximately $2.16 billion in total assets and $1.54 billion in total deposits was closed. Urban Partnership Bank, Chicago, IL has agreed to assume all deposits, excluding certain brokered deposits.
    (PR-193-2010).

    Imperial Savings and Loan Association, Martinsville, VA with approximately $9.4 million in total assets and $10.1 million in total deposits was closed. River Community Bank, National Association (N.A), Martinsville, VA has agreed to assume all deposits.
    (PR-192-2010).

    Independent National Bank, Ocala, FL with approximately $156.2 million in total assets and $141.9 million in total deposits was closed. CenterState Bank of Florida, National Association (N.A.), Winter Haven, FL has agreed to assume all deposits.
    (PR-191-2010).

    Community National Bank at Bartow, Bartow, FL with approximately $67.9 million in total assets and $63.7 million in total deposits was closed. CenterState Bank of Florida, National Association (N.A.), Winter Haven, FL has agreed to assume all deposits, excluding certain brokered deposits.
    (PR-191-2010).

    Palos Bank and Trust Company, Palos Heights, IL with approximately $493.4 million in total assets and $467.8 million in total deposits was closed. First Midwest Bank, Itasca, IL has agreed to assume all deposits.
    (PR-189-2010).

    Ravenswood Bank, Chicago, IL, with approximately $264.6 million in total assets and $269.5 million in total deposits was closed. Northbrook Bank and Trust Company, Northbrook, IL has agreed to assume all deposits, excluding certain brokered deposits.
    (PR-181-2010).

    July



    LibertyBank, Eugene, OR with approximately $768.2 million in total assets and $718.5 million in total deposits was closed. Home Federal Bank, Nampa, ID has agreed to assume all deposits.
    (PR-176-2010).

    The Cowlitz Bank, Longview, WA, with approximately $529.3 million in total assets and $513.9 million in total deposits was closed. Heritage Bank, Olympia, WA has agreed to assume all deposits, excluding certain brokered deposits.
    (PR-175-2010).

    Coastal Community Bank, Panama City Beach, FL with approximately $372.9 million in total assets and $363.2 million in total deposits was closed. Centennial Bank, Conway, AR has agreed to assume all deposits
    (PR-174-2010).

    Bayside Savings Bank, Port Saint Joe, FL with approximately $66.1 million in total assets and $52.4 million in total deposits was closed. Centennial Bank, Conway, AR has agreed to assume all deposits
    (PR-174-2010).

    Northwest Bank & Trust, Acworth, GA, with approximately $167.7 million in total assets and $159.4 million in total deposits was closed. State Bank and Trust Company, Macon Georgia, has agreed to assume all deposits, excluding certain brokered deposits.
    (PR-172-2010).

    Home Valley Bank, Cave Junction, OR with approximately $251.80 million in total assets and $229.6 million in total deposits was closed. South Valley Bank & Trust, Klamath Falls, OR has agreed to assume all deposits
    (PR-169-2010).

    SouthwestUSA Bank, Las Vegas, NV with approximately $214.0 million in total assets and $186.7 million in total deposits was closed. Plaza Bank, Irvine, CA has agreed to assume all deposits, excluding certain brokered deposits
    (PR-168-2010).

    Community Security Bank, New Prague, MN with approximately $108.0 million in total assets and $99.7 million in total deposits was closed. Roundbank, Waseca, MN has agreed to assume all deposits
    (PR-167-2010).

    Thunder Bank, Sylvan Grove, KS with approximately $32.6 million in total assets and $28.5 million in total deposits was closed. The Bennington State Bank, Salina, KS has agreed to assume all deposits, excluding certain brokered deposits
    (PR-166-2010).

    Williamsburg First National Bank, Kingstree, SC with approximately $139.3 million in total assets and $134.3 million in total deposits was closed. First Citizens Bank and Trust Company, Inc., Columbia, SC has agreed to assume all deposits, excluding certain brokered deposits
    (PR-165-2010).

    Crescent Bank and Trust Company, Jasper, GA with approximately $1.01 billion in total assets and $965.7 million in total deposits was closed. The Renasant Bank, Tupelo, MS has agreed to assume all deposits, excluding certain brokered deposits
    (PR-164-2010).

    Sterling Bank, Lantana, FL with approximately $407.9 million in total assets and $372.4 million in total deposits was closed. IBERIABANK, Lafayette, LA has agreed to assume all deposits, excluding certain brokered deposits
    (PR-163-2010).


    Mainstreet Savings Bank, FSB, Hastings, MI with approximately $97.4 million in total assets and $63.7 million in total deposits was closed. Commercial Bank, Alma, MI has agreed to assume all deposits
    (PR-159-2010).

    Olde Cypress Community Bank, Clewiston, FL with approximately $168.7 million in total assets and $162.4 million in total deposits was closed. CenterState Bank of Florida, National Association, Winter Haven, FL has agreed to assume all deposits, excluding certain brokered deposits.
    (PR-158-2010).

    Turnberry Bank, Aventura, FL with approximately $263.9 million in total assets and $196.9 million in total deposits was closed. NAFH National Bank, Miami, FL has agreed to assume all deposits
    (PR-157-2010).

    Metro Bank of Dade County, Miami, FL with approximately $442.3 million in total assets and $391.3 million in total deposits was closed. NAFH National Bank, Miami, FL has agreed to assume all deposits, excluding certain brokered deposits.
    (PR-157-2010).

    First National Bank of the South, Spartanburg, SC with approximately $682.0 million in total assets and $610.1 million in total deposits was closed. NAFH National Bank, Miami, FL has agreed to assume all deposits, excluding certain brokered deposits.
    (PR-157-2010).

    Woodlands Bank, Bluffton, SC with approximately $376.2 million in total assets and $355.3 million in total deposits was closed. Bank of the Ozarks, Little Rock, AR has agreed to assume all deposits, excluding certain brokered deposits.
    (PR-156-2010).


    Home National Bank, Blackwell, OK with approximately $644.5 million in total assets and $560.7 million in total deposits was closed. RCB Bank, Claremore, OK has agreed to assume all deposits (PR-152-2010).

    USA Bank, Port Chester, NY with approximately $193.3 million in total assets and $189.9 million in total deposits. The FDIC entered into a purchase and assumption agreement with New Century Bank (doing business as Customer’s 1st Bank), Phoenixville, PA, to assume all of the deposits of USA Bank. (PR-151-2010).

    Ideal Federal Savings Bank, Baltimore, MD with approximately $6.3 million in total assets and $5.8 million in total deposits was closed. The FDIC has approved the payout of the insured deposits of Ideal Federal Savings Bank. (PR-150-2010).

    Bay National Bank, Baltimore, MD with approximately $282.2 million in total assets and $276.1 million in total deposits was closed. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bay Bank, FSB, Lutherville, MD, to assume all of the deposits of Bay National Bank. (PR-149-2010).



    Edited by gcsteven 2010-12-17 7:34 PM
    Posted 2010-07-12 11:02 AM (#40746 - in reply to #38959) By: gcsteven


    More “Stress Test” Hokum, this Time in Europe

    Mike Larson

    Of all the questionable bailout and backstop programs the government rolled out in the wake of the credit crisis, the whole “stress test” episode for the banks stands out the most.

    The idea was that the Fed and Treasury would evaluate whether 19 major U.S. banks could survive a recession without a catastrophic erosion of their capital.

    The problem: The tests were never stressful enough!

    One of the main reasons the whole exercise “worked” — and if by worked you mean it successfully propped up bank stocks — was that the government made clear that any at-risk institution would essentially get bailed out anyway. True “failure” was not an option.

    Oh, and at the same time …

    • The Fed was pumping hundreds of billions of dollars into the markets by buying mortgage and Treasury securities with newly created cash,

       

    • The government was offering tax credits to first-time home buyers to artificially boost the housing market,

       

    • And the Obama administration and Congress were showering the economy with almost $800 billion in stimulus funds.

    Result: The 10-of-19 banks deemed to be needy had no trouble raising the required $74.6 billion in capital.

    Europe's banking supervisor is conducting stress tests to determine how individual banks would hold up to economic and market shocks.
    Europe’s banking supervisor is conducting stress tests to determine how individual banks would hold up to economic and market shocks.

    Hoping to achieve the same results, Europe is now conducting its own stress test exercise. The Committee of European Banking Supervisors (CEBS) is evaluating 91 banks that represent roughly two-thirds of the European Union’s banking industry. The results will be released by July 23.

    I don’t think I’m going out on a limb here by saying that just about all the institutions will pass with flying colors. Sure, there’ll probably be a few sacrificial lambs. But all in all, the banks will get rubber-stamped.

    There’s just one twist: I don’t think the results will be anything like what we got here in the U.S., and I’ll tell you why …

    This Time, It’s Different!

    Those are dangerous words to use in the investing world. But they ring true now.

    For one thing, we’re not coming OUT of a recession like we were at the time of the previous stress tests. Instead, it looks like we’re sliding IN to a “Double Dip” one! That means credit loss rates aren’t peaking. They’re about to start rising again.

     

    For another thing, the credit crisis has morphed. We were worried about PRIVATE credit risk sinking the banks last time around. This time around, we’re concerned about something much more serious — SOVEREIGN debt defaults!

    In other words, it’s not individual mortgage or credit card borrowers that are sliding towards default. It’s actual European countries! That’s a much bigger problem.

    Still another difference …

    At the time of the U.S. stress test exercise, governments could borrow and spend all they wanted to in order to bail out failing institutions. Now the bond vigilantes are putting their feet down. They’re forcing countries like Greece, Spain, Portugal, and the U.K. to stop throwing money at struggling institutions.

    Last but not least, the European stress test assumptions look way too optimistic. That means the markets will likely disregard any rosy results.

    Case in point: The CEBS is reportedly going to apply a haircut of just 17 percent on Greek sovereign debt when computing potential bank losses.

    By contrast, credit markets were recently suggesting losses on Greek debt could be as high as 60 percent. And a JPMorgan analyst implied that anything less than 25 percent would be unrealistic.

    Spanish bonds reportedly will get a paltry 3 percent haircut, compared with a more realistic 15 percent.

    And no haircut at all will be applied to bonds issued by the largest European economies, like Germany and France. This despite the fact those countries are putting their own balance sheets at risk in order to bail out their profligate PIIGS neighbors!

    Believe in Fairy Tales At Your Own Risk

    Washington was able to hoodwink investors, now Europe will try the same shenanigans.
    Washington was able to hoodwink investors, now Europe will try the same shenanigans.

    Look, if some investors want to trust the happy talk coming out of European banking regulators and Washington spinmeisters, I can’t stop them. But I sure don’t buy it. I think this is a clear case of “Fool me once, shame on you. Fool me twice, shame on me!”

    Bottom line: I find it extremely hard to believe that a bogus European stress test exercise will have the same impact the U.S. stress test exercise had more than a year ago.

    So rather than load up the truck with bank stocks in anticipation of another major rally, I’d cut my exposure into any bounce. And I’d continue to batten down the hatches against the increasingly likely scenario of a double-dip recession.

    Until next time,

    Mike
    This investment news is brought to you by Money and Markets. Money and Markets is a free daily investment newsletter from Martin D. Weiss and Weiss Research analysts offering the latest investing news and financial insights for the stock market, including tips and advice on investing in gold, energy and oil. Dr. Weiss is a leader in the fields of investing, interest rates, financial safety and economic forecasting. To view archives or subscribe, visit http://www.moneyandmarkets.com.

     

    PASS CAPITAL HOMESTEADING NOW !

    Expand Capital Ownership Now

    ECON 1.0



    Edited by gcsteven 2010-07-19 9:24 AM
    Posted 2010-07-19 8:41 AM (#41108 - in reply to #40746) By: gcsteven


    It's a hard thing to predict; But by the time of business close for the Month of October and with two months November and December forthcoming, I will predict that The number of Bank Failures to date, will have surpassed 2009.

    Target; 140

    Don't anybody tell Wall Street,.. Or the FDIC.

    [Bank+Failures.bmp] 

    Can anybody say;

    "Summer of Recovery, Fall of Shame?"



    Edited by gcsteven 2010-10-24 8:52 PM
    Posted 2010-10-24 8:46 PM (#45099 - in reply to #41108) By: gcsteven


    BTTT
    Posted 2010-11-05 7:48 PM (#45656 - in reply to #45099) By: gcsteven

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