Government regulators shut down another four banks on Friday to bring the total bank failures in 2010 to 20 so far. Banks were shuttered in California, Texas, Illinois and Florida.
Last year 140 banks were closed with an estimated 200 to be closed in 2010, which means there should be a surge of bank closings in [...]
All Posts Tagged With: "Bank Closures"
Four More Bank Closures Make it 20 So Far in 2010 – Many More to Come
Regulators Close Another 6 Banks to Bring Total to 15 Already Closed in 2010
In what is running close to most projections, another six banks were closed on Friday by regulators, making it 15 bank closures for the year, running at a pace close to the expected 200 projected to be closed in 2010.
States having banks closed by regulators on Friday included Washington, California, Georgia, Florida and Minnesota. This [...]
Bank Closures in 2010 Begin in Earnest: Three More Closed, One with No Buyer
Three more banks in the U.S. were closed on Friday, and the FDIC wasn’t able to find a buyer for the largest of them all, forcing them to create what they call a bridge bank, which will exist temporarily for the purpose of customers to transfer their money somewhere else.
Although the year has started off [...]
Horizon Bank of Washington is First Bank Failure of 2010
While the New Year didn’t start off with a bang as far as bank failures go, Horizon Banks’ failure on Friday is the first of what will probably be close to 200 bank failures in 2010; far exceeding the bank failures of 2009. This doesn’t include failed credit unions, which when added to 2009 bank [...]
January 11th, 2010 | Gary | Comments | Continued
FDIC Shutters Three More Banks on Friday the 13th
With the three banks closed on Friday the 13th, the total for the year has now reached 123. The banks taken over by the Federal Deposit Insurance Corporation included unsurprisingly, two in Florida and one in California.
The Florida banks were Orion Bank, Naples, Florida, and Century Bank, FSB, Sarasota, Florida. In California Pacific Coast National [...]
Three More Banks Fail – Bringing Bank Failures to 98 So Far This Year
Three more banks were seized by banking regulators, bringing the number to 98 so far this year. Banks in Minnesota, Michigan and Colorado were the latest casualties.
In Minnesota, Jennings State Bank, a family-owned bank in Spring Grove, Minnesots went under, and had assets worth $56.3 million and deposits of $52.4 million as of July 31. [...]
Two Irwin Union Bank Subsidiaries Fail – Costing Deposit Insurance Fund another $850 Million
Two more banks were shuttered this week, as Irwin Union Bank subsidiaries based in Indiana and Kentucky were closed down by regulators, bringing this years total bank failures to 94, and costing the Deposit Insurance fund another $850 million.
According to the Federal Deposit Insurance Corp. the two closings were Irwin Union Bank and Trust Co. [...]
FDIC’s Actions Could Further Damage Banking Industry
I wanted to take a look at the recent communication between the FDIC and the banking community, where the FDIC asserted that “Recent experience demonstrates that newly insured institutions pose an elevated risk to the Deposit Insurance Fund, particularly during an economic downturn.”
They added that the banks or financial institutions that had to have their [...]
Dwindling FDIC Funds Putting Pressure On Surviving Banks
The announcement yesterday by the FDIC that the Deposit Insurance Fund dropped to $10.4 billion is a little suspicious based on the 1.94 balance reduction/estimated losses ratio for the previous five quarters, which suddenly improved drastically to 1.2x.
Knowing what the special assessment to member banks would bring in, it seems a little odd that they [...]
RBC Capital Markets: Up to 1,000 Banks Could Shutter from 2008-2012
RBC Capital Markets has asserted in the past that up to 1,000 banks could fail during the 2008-2012 credit cycle, and they continue to hold to those numbers.
Most banks expected to fail should be under $3 billion in size, although that’s not surprising since many of the larger banks have survived so far from being [...]
Federal Regulators and Private-equity Investment in Banks
The push back and forth between the Federal Deposit Insurance Corp. and private-equity businesses reveals a lot about the underlying problems associated with the use of taxpayer funds to bailout banks in the first place.
Those who read me know I oppose the use of taxpayer funds to bailout any private business, and to do always [...]
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