# News & Current Events > Economy & Markets >  BFF=Bank Failure Friday 2010

## Sarge

I set up this thread to keep track of 2010.  

Total closed in 2009 was 140. I suspect we will pass that up before six months.

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## SevenEyedJeff

I wonder if there will be a surge since the FDIC apparently closed for the holidays. 

Here's the link to the FDIC failed bank list:

http://www.fdic.gov/bank/individual/.../banklist.html

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## Sarge

I am wondering the same thing. I know they did not get their 3 years of premium from banks until 12/30/09. They have been hiring. 

If they have enough people on board they might move into high gear. They have had not closed any in the last two weeks, so they might hit the street running this Friday night now that they have some money to operate again.

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## HOLLYWOOD

> I wonder if there will be a surge since the FDIC apparently closed for the holidays. 
> 
> Here's the link to the FDIC failed bank list:
> 
> http://www.fdic.gov/bank/individual/.../banklist.html


There will NOW be a surge because the FDIC strong-armed all banking institutions to fork over the increased Banker Fees / charges and forced them to advance the next 3 years worth.

So Sheila Bair and the Rodeo Seizure Circus can commence with a fresh cash infusion of approximately $30 BILLION as of on Dec 30, 2009.

Look for Mucha bank failure this month.

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## eric_cartman

lots of people take out money from their banks and spend it at christmas time... so a lot of banks probably got hit by the normal holiday cycle of lower reserves.  i remember hearing that the Fed boosts liquidity for the banks around christmas time because so many people take out cash to spend at the shopping malls that it kills the banks balance sheets temporarily around this time of year.

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## Sarge

While wait on the gals to finish shopping Sat. I did hear the clerk say it seems like everyone is paying in cash today. Just one store, so I do not know if that was a trend.

I wonder how much Sheila has left of that money after re filling the slush fund they, cough, borrowed from to survive.

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## Sarge

It is that day again tomorrow. The Fed now warning the banks that they have to expect rates to go up, on their fake accounting loans that are so under water, that the little yellow submarine will not be able to save them. 

FDIC must now spend all the three years of money they took in, last month, to save what they can not save.

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## SevenEyedJeff

So none today?

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## Zeeder

First of the year I guess

http://www.reuters.com/article/idUSN...pe=marketsNews

Horizon bank. about 1/2 billion buckaroos. Pennies.

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## SevenEyedJeff

It sure came out late today. There must be a bit of holiday hangover at the FDIC.

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## WRellim

*Proving once again the validity of the Texas Ratio in identifying banks that are likely to go bad.*

Horizon's TexRat was 141 on 6/30/2009 listing (up from 67 on 12/30/2008 listing).

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## surf

one of my best friends and college room mate was promoted to CEO of this company about 5 years ago. i talked to him at a football game about 3 years ago and he told me that he had just returned from a small-bank conference in NYC where he was a featured speaker because of the success and income (much of it fee income) his Horizon Bank had experienced primarily through commercial real-estate lending. he felt bad about the experience because he knew that this would not continue. in short, he told me that he had inherited this and could not see a way out - i suggested selling as much of the debt as he could but even then the market was not there for it.

we tailgated at a Husky game last year and he knew it wouldn't be long. he told me that he had just picked up "The Creature from Jeckyll Island," and suggested I read it (confession - i still haven't). he's a very intelligent, wonderful guy and, in short, did what he could and didn't deserve this.

sidenote: when i spoke with him last fall he was coming back from another small bank conference in NYC where he was trying to drum-up some capital. conclusion: none of the banks or investment banks flush with TARP capital would touch these troubled banks with a 10-foot pole.

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## Sarge

Thank you for that feedback. 

It is that day again. Waiting to see what the FDIC does with stopping the bleeding today. 

How about getting 50 banks that need to be closed shut down. They have the money but, do they have the staff? Wait, they don't have the buyers.

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## devil21

Seems they're running into the bigger problem of no one wanting to buy the failing banks so the FDIC can't do much.  Zombie banks here we come.  I assume the FDIC can't take an entire bank into receivership, eat the loss on deposits and operate the bank itself?  Or just close the bank entirely?  If they started doing that I can't imagine the red ink the FDIC would have to deal with.

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## bobbyw24

Jan 15 1009

NEW YORK (CNNMoney.com) -- Two small banks failed Friday night, making them the second and third banks to close in 2010.

Regulators shuttered Town Community Bank and Trust in Antioch, Ill., and St. Stephen State Bank in St. Stephen, Minn.


Customers of both banks are protected, however. The Federal Deposit Insurance Corporation, which has insured bank deposits since the Great Depression, currently covers accounts up to $250,000.

First American Bank in Elk Grove Village, Ill., will assume the failed bank's $67.4 million in deposits and will purchase the Town Community Bank and Trust's $67.6 million of $69.6 million in assets. The bank entered into a share-loss agreement with the FDIC on $56.2 million of the failed bank's assets. The FDIC said it will retain the remaining assets for later disposition.

The single branch of Town Community Bank and Trust will reopen as a branch of First American Bank.

First State Bank of St. Joseph in St. Joseph, Minn., will assume all of the St. Stephen State Bank's $23.4 million in deposits and "essentially all" of the failed bank's $24.7 million in assets. First State Bank of St. Joseph entered into a share-loss agreement with the FDIC on $20.4 million of the St. Stephen State Bank's assets.

The two branches of St. Stephen State Bank will reopen as branches of First State Bank of St. Joseph.

Friday's closures will cost the FDIC approximately $25 million.

Customers of the failed banks can access their money over the weekend by writing checks or using ATMs or debit cards. Checks will continue to be processed, and borrowers should make mortgage and loan payments as usual.

The FDIC also said customers should continue to use their existing branch until they receive notice that the takeover has been completed.

A total of 140 banks failed in 2009, the highest since 1992, when 181 banks failed. But that count is far from 1989's record high of 534 closures which took place during the savings and loan crisis.

Last year's spike has raised concerns about the federal deposit insurance fund, which has slipped into the red for the first time since 1991.

The fund was $8.2 billion in the hole as of the end of September. But that includes $21.7 billion the agency has earmarked for future bank failures.

http://money.cnn.com/2010/01/15/news...lure/index.htm

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## Chieppa1

My father just joined a group of investors who are opening a new community bank in the surrounding counties. I wonder what types of regulations and BS they will have to go through from government (big banks).

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## Cap

Barnes Banking Company, Kaysville UT 
St. Stephen State Bank, St. Stephen MN
Town Community Bank & Trust,  Antioch IL

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## bobbyw24

http://www.ronpaulforums.com/showthr...31#post2504131

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## Sarge

It is that day again. only 4 so far closed this year. At this rate they they are never going to get their 500 plus banks closed. 

It will just keep costing them more the longer it goes on.

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## ghengis86

two so far

http://www.fdic.gov/bank/individual/.../banklist.html

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## Johnnybags

Banks shut in Fla., Mo., NM, Ore., Wash.
Federal regulators shutter banks in Fla., Mo., NM, Ore., Wash., making 9 bank failures in 2010

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## SevenEyedJeff

They closed one bank in The Dalles, OR. That town is renowned for being the finishing point in the classic computer game "Oregon Trail".

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## tmosley

Must've gotten typhoid.

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## bg1654

You have Died Of Dysentery.

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## surf

http://seattletimes.nwsource.com/htm...42_bank23.html




> The FDIC also entered into a loss-sharing agreement with Umpqua covering $379.5 million of Evergreen's assets. While the terms of that agreement weren't immediately disclosed, typically they involve the FDIC covering 80 percent of losses up to a certain level and 95 percent beyond that.


Umpqua.... monopolizing the NW via the sword (FDIC)

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## Sarge

I remember a few years ago everyone was saying how great Evergreen Bank was. I stuck with our credit union.

Still 500 or so to go yet. 15 a month or so isn't going to cut it. They only close 150 this year and they will be over 500 again for next year and costing them more money. 

That loss sharing is going to go up and up the longer they stall. Econ 101. No buyers, you pay more for those that have you by the you know what. Butter or guns. FDIC is asking for the butter.

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## surf

> I remember a few years ago everyone was saying how great Evergreen Bank was. I stuck with our credit union.
> 
> Still 500 or so to go yet. 15 a month or so isn't going to cut it. They only close 150 this year and they will be over 500 again for next year and costing them more money. 
> 
> That loss sharing is going to go up and up the longer they stall. Econ 101. No buyers, you pay more for those that have you by the you know what. Butter or guns. FDIC is asking for the butter.


what CU? many years ago i used to send these guys a few million $ each day to cover checks clearing for BECU. i served as the investment officer and cash flow manager at BECU and left (or should say i was let go ) primarily because i questioned their growing mortgage exposure and was very critical of the relationship Goldman had with my bosses.

btw - PEMCO used to own these guys. i interviewed w/PEMCO last year and they told me that they were distancing themselves as much as possible from their previous relationship w/Evergreen.

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## Sarge

We use Desert Schools Credit Union in Phoenix. Solid, smart and no problems over the 30 years we have used them. 

When we sold our house to buy our condo, and we needed to park the money short term,  they were so on the ball to split the money to have it all covered using different accounts. We have had car loans, remodeling loans, re finance loans and they were always on our side. 

We have no debt and always paid our loans off fast. We are not into anymore loans now.

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## Sarge

It is that day again. 9 so far. How many this week. I think I saw where Sheila is throwing in the towel when here term is up. Then they will put another GS person in her place.

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## HOLLYWOOD

> It is that day again. 9 so far. How many this week. I think I saw where Sheila is throwing in the towel when here term is up. Then they will put another GS person in her place.



Sheila is being well taken care of... She'll follow the footsteps of all the other cronies. $7 figure Salary for rewarding and maintaining the Masters.

Goldman Sachs officer to the FDIC chairman post? Well, the FDIC is still backing Goldman in $21 BILLION in loan guarantees. Goldman is still a Bank Holding company and they'll never give that up and the steep discount they get with the over night FED rates.

FDIC Over-Under: 6 banks / $1 Billion 

kinda the avg.

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## jclay2

> http://seattletimes.nwsource.com/htm...42_bank23.html
> 
> 
> 
> Umpqua.... monopolizing the NW via the sword (FDIC)


For a second there , i thought that was this evergreen bank: https://www.evergreenbanking.com/default.htm

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## ghengis86

4 so far
13 for jan. 2010
6 for jan 2009

http://www.fdic.gov/bank/individual/.../banklist.html

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## Sarge

Thank you for posting that. I have been so sick I have had to go to bed early. 

Now the number is 6. That makes 15 Jan. 2010. 

While at over 50 percent higher closings, that still isn't high enough to close over 500 banks this year. 15 a month would only be 150 in a year. They need to be closing 48 a month now.

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## surf

> *American Marine becomes third state bank to close this year*


3rd in the great state of Washington
http://seattletimes.nwsource.com/htm...43_bank30.html



> Those two trends — a shakeout of small, weak banks and their acquisition by larger, stronger rivals — seem certain to continue at least through the rest of 2010. The likely end result: A half-dozen or so Northwest regional banks of the sort that almost disappeared over the past two decades.
> 
> Columbia, which will have around $4.5 billion in assets after the American Marine deal and one for Columbia River Bank of The Dalles, Ore., last week, clearly aims to be among that group.
> 
> *"I think there's a great niche for regional banks to play,"* said Melanie Dressel, chief executive of Columbia Banking System, Columbia State Bank's parent. *She spoke in a phone interview Friday night while standing outside the American Marine headquarters* on Bainbridge Island's Winslow Way.
> ...

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## JVParkour

Things arent looking good!

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## Sarge

My another week has passed. How many tomorrow. 

I will be out early tomorrow to head downtown  to dinner and then go see George Straight and Reba McEntire. If anyone can update tomorrow it would be appreciated.

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## fatjohn

!7!

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## HOLLYWOOD

$1.3 BILLION tomorrow

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## SevenEyedJeff

> $1.3 BILLION tomorrow


Chump change. $1.3 Trillion then we're talkin.

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## Sarge

A few more hours and we will know who is on the list this week. They need to crank it up in Feb.

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## Merk

There was a meeting today where I work that was focused on local banking issues.  Central Oregon area.

As I sat there biting my tongue as it was not my place to voice an opinion I listened to a bank officer describe to the group their meetings, in DC, with our Sen's Merkley and Wyden (I apologize for my state electing them, we've been invaded) in which they are trying to put together a TARP type bailout for regional banks that are in trouble.  A way to stop the closures by the FDIC.  

Insanity...

This particular bank drank more than it's share of cheap FRN's during the housing bubble with easy mortgages and real estate developer loans.  My area just had record foreclosures last month.  I'm sure the bank is upside down on lots of property.  They have been served a Cease and Desist demand by the FDIC and last I saw their Texas ratio was at 91.

Talking about bailing out smaller banks with SmallBank-TARP?  This particular bank had poor business practices and lack of foresight probably clouded by greed.

Epic fail.

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## ghengis86

one for tonight
http://www.fdic.gov/bank/individual/.../banklist.html

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## Sarge

G,

Thank you for posting it last night. We didn't get home until after 12:30 last night.

Merk, thank you for your information. The losses are out there and the FDIC is just postponing by closing only one small bank yesterday.

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## Sarge

Let's see if they do more than one bank tonight.

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## ghengis86

> Let's see if they do more than one bank tonight.


let's see if they do any at all

bank holiday coming later in the year?  They are in a massive hiring mode right now for FDIC employees; could be they're waiting for their ranks to swell before they go on a closin' spree

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## devil21

> let's see if they do any at all
> 
> bank holiday coming later in the year?  They are in a massive hiring mode right now for FDIC employees; could be they're waiting for their ranks to swell before they go on a closin' spree


DC has been shut down for the better part of the last week due to record snow.  I assume the FDIC was included.  Probably just no time to initiate any closures this week.

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## ghengis86

> DC has been shut down for the better part of the last week due to record snow.  I assume the FDIC was included.  Probably just no time to initiate any closures this week.


do their regional offices have to get the go-ahead from Bair?

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## devil21

> do their regional offices have to get the go-ahead from Bair?


This is the Feds we're talking about here.  They don't take a $#@! without approval from DC.  

But seriously, I don't know for sure.  Seems like a logical explanation if there's no closures announced this week.

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## Sarge

Zip for the week. I wonder what they do if they still have snow a month from now?

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## Sarge

Let's see. FDIC leases a whole high rise in Ill. This is going to end well.

http://truthingold.blogspot.com/2010...n-chicago.html

Confirmed by several newspapers.

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## Sarge

I wonder if they are going to play catch up this week? Another week gone.

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## ghengis86

two so far tonight
http://www.fdic.gov/bank/individual/.../banklist.html

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## FunkBuddha

up to 4 now.

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## FunkBuddha

Marco Community bank in Marco Island, Florida. This is a well to do community. I wonder what the cost to the FDIC will be.

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## Sarge

Thank you for updating the list. We came over to our sons house last night and I did not get time.

Marco Bank looks to cost the FDIC 38.1M from their press release. Likely will cost more.

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## Sarge

All in Texas might want to read this Ticker Forum thread on Citi Group. Yep, sure, make you wait 7 days and then limit what you can take out.

http://tickerforum.org/cgi-ticker/akcs-www?post=128894

My money would be so out of that bank way before April 1st. I have no idea why just Texas. I hope this is not a trend.

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## Sarge

Just a few hours from that time again. I saw one article this am. saying we could see up to 1k banks go under. The guy was saying 300 to 400 this year. The FDIC needs to swing into high gear to get that many done this year.

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## HOLLYWOOD

> Just a few hours from that time again. I saw one article this am. saying we could see up to 1k banks go under. The guy was saying 300 to 400 this year. The FDIC needs to swing into high gear to get that many done this year.



They are... look at this new program by the FDIC... Mortgage underwater  at a failed FDIC insured bank? Coming Soon... reduced mortgage principles and 40 year mortgages, courtesy of the FDIC's Bank Fees and the new Reserve US Treasury "Rainy Day Bankroll" . Damn, time to move your mortgage contract to a failed bank. This is ridiculous... but that's because Sheila Bair and the FDIC won't have the money for all the bank failures due to MBS/CMBC/real estate related.

*FDIC to Test Principal Reduction for Underwater Borrowers*

http://www.washingtonpost.com/wp-dyn...=moreheadlines

 By Renae Merle
 Washington Post Staff Writer 
Friday, February 26, 2010  

*The Federal Deposit Insurance Corp. is developing a program to test whether cutting the mortgage balances of distressed borrowers who owe significantly more than their homes are worth is an effective method for saving homeowners from foreclosure. 
* 

  The program would be aimed at a growing population of homeowners who are underwater on their loans, estimated at more than 20 percent of borrowers, or 11 million homeowners. Economists consider these borrowers among the most vulnerable to foreclosure, and some industry officials worry that more of them will simply walk away from their mortgages, or "strategically default," rather than spend a decade or more trying to regain positive equity. 
 Under the FDIC program, borrowers would be eligible for a reduction in their mortgage balances if they kept up their payments on the mortgage over a long period. The performance of those borrowers would be compared with borrowers given more traditional mortgage relief packages, such as those that cut the interest rate on loans. 


 "We're thinking about it in terms of earned principal forgiveness. If you stay current on your mortgage, you would earn a principal reduction. It would only be for loans significantly underwater," said FDIC Chairman Sheila C. Bair. 
  The program would have a small reach and apply only to loans acquired from a failed bank seized by the FDIC. That would be less than 1 percent of mortgages currently outstanding. The initiative could be launched later this year, FDIC officials said, but a date has not been set. 


 The effort adds to the growing debate about whether principal reductions should become a larger part of mortgage-relief efforts. Another government program, known as Hope for Homeowners, sought to reduce mortgage balances of underwater borrowers but has floundered since its launch, and legislation to allow bankruptcy judges to cut the principal on a borrower's loan failed in the Senate last year. 
 Treasury officials have said they are considering proposals to address negative equity but have not offered any specifics. Under the federal foreclosure relief program known as Making Home Affordable, borrowers can receive up to $5,000 to lower their loan balance if they keep up their payments. But that amount would make only a small dent in the problem facing millions of homeowners, housing advocates said. During the fourth quarter of last year, the average underwater borrower owed $70,700 more than the value of their home, according to First American CoreLogic data released this week. 
 "Whether homeowners have equity in their home is a key predictor of whether they will default on their mortgage or redefault on a loan modification," said Julia Gordon, policy director of the Center for Responsible Lending. "That's why any serious plan to prevent foreclosures has to include principal reduction for those who owe more than their home is worth." 
 Lenders have been reluctant to cut the principal balance owed by distressed borrowers, arguing that it would encourage homeowners to become delinquent even if they can afford their mortgage. Instead, the industry has focused on providing mortgage relief by lowering a borrower's interest rate or extending the terms of a mortgage to 40 years. In some cases, a portion of the principal balance is put into a second mortgage that does not have to be paid off until the borrower sells the home or refinances. 

 Yet, some in the industry have started to relent. During the third quarter of 2009, 13 percent of loan modifications included a reduction in the borrower's principal, according to a report by the Office of the Comptroller of the Currency. That was up from about 10 percent during the second quarter. 
 Wells Fargo, for example, has increasingly used principal reductions for homeowners with a risky mortgage, known as "option" ARMs. These loans, also called "pick-a-pay" mortgages, allow borrowers to choose how much to pay each month. Many of these borrowers pay less than the amount of interest due, and the unpaid interest is tacked on to the balance. These loans also tend to be concentrated in places where home prices soared and then plunged precipitously, leaving many homeowners significantly underwater. 

 Wells Fargo, which acquired many of these loans as part of its 2008 purchase of Wachovia, says it forgave $2.6 billion in borrowers' principal balances for these types of mortgages last year. But even when principal reduction is offered, it will not necessarily be enough to bring a borrower back to full equity, company officials said. 



 "It needs to be done on a case-by-case basis, either in certain geography types, or with certain customer types," said Mike Heid, co-president of Wells Fargo Home Mortgage. "I do not believe that you can do a programmatic-wide or country-wide principal forgiveness [program]. You end up with many problems if you try to do this across the board."

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## Sarge

H,

I think it is going to be commercial real estate defaults that are going to cause most of the smaller banks to be taken over vs. houses from what I have been reading. Time will tell.

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## ghengis86

only one?  i guess since the FDIC is -$29 Billion, there's nothing left to give away...

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## Cap

Up to two now.

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## HOLLYWOOD

Whew!.... Close.... No Name 

http://www.fdic.gov/news/news/press/2010....

Heritage Bank of Nevada, Reno, Nevada, A*ssumes All of the Deposits of Carson River Community Bank, Carson City, Nevada
*
FOR IMMEDIATE RELEASE
February 26, 2010  Media Contact:
LaJuan Williams-Young
Phone: (202) 898-3876
Email: lwilliams-young@fdic.gov 


Carson River Community Bank, Carson City, Nevada, was closed today by the Nevada Department of Business and Industry, Financial Institutions Division, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Heritage Bank of Nevada, Reno, Nevada, to assume all of the deposits of Carson River Community Bank.

The sole branch of Carson River Community Bank will reopen on Monday as a branch of Heritage Bank of Nevada. Depositors of Carson River Community Bank will automatically become depositors of Heritage Bank of Nevada. 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 former Carson River Community Bank branch until they receive notice from Heritage Bank of Nevada that it has completed systems changes to allow other Heritage Bank of Nevada branches to process their accounts as well.

This evening and over the weekend, depositors of Carson River Community 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 December 31, 2009, Carson River Community Bank had approximately $51.1 million in total assets and $50.0 million in total deposits. Heritage Bank of Nevada did not pay the FDIC a premium to assume all of the deposits of Carson River Community Bank. In addition to assuming all of the deposits, Heritage Bank of Nevada agreed to purchase approximately $38.0 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.

The FDIC and Heritage Bank of Nevada entered into a loss-share transaction on $28.5 million of Carson River Community Bank's assets. Heritage Bank of Nevada will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/fail....

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-894-6802. The phone number will be operational this evening until 9:00 p.m., Pacific Standard Time (PST); on Saturday from 9:00 a.m. to 6:00 p.m., PST; on Sunday from noon to 6:00 p.m., PST; and thereafter from 8:00 a.m. to 8:00 p.m., PST. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/fail....

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## Sarge

22 so far for the year. At this rate they would close around 330 or less in a year.

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## Sarge

Almost that time again. 

They are likely already in the chosen banks preparing for happy hours coming up. Snacks at half price like what the FDIC will get.

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## Sarge

http://globaleconomicanalysis.blogsp...nd+Analysis%29

Do ya just think there might be trouble brewing out there still. Something smells bad and I don't think it will be much longer. Fish rot fast.

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## Sarge

Let's see a loss sharing agreement of 433M. Yep.

http://www.fdic.gov/news/news/press/2010/pr10043.html

How many more yet tonight?

They just think it will cost them 103M. NOT.

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## ghengis86

three so far tonight.  this is not the pace for clearing out bad banks.  i truly think this fractional reserve/FDIC bank system is headed for a massaive FAIL.  they'll kick the can as long as possible, but there will definitely be a true collapse of our banking system as we know it.  the only thing keeping it afloat is confidence.

if 'the people' really wanted to bring big bankers to their knees, they could do it tomorrow.  just take your money out of the bank and game over.  if confidence in the system goes, so does the system

http://www.fdic.gov/bank/individual/.../banklist.html

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## Sarge

I hear you.

It ended up being 4 for Friday. A UT bank was added. They could not find a buyer. Cost to FDIC 93.6M expected. 53.7 cost on  IL bank. 51.M on MD bank. So 300M cost on 4 banks. I think they are not going to have enough money, again, at this rate.

26 running total for the year. Not even 10 percent of 300 banks let alone 700 or more problem banks.

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## Sarge

No 27. Not waiting for Friday this week.

http://www.fdic.gov/news/news/press/2010/pr10049.html

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## Sarge

28. Another Valley National Bank,

http://www.fdic.gov/news/news/press/2010/pr10051.html

Still early today.

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## ghengis86

No. 29 and 30:
Old Southern Bank, Orlando, FL
Statewide Bank, Covington, LA

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## eric_cartman

thanks for the updates guys

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## Sarge

You are welcome.

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## Sarge

Getting closer to that time again. They might run a little later with the time change.

http://www.fdic.gov/bank/individual/.../banklist.html

Now how many this week?

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## EddieG

The more small banks that can be shut down, the more power the bigger banks have... This is what the Fed desires.

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## Sarge

I don't doubt it one bit. The problem is that many smaller banks made all these construction loans that are underwater now. 

Example, Houston's restaurant Phoenix in a high rent building is now moving across the street to an empty Chevy's Mexican restaurant. Big space they now need to try and rent at that higher price. 

There are so many empty buildings in Phoenix, that people are still paying the mortgage on, I don't see how they can hold out much longer. 

Wait until CA and FL get their big job hits coming up. Move vacant houses and commercial on the way.

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## HOLLYWOOD

http://imarketnews.com/node/10549

[h2]Another Small-Bank Group Welcomes FDIC Hint of TAG Extension[/h2]
 By Denny Gulino 
       WASHINGTON (MNI) - Federal Deposit Insurance Corporation Chair  Sheila Bair Friday found another group of small bankers eager to welcome  an extension of government insurance covering all deposits, suggesting  the program may still be necessary to prevent the migration of deposits  to the big banks which have an implicit government guarantee they are  too big to fail. 
      "We are evaluating how the termination of the TAG program could  affect community funding and liquidity needs," Bair told the annual  Independent Community Bankers of America meeting in Orlando, referring  to the Transaction Account Guarantee Program. 
*Bair had floated the idea Thursday that the FDIC might yield to  demands of the smaller banks* for an extension, in remarks to another  trade group meeting. The Transaction Account Guarantee Program, a  measure born in the crisis, is due to expire June 30.... continued on link




http://www.financial-planning.com/ne...2666230-1.html



*Bair, Dugan Spar Over Loan Reserves as Capital*



                                                By Joe Adler, _American Banker_
                                         March 19, 2010


   WASHINGTON — Federal Deposit Insurance Corp. Chairman Sheila Bair opened the door Thursday to extending blanket deposit insurance coverage on business accounts, but disagreed with another regulator's push to count more loan-loss reserves as capital.


*At a trade group conference, Bair said her agency strongly opposes allowing more loan-loss reserves to be counted as Tier 2 capital*, saying doing so would be dangerous. Her comments came a day after Comptroller of the Currency John Dugan, speaking at the same conference, endorsed the move.
"We will be holding pretty firm," Bair told an American Bankers Association meeting. "There is a lot of focus right now on capital adequacy and the quality of capital." Letting more reserves count could "dramatically, in our view, dilute the quality of capital."
At issue is a cap, put in place during the 1980s, on the amount of loan-loss reserves a bank may count toward its Tier 2 capital. *The cap is equal to 1.25% of the bank's risk-weighted assets.*


Speaking to the ABA on Wednesday morning, Dugan said that limit should be increased to encourage banks to fatten their loan-loss reserves.
"We … have supported lifting that cap as a way to be a further encouragement for people to make loan-loss reserves, or, the other way around, eliminating a discouragement to do it," Dugan said.
He acknowledged that other regulators don't share his view.
"I will tell you: Not all the regulatory agencies agree on that point, and that's one you can't do unless we agree," he said.
Bair referenced the late L. William Seidman, a former chairman of the FDIC, in explaining why the limit should not be increased. "Bill never understood why reserves counted as capital at all," she said. "Reserves are for expected losses and capital is for unexpected losses."
Some observers said the 1.25% limit made sense when it was created and institutions were setting aside fewer reserves. But a revision may be overdue now that reserves are so large, they said.


"When it originally came into play, your average loan-loss reserve was probably 80 basis points to 1% of your loans," said Randy Dennis, the president of DD&F Consulting Group in Little Rock. "Now it's probably 1.5% or more. … It's not always just because of bad loans. It's because people are being more cautious."
Dennis concurred that "some sort of adjustment to 1.25% would be appropriate."
Karen Shaw Petrou, the managing partner of Federal Financial Analytics Inc., said holding the limit at 1.25% made sense "in a perfect world."
"The problem is that by limiting reserves in capital and" with "so much of regulatory policy based solely on capital, you create a perverse incentive for banks to try to minimize their reserves," Petrou said.


"That is a very dangerous, perverse incentive, as we learned at extreme cost."
Bair also made by waves by saying the FDIC is considering a further extension of the Transaction Account Guarantee program, which allows banks to insure all non-interest-bearing checking deposits.
The program is slated to end June 30. Community bankers have expressed concern that its expiration will drive large depositors — particularly business customers with transaction accounts — to move their money to the largest institutions that have an implicit government guarantee.
"The key question is: Are we … out of the woods now? Or if we" end the program "are we going to see that … trigger liquidity failures?" she said. "That would end up costing us more money."
The TAG program was first offered in October 2008 as part of a broader effort to protect liquidity at the height of the crisis. It was supposed to expire at the end of last year, but the agency's board voted to extend it six months and to charge banks a higher participation fee.


(Initially, participants paid 10 cents for every $100 guaranteed, but that was raised to 15, 20 or 25 cents, depending on a bank's risk profile.)
The program has remained popular with banks. Roughly 6,500 banks continue to participate in the program after only a slight drop following the first extension. As of Dec. 31 it covered $834 billion of deposits, 9% more than a quarter earlier.
Michael Jacobson, chief executive of the $286 million-asset NebraskaLand National Bank in North Platte, told Bair that small banks fear an exodus of business customers when the program expires.
"We still have banks that are 'too big to fail.' There are financial advisers, there are title insurance companies, there are other large depositors that understand that," he said. "We're seeing a migration of dollars out of the community banks and into those 'too big to fail' banks simply because of that fact."

----------


## SevenEyedJeff

Starting early today: 3 so far...

Advanta Bank Corp. Draper UT 33535 March 19, 2010 March 19, 2010 
Century Security Bank Duluth GA 58104 March 19, 2010 March 19, 2010 
American National Bank Parma OH 18806 March 19, 2010 March 19, 2010

----------


## Shinerxx

oh my...7 now and over $1 bil in estimated loss to the fund

----------


## SevenEyedJeff

Voila!




> oh my...7 now and over $1 bil in estimated loss to the fund


State Bank of Aurora Aurora MN 8221 March 19, 2010 March 19, 2010 
First Lowndes Bank Fort Deposit AL 24957 March 19, 2010 March 19, 2010 
Bank of Hiawassee Hiawassee GA 10054 March 19, 2010 March 19, 2010 
Appalachian Community Bank Ellijay GA 33989 March 19, 2010 March 19, 2010 
Advanta Bank Corp. Draper UT 33535 March 19, 2010 March 19, 2010 
Century Security Bank Duluth GA 58104 March 19, 2010 March 19, 2010 
American National Bank Parma OH 18806 March 19, 2010 March 19, 2010

----------


## Sarge

Thank you for helping keep it up. We had errands to run this afternoon. 

1B in potential losses for only 7 Banks and they have 700 or more to go. There is no way they will have enough money, even with their latest donations from the banks. 300 banks max at that rate. 

Going to get ugly before this is over. The biggest commercial defaults are on the way. More housing defaults are on the way. More job losses are on the way.

----------


## Sarge

It is that day again. Bumping it up as I won't get home until late from fishing.

----------


## raiha

How many banks do you actually HAVE in the States? We've only got about twenty all up. I guess each state is like its own llittle country with its own little banks.

----------


## ghengis86

three so far tonight; two in Georgia, one in florida

----------


## ghengis86

Desert Hill, $106.7 million
Unity Nat'l $67.2 mil
Key West $23.1 mil
McIntosh $123.3 mil

$320.3 million cost to the already in the red FDIC, DIF  fund

----------


## Sarge

Thank you for the help all. Just got home from fishing. I see one in Phoenix bit the dust.

To our New Zealand friend we have thousands of banks and branches in the US. There are 700 problem banks right now with more to follow. 

By the way, Bank of Florida was told this week to get more money fast or sell themselves. Watch out if you bank there. Like 45M short to be bare bones OK.

I only caught one bass today. Bro caught zip. I gave him mine to eat as he was fighting the wind with the motor and letting me fish. All we talked with had zip or only one fish today. We still had fun.

----------


## Zippyjuan

> How many banks do you actually HAVE in the States? We've only got about twenty all up. I guess each state is like its own llittle country with its own little banks.


There are many different sizes of banks- from small, one branch local banks to massive nation wide ones like Bank of America or Wells Fargo.   Most of the ones being closed or merged are pretty small- most have just a handful of branches at the most. According to the FDIC, there are 8,430 commercial banks they are insuring- 700 banks on their watch list would be less than ten percent of all banks in terms of numbers.  In terms of total assets, it would be an even smaller figure since most of the troubled banks are not very large. 
http://en.wikipedia.org/wiki/Banking..._United_States

Having 700 banks listed as "problem banks" does not mean that 700 banks will fail. In 1992 there were over 1000 banks listed as "problem banks"- 181 of those were closed or merged by the FDIC in that year. 




> On Tuesday, the agency announced that it had placed 702 lenders on its list of “problem” banks, the highest number since 1993. 
> 
> Not all of those banks are destined to founder, and F.D.I.C. officials said Tuesday that they expected failures to peak this year.


http://www.nytimes.com/2010/02/24/business/24fdic.html

----------


## Sarge

Different this time. The smaller banks have the over priced loans on construction that are just coming up for resets.  Do all 700 problem banks go under? Too early to tell yet. Most of the resets come up now through 2012. Billions of dollars that are under water right now. 

We are not going to know the final answer for a couple of years or longer yet. The more they kick the can down the road the worse it is like to get.

----------


## Sarge

It is that day again. I am suspecting they might not do any today being Good Friday.

Have they placed the FED on the list yet? With the assets they are holding they might should be on the list. When those blow it is over. Ergo a secret meeting Monday. Discount rate emergency my you know what. They could have done that over the phone.

----------


## Sarge

Like I guessed. No banks this week.

----------


## Sarge

I suspect we will see a bunch closed this week after no activity last week.

----------


## Sarge

While we wait note this,

"The FDIC is trying to minimize its potential loss from three weak Puerto Rican banks by drumming up interest among banks and private-equity investors in buying W Holding Co Inc.'s Westernbank, R&G Financial Corp.'s R-G Premier Bank, and EuroBancshares Inc.'s EuroBank, according to several people familiar with the matter. All three banks are in dire financial condition; closing them could cost the FDIC insurance fund as much as $10 billion, based on worst-case losses from recent bank failures."

Those are the 3 big banks there. Those who have over the amount on insured deposits might think twice fast.

----------


## IPSecure

So far: 

Beach First National Bank - Myrtle Beach, SC

----------


## Sarge

I guess they are saving up for the PR banks to hit the fan. 10B will put a big dent in their pocket book. That is if they can get anyone to buy the banks. 

I think the special assessment was only going to bring in 40B and they have had some big ones go down already.

----------


## Sarge

My how time fly's. Another Bank Friday has arrived. Will it be more than one this week?

----------


## tmosley

> My how time fly's. Another Bank Friday has arrived. Will it be more than one this week?


Hopefully, it'll be Goldman Sachs!

Somehow I doubt it, though.

----------


## Sarge

Nope, because they rule the world.

----------


## tmosley

The guys with the guns might not be in the loop on that one.

----------


## Sarge

What guns? All this time and none have shown up. 

Small fine and limp slap on wrist next week. No kiss on each cheek seen here.

----------


## Sarge

5 banks so far today.

http://www.fdic.gov/bank/individual/.../banklist.html

----------


## Johnnybags

Innovative Bank, Oakland, CA
Butler Bank, Lowell, MA
Riverside National Bank of Florida, Fort Pierce, FL
AmericanFirst Bank, Clermont, FL
First Federal Bank of North Florida, Palatka, FL
Lakeside Community Bank, Sterling MI


Massachusetts? FDIC must be working its way North.

----------


## surf

up to 8 today: 
add City Bank in Everett, WA and
Tamalpais Bank in San Rafeal, CA

----------


## Sarge

It is that day again. How many this week.

----------


## rancher89

quess how many w/o going over?

My guess:  nine

----------


## Sarge

I am guessing 3 due to the large number last week.

----------


## Sarge

Word circulating that Broadway Bank in Chicago and a couple others in Illinois are on the list for tonight. Awaiting on the FDIC list for confirmation.

----------


## Sarge

4 Illinois banks so far. Broadway one of them. 

http://www.fdic.gov/bank/individual/.../banklist.html

New Century Bank  	Chicago  	IL  	34821  	April 23, 2010  	April 23, 2010
Citizens Bank and Trust Company of Chicago 	Chicago 	IL 	34658 	April 23, 2010 	April 23, 2010
Broadway Bank 	Chicago 	IL 	22853 	April 23, 2010 	April 23, 2010
Amcore Bank, National Association 	Rockford 	IL 	3735 	April 23, 2010 	April 23, 2010

----------


## Cap

Bump to 7.

----------


## Sarge

Thank you. 

Rancher 89 was the closest with the guess at 9.  What State will it be next Friday? 

Still high probabilities for FL, IL and GA.

----------


## FunkBuddha

Anyone keeping track of how much money the FDIC has left?

----------


## Sarge

Not a clue. 

Too many funny games going on with the money now.

----------


## DamianTV

> Anyone keeping track of how much money the FDIC has left?


IF that were to happen, wouldnt we expect that another bailout would be coming, whether we wanted it or not?

----------


## bobbyw24

> Anyone keeping track of how much money the FDIC has left?


Not sure but then again the FDIC has access to unlimited "money" thanks to the Fed.

U.S. regulators closed seven Illinois banks on Friday, bringing to 57 the number of U.S. banks that have failed this year, after 140 failures in 2009. The Federal Deposit Insurance Corp. said *the total cost to its deposit insurance fund from Fridays failures topped $970 million.*

http://www.americanbankingnews.com/2...s-970-million/

----------


## SevenEyedJeff

Are they going to start doing one state at a time? Maybe next week it can be California?

----------


## Sarge

We might find out tonight if they are sticking to one State at a time. 

57 is the count to date.

----------


## Sarge

It looks like it is vacation time for the FDIC in PR. 3 banks. Must be getting ready for the Statehood vote.

http://www.fdic.gov/bank/individual/.../banklist.html

----------


## ghengis86

> It looks like it is vacation time for the FDIC in PR. 3 banks. Must be getting ready for the Statehood vote.
> 
> http://www.fdic.gov/bank/individual/.../banklist.html


add one for michigan and one for missouri

----------


## Sarge

Thank you. 

It must be the pits to be low on the list and get sent to Michigan vs. PR. to do a closing.

----------


## Sarge

7 banks closed at a cost to the FDIC near 7B.

http://www.calculatedriskblog.com/20...k-everett.html

Why has it taken so lone go close these banks? How many more need to be closed if they marked their assets to their true value. A bunch more?

----------


## surf

> 7 banks closed at a cost to the FDIC near 7B.
> 
> http://www.calculatedriskblog.com/20...k-everett.html
> 
> Why has it taken so lone go close these banks? How many more need to be closed if they marked their assets to their true value. A bunch more?


just wait until interest rates start to rise.... many banks will see their deposit base dry up and no real market for their low interest rate and low credit rated assets (loans)

up to 64(?) thus far this year. on pace for 192.

----------


## fatjohn



----------


## Sarge

FDIC is all over 3 MN and 1 FL bank.  

The longer they play kick the can with some of these banks the more they keep spending then they do shut them down.

----------


## Wolverine302

well? its friday?

----------


## HOLLYWOOD

I don't know... I think the White House called Sheila Blair to backoff this Friday with all the termoil in the markets and PIIGS... but it's just kicking the can down the road.

----------


## tmosley

0 this week, 400 next week.

----------


## FunkBuddha

4 now.

----------


## ord33

I went over to the FDIC website today to see which banks were taken over. When I went to the FDIC main page I saw something about the census and the FDIC.

It looks to me the census was used by the government to see how the households used (or didnt use) banks. Blacks & Hispanics overwhelmingly didnt use banks (didnt have a checking or savings account) or underbanked  meaning they used non-bank money orders, payday loans, rent to own, etc. What is interesting is this line: It is hoped that these survey results will help better inform policymakers and the industry about economic inclusion issues, and promote the goal of ensuring that all Americans have access to basic, safe, and affordable bank services. Sounds like to me they are going to use legislation to make it so different races and economic classes have better opportunities for banking, etc.

http://fdic.gov/householdsurvey/


FDIC National Survey of Unbanked and Underbanked Households 
________________________________________

In January 2009, the FDIC sponsored a special supplement to the U.S. Census Bureaus Current Population Survey (CPS) to collect data on the number of U.S. households that are unbanked and underbanked, their demographic characteristics, and their reasons for being unbanked and underbanked. Teamed with the rich demographic and geographic data available through the CPS, this survey presents a wealth of previously unavailable data on unbanked and underbanked households are available at the national, state, and large metropolitan statistical area (MSA) levels. It is hoped that these survey results will help better inform policymakers and the industry about economic inclusion issues, and promote the goal of ensuring that all Americans have access to basic, safe, and affordable bank services. 
The FDIC undertook this effort to address a gap in the availability of comprehensive data on the number of unbanked and underbanked households in the United States. The FDIC also conducted this survey to comply with Section 7 of the Federal Deposit Insurance Reform Conforming Amendments Act of 2005 that requires it to conduct ongoing surveys of banks on their efforts to serve the unbanked. The supplement survey complements the FDIC Survey on Banks Efforts to Serve the Unbanked and Underbanked , published in February 2009, and provides insights into the size of the unbanked and underbanked markets. Some of the key overall findings include: 
	An estimated 7.7 percent of U.S. households, approximately 9 million, are unbanked. These households do not have a checking or a savings account. 
	The proportion of U.S. households that are unbanked varies considerably among different racial and ethnic groups, with certain racial and ethnic minorities more likely to be unbanked than the population as a whole. Minorities more likely to be unbanked include blacks (an estimated 21.7 percent of black households are unbanked), Hispanics (19.3 percent), and American Indian/Alaskans (15.6 percent). Racial groups less likely to be unbanked are Asians (3.5 percent) and whites (3.3 percent). 
	In addition to the unbanked households, an estimated 17.9 percent of U.S. households, roughly 21 million, are underbanked. These households have a checking or savings account but rely on alternative financial services. Specifically, underbanked households have used non-bank money orders, non-bank check-cashing services, payday loans, rent-to-own agreements, or pawn shops at least once or twice a year or refund anticipation loans at least once in the past five years. 
	Certain racial and ethnic minorities are more likely to be underbanked than the population as a whole. Minorities more likely to be underbanked include blacks (an estimated 31.6 percent), American Indian/ Alaskans (28.9 percent), and Hispanics (24.0 percent). Asians and whites are less likely to be underbanked (7.2 percent and 14.9 percent, respectively). 
Read the Executive Summary - PDF 300k ( PDF Help) 
Read the Full Report - PDF 6.5 MB ( PDF Help) 
Read all of the Appendices - PDF 2.5 MB ( PDF Help) 
Read the FDIC Technical Notes - PDF 100k ( PDF Help) 
Read the Survey Instrument - PDF 6.5 MB ( PDF Help) 
EconomicInclusion.gov 
This site presents the findings of the Survey of Unbanked and Underbanked Households in an interactive manner, allowing for comparisons of the data; as well as links to other initiatives.

----------


## IPSecure

"UnderBanked"

Who would of thought...


Interesting Site: http://banktracker.investigativereportingworkshop.org/

----------


## Sarge

It is that day again. The question is how many today?

----------


## fatjohn

I'm gonna be bold and say double digit number, going for the record, it's gonna be 10. 

(I do not have a basis for this, whatsoever though)

----------


## Cap

Sarge, thanks for keeping this thread going. I'm going to say 7 this week.

----------


## Sarge

You are welcome. 

You might well be right. I am leaning towards 4.

----------


## fatjohn

http://www.emii.com/Article.aspx?ArticleID=2483416

4 more

----------


## Sarge

I believe those were last week closures. Here is the site to watch for tonight.

http://www.fdic.gov/bank/individual/.../banklist.html

----------


## HOLLYWOOD

Here's one on the Brink gonna FAIL this afternoon unless someone dumps between $125 -$300 Million into it... Charlie says... FDIC will seize: http://www.foxbusiness.com/story/mar...s-needed-cash/
Friday, May 14, 2010 *ShoreBank Scrambles for Needed Cash*

*By Charlie Gasparino*

*[firms looking to bail out the troubled community lender ShoreBank Corp. have yet to come up with the approximately $125 million needed to prevent a possible government takeover, FOX Business has learned.*


This is the most recent development stemming from an early afternoon meeting among executives at several big banks, including Goldman Sachs (GS: 142.85, -1.87, -1.29%), Bank of America (BAC: 16.29, -0.57, -3.38%), JPMorgan (JPM: 39.68, -1.11, -2.72%), and Citigroup (C: 3.9375, -0.1525, -3.73%). According to one person with knowledge of the meeting, the banks have commitments for “a little more than $100 million,” thus raising the possibility that the deal to raise $125 million might not be reached by the end of the day, and that ShoreBank might be taken over by the [COLOR=blue !important][COLOR=blue !important]FDIC[/color].

Goldman Sachs, which faces numerous federal probes into its business practices, has been leading the still-elusive effort to convince Wall Street firms to raise enough [COLOR=blue !important][COLOR=blue !important]money[/color][/color] to save the Chicago-based bank, which specialized in making loans in low-income communities. Several executives at Wall Street firms say they are facing some political pressure to bail out the bank from Washington.

*ShoreBank has ties to the Obama administration; Valerie Jarrett, President Obama’s senior adviser and a fixture in Chicago politics (as was the president), served on the board of Chicago Metropolis 2020, a civic organization which was run by Adele Simmons, a director at ShoreBank.* 

A spokeswoman for Jarrett says she "has not met with or made calls for ShoreBank regarding support measures.”
People with knowledge of the bailout measures say it's unclear if the FDIC will announce its takeover of ShoreBank later this afternoon, when it regularly announces bank closings. Rather, the consortium will meet over the weekend to attempt to raise the additional money, these people say.
One problem some of the Wall Street firms have is that it’s unclear whether the $125 million will be enough to save the bank. *Some of the firms believe that the accurate number is closer to $300 million.*

“I know it doesn’t sound like a lot of money, but when you don’t know the size of the hole, you just start throwing good money after bad,” said one banking executive with direct knowledge of the bailout.
ShoreBank officials weren't immediately available.
[/color]

----------


## rancher89

My off the cuff guess is eleven....my gut says things are steamrolling along......and it was much too quiet there for a while....

----------


## tmosley

I think it's going to be a trickle, and then one day, maybe not even on a Friday, there will be a torrent of closures, like 100+ in a day.

----------


## Sarge

H,

I wonder if his friend gets a special break? 

T,

I think 100 would take too much staff and would likely be spread out over too many States all at once.

----------


## tmosley

> H,
> 
> I wonder if his friend gets a special break? 
> 
> T,
> 
> I think 100 would take too much staff and would likely be spread out over too many States all at once.


A cascade of failures would be triggered by a sudden collapse of several banks during the prior week as they get into such bad shape that their payroll checks bounce.  The only way to prevent that will be outright nationalization the whole sector.  That may or may not happen if it gets that bad.  They will just have to start outright printing money to refund deposits.  At that point, it won't matter, and they can go full blast.  That is my thinking at least.

----------


## Sarge

That could happen and if it does it will be ugly.

----------


## fatjohn

> I believe those were last week closures. Here is the site to watch for tonight.
> 
> http://www.fdic.gov/bank/individual/.../banklist.html


Indeed they were, nonetheless was the number right, four it is now.

----------


## Sarge

I just had a lucky guess on the number four. Well it wasn't so lucky for the banks.

----------


## bobbyw24

The number of insured financial institutions on the FDICs so-called problem list has risen to 775, up from 702 at the end of 2009. The total assets of problem banks have increased from $403 billion at the close of last year to $431 billion.

The FDIC says both the number and assets of problem institutions are the highest theyve been since June 30, 1993, when they hit 793 and $467 billion, respectively. But the agency also pointed out that the latest increase in the number of problem banks is the smallest in four quarters.

The number of banks under the FDICs watchful eye has grown significantly since the housing crisis and recession took hold. In the fourth quarter of 2007, just 76 financial institutions were on the list, and a year ago, the number was 305.
Just which banks the federal agency considers to be at risk of collapse is shrouded in secrecy. The FDIC will not release the names of those on its problem list for fear that the stigma attached would cause a run on those banks, and the agency notes that a vast majority are able to get back on their feet.

So far this year, 72 insured banks have gone under, well on pace to surpass last years total of 140. By comparison, in 2008, The FDIC seized control of 25 banks. In 2007, there were only three failures.

http://www.dsnews.com/articles/fdic-...ist-2010-05-20

----------


## HOLLYWOOD

*It's all about consolidation so the master banks control more... systemic protection policies. $100 Billion needed to cover losses from smaller banks
*
*More banks are troubled even as industry recovers*
[h4]Alan Zibel / Associated Press[/h4]
_Washington_ -- The government says the number of troubled banks  kept growing last quarter even as the industry as a whole had its best  quarter in two years. 
The Federal Deposit Insurance Corp.  said Thursday that the number of banks on its confidential "problem"  list leaped to 775 from 702 in the January-March period. But banks  overall posted net income of $18 billion. That was up from $5.6 billion  in the same quarter a year earlier. 
"The banking system still has  many problems to work through, and we cannot ignore the possibility of  more financial market  volatility," FDIC Chairman Sheila Bair acknowledged. But, she added,  "The trends continue to move in the right direction." 
              Advertisement

  The largest banks showed the most  improvement. But a majority of institutions posted gains in net income. 
In  another sign of health, the FDIC's deposit insurance fund, which fell  into the red last fall, posted its first improvement in two years. Its  deficit shrank by $145 million to $20.7 billion. The *FDIC said it  expects U.S. bank failures to  cost the insurance fund around $100 billion through 2013.* 

From The Detroit News: http://www.detnews.com/article/20100...#ixzz0oaYtXtqX

----------


## HOLLYWOOD

*Obama-tied ShoreBank may escape FDIC closure*


http://www.cdobs.com/archive/syndica...-fdic-closure/
IR 21 May 2010  No Comment
                [This article was syndicated via RSS from Illinois Review. The views represented do not necessarily  represent those of the _Chicago Daily Observer_.]

     The _Wall Street  Journal_ reports 775 banks are on the Federal Deposit Insurance  Corp's list of "problem" institutions.  This year alone, the FDIC has  taken over 72 that have failed, including U.S. Senate candidate Alexi  Giannoulias' family's Broadway Bank.  Bad loans and poor loan  performance are the main culprits to these bank failures, a _  Journal_ story says today.
 But despise all this bad news for the banking industry, there's one  particular endangered bank in Chicago -- ShoreBank -- that appears could  survive fatality, although it's been facing FDIC pressure.   Coincidentally, that Shore Bank has ties to Barack Obama, Bill Clinton,  Jeremiah Wright, and other Chicago Democratic notables. 

 For some strange reason, WSJ  reports Goldman-Sachs CEO* Lloyd Blankfein was  personally making fund-raising calls to other banking executive, hoping  to raise $125 million for ShoreBank Corp.  With $20 million from  Goldman-Sachs the goal was reached earlier this week.  They're hoping to  get an additional $75 million from federal bailout funds.  * 

Don't you wonder what Alexi's thinking?  

 Anyway, U.S. Rep. Judy Biggert and Darrel Issa, Republican members of  the U.S. House Banking Committee queried the White House as to whether  they pressured to save ShoreBank.  
*"No, of course not," was the White House's reply.*

----------


## rancher89

Just one bank today...

----------


## surf

3 so far: Bank of Florida - Tampa, Bank of Florida - SE, Bank of Florida - SW
http://www.fdic.gov/bank/individual/.../banklist.html

----------


## HOLLYWOOD

http://www.sacbee.com/2010/05/28/278...nk-seized.html

*Granite Community Bank seized by regulators*

           	By Charles Piller
cpiller@sacbee.com 
                             Published: Friday, May. 28, 2010 -  7:40 pm  

                                Federal regulators seized Granite Community  Bank on Friday, the first bank failure in the immediate Sacramento  area amid the current economic crisis.


Tri Counties Bank of Chico assumed  all of the bank's deposits at close of business and federal regulators  assured depositors they would not lose money or access to their funds.
In  fact, customers can use ATM or debit cards and checks normally over the  weekend, the regulators said in a release. By the same token, their  loan payments must continue to be made as they come due.    
            Deposits of up $250,000 are backed by the Federal Deposit Insurance  Corp. Above $250,000, deposits will be made available on demand,  according to terms of the agreement with Tri Counties.
Granite's  three branches - in Granite Bay, Auburn and Roseville - will open on Tuesday morning as branches of Tri Counties and will  continue to operate until further notice, according to the FDIC.


In  February, The Bee reported that Granite Community  Bank faced a serious shortfall in capital to cover a rapidly  mounting total of bad loans - and was at grave risk of seizure. The bank  lost about $5.5 million last year and had been trying to raise  additional capital from investors when the government stepped in.
Mounting  defaults by both residential and commercial borrowers, unable to keep  up with payments during the housing bust and recession, became too much  for the bank.
Granite Community was the only bank based in Granite  Bay, although others have branch offices there.

----------


## Sarge

H,

Must be nice to be a bank in trouble and not get closed because you are a friend of BO.

Bringing this forward as our family is heading out later this afternoon. 

How many this weekend?

----------


## HOLLYWOOD

> H,
> 
> Must be nice to be a bank in trouble and not get closed because you are a friend of BO.
> 
> Bringing this forward as our family is heading out later this afternoon. 
> 
> How many this weekend?


*-------- 5 --------*

----------


## surf

3 so far with the West Coast yet to report http://www.fdic.gov/bank/individual/.../banklist.html

----------


## Sarge

Thank you.

Good grief another week has passed. FDIC Friday again.

----------


## HOLLYWOOD

*Sheila's Friday:*

*----- 4 -----*

----------


## Sarge

Funny. 

FDIC fire drill.

----------


## Sarge

I guess no fire drills tonight as the banks are in such great shape.

----------


## Cap

Looks like only 1 this week.
Washington First International Bank

----------


## devil21

Ah....I feel so much better now.

http://www.cnbc.com/id/37703249




> "The banking system is healing. Eighty percent of banks have shown year-on-year improvement in earnings growth. Economic growth in the United States is expected to be 3 percent this year," she [FDIC head Sheila Bair] said. 
> 
> "I think banks should be fine and towards the end of the year should be out of the woods," she said.

----------


## Zippyjuan

I was looking for a month by month chart but didnt' find one. Going by the FDIC list, this is the month by month counts:

Jan 2009 6
Feb 2009 10
Mar 2009 5
Apr 2009 8
May 2009 7
Jun 2009 9
July 2009 24 (busy month!)
Aug 2009 15
Sep 2009 11
Oct 2009 20
Nov 2009 9
Dec 2009 16
Jan 2010 15
Feb 2010 7
Mar 2010 15
Apr 2010 23  (another big month)
May 2010 14 

Just looking for a trend. Not seeing much yet. 
http://www.fdic.gov/bank/individual/.../banklist.html

----------


## HOLLYWOOD

Nevada  Security Bank 	           	      Reno 	      NV 	      57110 	      June 18, 2010 	      June 18, 2010 
One Bank failure this Friday... cost the FDIC $81 million

http://www.usatoday.com/money/indust...ops-2009_N.htm

Bank failure is  83rd in '10; pace more than double  last year's     

  

   Stacks of dollar bills pass through a  machine at the Bureau of Engraving and Printing in this file photo.       
        WASHINGTON (AP)  — Regulators on Friday shut  down a Nevada bank, raising to 83  the number of U.S. bank failures this year.


 The  83 closures  so far this year  is more than  double the pace set in all of  2009, which was itself  a brisk year for  shutdowns. By this time last year, regulators had closed 40 banks. The  pace has accelerated as banks' losses mount on loans made for commercial  property and development.

*The Federal Deposit Insurance Corp. took over  Nevada Security Bank, based in Reno, with $480.3 million in assets and  $479.8 million in deposits. Umpqua Bank, based in Roseburg, Ore., agreed  to assume the assets and deposits of the failed bank.*

*
RECOVERY WATCH:* Tracking  the economy; see VIDEO
*JOBS OUTLOOK:* Latest  data for all states, 384 metros

*The failure of Nevada Security Bank is expected  to cost the deposit insurance fund $80.9 million.*

  In addition, the FDIC and Umpqua Bank agreed to  share losses on $368.2 million of Nevada Security Bank's loans and  other assets.
 The number of bank failures is expected to peak  this year and be slightly higher than the 140 that fell in 2009. That  was the highest annual tally since 1992, at the height of the savings  and loan crisis. The 2009 failures cost the insurance fund more than $30  billion. Twenty-five banks failed in 2008, the year the financial  crisis struck with force, and only three succumbed in 2007.

 As losses have mounted on loans made for  commercial property and development, the growing bank failures have  sapped billions of dollars out of the deposit insurance fund. It fell  into the red last year, and its deficit stood at $20.7 billion as of  March 31.

 The number of banks on the FDIC's confidential  "problem" list jumped to 775 in the first quarter from 702 three months  earlier, even as the industry as a whole had its best quarter in two  years.
 A majority of institutions posted profit gains in  the January-March quarter. But many small and midsized banks are likely  to continue to suffer distress in the coming months and years,  especially from soured loans for office buildings and development  projects.

 The FDIC expects the cost of resolving failed  banks to grow to about $100 billion over the next four years.
 The agency mandated last year that banks prepay  about $45 billion in premiums, for 2010 through 2012, to replenish the  insurance fund.

----------


## Sarge

It is that day again.

They might want to start with the 90 banks that are not paying back tarp payments.

----------


## Zippyjuan

> It is that day again.
> 
> They might want to start with the 90 banks that are not paying back tarp payments.


Any list or number of such banks?  In October the number was reported to be 24 which missed a TARP payment. http://www.businessinsider.com/numbe...reases-2009-10 I can't find anything much more current than that (payments are quarterly). Some of the ones on this list have paid off their TARP funds. As far as I can find, no compete list of TARP banks has been published either.

----------


## Sarge

Zip,

I will try to track that down again tomorrow. As much as I have surfed today, it might be hard. It did say 90. 

There is so much going on right now, it is hard to keep up with all that is or is getting ready to blow up. 

Anyone not paying attention this weekend, might just want to pay attention.

----------


## Sarge

"More Than 90 Banks Miss May TARP Payments"  

Copyright. Just google and type in 90 banks miss tarp payments. All over the news.

----------


## Zippyjuan

Thanks. I was trying to just search banks miss TARP payments.

One article give some idea of how many banks got TARP funds. 



> While many of the largest U.S. banks easily repaid billions in TARP aid, more than 600 smaller banks still hold $130 billion from the program, created at the height of the financial crisis.


http://www.reuters.com/article/idUSTRE65F46K20100616

----------


## Sarge

Two banks so far. FL and GA,

http://www.fdic.gov/bank/individual/.../banklist.html

----------


## Sarge

I know this is a waste of time, as they will likely not close any banks on a Holiday weekend.

I don't know why not though, as they among others in power have and are ruining the meaning of the Holiday. It has become a show to keep the sheeple thinking all is well. Many cities can't even afford the show any longer. 

They have to laugh at us putting hot dogs and burgers on the barbie while they dine high on the hog having stuck us with their greed and theft.

I still intend to enjoy family and friends.

----------


## HOLLYWOOD

They close them AFTER the markets close, and hope the long holiday weekend will make everyone forget by Tuesday morning's market opening.

----------


## Sarge

H,

I am guessing they are short on cash.

----------


## Sarge

No closures this week. 

Double down next week if they have the money is my guess.

----------


## tmosley

Remember when they used to close MORE banks on holiday weekends?

Things are getting worse...

----------


## HOLLYWOOD

> Remember when they used to close MORE banks on holiday weekends?
> 
> Things are getting worse...



Sheila Bair wants (waiting) for that $19 Billion of people's money via Bank Fees, in that Banking reform act.

Stealing more by the week to maintain their fiscal empire... and we slowly but surely pay for it ALL.

----------


## celinar

Few more hours and we'll know who is on the list in this week. They need to crank it up in February I guess..

----------


## Sarge

It is that day again. I saw somewhere where Sheila was saying 76 problem banks this week. 

Well, this is her chance. Oh, silly me, she also said something about needing more staff to be hired. 

We shall see.

----------


## Sarge

MD on the list tonight . 2 banks so far.,

http://www.fdic.gov/bank/individual/.../banklist.html

----------


## Wolverine302

just two? lame.

----------


## Cap

Now 4.

----------


## libertybrewcity

> Now 4.


only 4 banks in 2010 so far? what happened to "more banks will close in the first 6 months of 2010 than in all of 2009"?

----------


## HOLLYWOOD

> only 4 banks in 2010 so far? what happened to "more banks will close in the first 6 months of 2010 than in all of 2009"?


The closing date will give the count.

Here: http://www.fdic.gov/bank/individual/.../banklist.html

----------


## Zippyjuan

> only 4 banks in 2010 so far? what happened to "more banks will close in the first 6 months of 2010 than in all of 2009"?


Four is the number closed this week- not the year to date.

----------


## libertybrewcity

wow, that's a lot of banks that have closed.

----------


## Zippyjuan

Back during the S&L crisis, as many as 500  banks were closed in just one year (1989 with 534). The most in one week was 60- the week of April 20th 1989. There were eleven consecutive years of at least 100 S&Ls closed (starting 1982).  Compared to then, this is not a lot yet. Most of the closed banks are merged with or sold to other institutions so little money is actually lost.  During the Great Depression in 1933 alone, 4000 banks closed their doors.  When banks closed during the depression, share holders and depositors lost everything.  That 1933 number was the last year before the FDIC- closures dropped dramatically the following year to less than 20.  There was never 100 closures in a year again until 1982. 

This crisis is still continuing so we don't know yet if it will be as bad as the S&L crisis or not. The 500 closures occured during the seventh year of the S&L crisis and we are not at that point in time yet on this one. 

http://www.calculatedriskblog.com/20...es-update.html


Yes, I know that Sarge and Hollowood and other regular visitors to this thread have already seen this information.   This is for libertybrewcity and other new visitors who may stop by.

----------


## HOLLYWOOD

How many times do I have to post this...

*It's not the amount of banks that fail, but the loses from debt and payouts from the seizures. What should also be included are FDIC mandated fees up front as well as all new legislation by Washington DC in new Fees, Charges, and Taxes

*The current amount of assets at troubled banks is well over $400 billion but  since the FDIC doesn’t list all troubled banks it's much larger.
*
The amount of debt/loses is currently estimated @ $620 BILLION

As far as the S&L crisis... the taxpayers are still paying for the loses. $3.3 Billion charge on the US Treasury sheets, each year for 50 years.
*

----------


## Sarge

It is that time again. 

With banks still to be closed, and a new banking crisis on the way, it is going to get interesting where the next big amount of money is going to come from when it happens.

I will not even get into banks putting back on their books what they fraudulently hid. Oh, wait, it was just an oversight.

----------


## Merk

From Survivalblog.com today.

"Letter Re: The ABA's Projections for the U.S. Economy
Permalink
Jim:
Greetings and my Compliments. I have just returned from a training meeting my employer, USDA-Rural Development. It was presented by the American Bankers Association. Bottom line, the ABA is projecting the economy not to bottom out until late in 2014. With over 90 banks already closed (in 2010) and some 775 on the the "Troubled" list, things do not look good. The troubled list has a projected 70 percent failure rate."

----------


## Sarge

MerK,

Thank you for that one. Now the truth is starting to get out.

----------


## Cap

> From Survivalblog.com today.
> 
> "Letter Re: The ABA's Projections for the U.S. Economy
> Permalink
> Jim:
> Greetings and my Compliments. I have just returned from a training meeting my employer, USDA-Rural Development. It was presented by the American Bankers Association. Bottom line, the ABA is projecting the economy not to bottom out until late in 2014. With over 90 banks already closed (in 2010) and some 775 on the the "Troubled" list, things do not look good. The troubled list has a projected 70 percent failure rate."


Wow. Rather sobering.

----------


## Zippyjuan

> Bottom line, the ABA is projecting the economy not to bottom out until late in 2014.


Hmm. Really? The ABA recently forecast growth over the next two years.  That does not sound like they say the economy won't bottom out until 2014. This is from June 16th of this year. They also forecast a decline (though slow) in unemployment over the next two years. 
http://www.marketwatch.com/story/fed...say-2010-06-16



> The ABA panel sees an economy that is growing at "half-speed" for the next year-and-a-half, Hoffman said. 
> 
> Still, a double-dip recession is very unlikely, the panel said. 
> 
> Instead, the economy will muddle through with a total of 2.2 million new jobs created in 2010 and another 2.5 million in 2011. This is only a faction of the 8.5 million jobs lost in the recession. *The unemployment rate will drop slowly to 8.5% at the end of next year*. 
> 
> With income growth from the job creation boosting consumer income and spending, *real gross domestic product should grow at just over a 3% annual pace through 2011*, the panel said. 
> 
> The bank economists were sensitive to charges that banks are not lending enough credit to sustain the recovery. 
> ...

----------


## Sarge

You might want to read this,

http://www.businessinsider.com/weekl...rritory-2010-7

Ben, is even now admitting things are not going to get better for years. 

If you buy the article you posted, watch and learn. Look at the consumer confidence index tanking today. Down almost 9 points.

----------


## Sarge

First bank for today,

http://www.fdic.gov/bank/individual/.../banklist.html

91 and moving on up to the East Side.

----------


## ghengis86

make that 6  so far 

http://www.fdic.gov/bank/individual/.../banklist.html

----------


## devil21

> Hmm. Really? The ABA recently forecast growth over the next two years.  That does not sound like they say the economy won't bottom out until 2014. This is from June 16th of this year. They also forecast a decline (though slow) in unemployment over the next two years. 
> http://www.marketwatch.com/story/fed...say-2010-06-16


The ABA wouldn't dare publish conflicting forecasts depending on who the audience of the forecast is!  Right?  What you're quoting is an article suited for mainstream consumption (MSM news website) while the other source is more for insider consumption (in person seminar/conference).  

As we see often, those two things tend to not be compatible.

----------


## Zippyjuan

I don't see the actual report where they said no upturn until 2014- just hearsay that they made that comment.  Unless you do have a link- I would like to take a look at it and see just exactly what they did say.   Thank you. I would also be interested in info on the projected 70% failure rate for the list of troubled banks.

http://www.calculatedriskblog.com/20...st-at-682.html



> We have updated the transition matrix for the first appearance of the Unofficial Problem Bank List on August 7, 2009. (see below) Back then, the list had 389 institutions with assets of $276.3 billion. Subsequently, 296 institutions or 76 percent still remain open with an outstanding formal enforcement action.
> 
> Approximately 24 percent or 93 institutions have been removed from the initial list. The majority of the removals have occurred through failure (70 institutions or 75 percent of removals). Other removals are for action termination or a return to healthy status (16 institutions or 17 percent of removals) and unassisted mergers (7 institutions or 7.5 percent of removals). 
> 
> *So far, the failure rate for institutions on the initial list is approximately 18 percent* (70 institutions/389 institutions). This failure rate is higher than the historical 13 percent rate mentioned by the FDIC and frequently cited by the media (see links):
> 
> We have long suspected that the often cited historical failure rate of 13 percent for institutions on the problem bank list was a bit misleading for the current crisis because it is most likely derived from a long time series that includes non-crisis periods. Thus, the FDIC historical metric cannot be used to estimate how many institutions on the problem bank list during this crisis will fail. Already, the failure rate is 18 percent, which is five percentage points above the historical rate. Moreover, it can only go higher for institutions on the initial list. Therefore, anyone that continues to cite this statistic, especially to downplay the magnitude of having 700 institutions on the official list, is badly misinformed.
> 
> Interestingly, in an interview with Time Magazine, FDIC Chairman Shelia Bair is now citing a higher failure rate of 23 percent for institutions on the problem bank list. In addition, Chairman Bair sounds more sanguine on the outlook for failures and predicts they peak in 2010 at a rate not much higher than 2009. See comments from a Time Magazine interview published April 9, 2010: FDIC's Sheila Bair on Bank Failures and Too-Big-To-Fail 
> ...


The economy does not move linearly so I would expect things to move up and down.  I also think that it will be quite a while before we get back to where they were before the crisis started- and by that I do mean several years.  Maybe they meant that things would be more solidly growing by 2014.  It is already off its lows meaning that it did turn a corner already.

----------


## DamianTV

Hmm...

----------


## Sarge

Here it is Friday again. I wonder if they will close 4 to make it 100 today?

----------


## SevenEyedJeff

5 so far:

Community Security Bank  New Prague MN 34486 July 23, 2010 July 23, 2010 
Thunder Bank  Sylvan Grove KS 10506 July 23, 2010 July 23, 2010 
Williamsburg First National Bank  Kingstree SC 17837 July 23, 2010 July 23, 2010 
Crescent Bank and Trust Company  Jasper GA 27559 July 23, 2010 July 23, 2010 
Sterling Bank  Lantana FL 32536 July 23, 2010 July 23, 2010

----------


## Sarge

101 and moving on up. 

Thank you for the update.

----------


## cindy25

one more: SouthwestUSA in LV, NV

----------


## HOLLYWOOD

> one more: SouthwestUSA in LV, NV



http://www.fid.state.nv.us/



http://news.medill.northwestern.edu/...164855&print=1

*Wall Street / Federal Bailout of Il, ShoreBank leads to suspicion on Capitol Hill** 
by  Frank Kalman*

It appears  Obama/Valeri Jarrett/Rahm Emanuel and a slew of other Chicago cronies' bank, SHOREBANK, continues to survive from FDIC seizure through Wall Street returning the bailout favors of the FEDS to help their hometown bank from collapse and seizure. So far a total of $200 Million ($130 Million form Wall st and $75 Million in TARP)

 Last week, FOX Business analyst, Charlie Gasparino has stated the bank will need an additional $150-$250 Million to, pardon the pun, Shore-Up against Debt and Loses to avoid FDIC seizure/closure.

The Federal government is completely; colluding, racketeering, and corrupt. RICO laws apply to them more than the mafia now.

----------


## cindy25

and another:
           Home Valley Bank, Cave Junction, OR

----------


## puppetmaster

consolidation efforts are working well.

----------


## DamianTV

Only up to 103 this year right now...

http://www.guardian.co.uk/business/feedarticle/9188092

----------


## Sarge

It is that day again. 103 and counting.

----------


## HOLLYWOOD

> It is that day again. 103 and counting.



what's the tally so far on funds spend by the FDIC and Bank assumption of specific debts/liabilities/

----------


## bobbyw24

From the FDIC: State Bank and Trust Company, Macon, Georgia, Assumes All of the Deposits of NorthWest Bank and Trust, Acworth, Georgia 
As of March 31, 2010, NorthWest Bank and Trust had approximately $167.7 million in total assets and $159.4 million in total deposits. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $39.8 million. ... NorthWest Bank and Trust is the 104th FDIC-insured institution to fail in the nation this year, and the 11th in Georgia. The last FDIC-insured institution closed in the state was Crescent Bank and Trust Company, Jasper, on July 23, 2010.
It is Friday!

----------


## Sarge

H,

I have no clue. There should be a site where there is a total with the FDIC. Too tired to look tonight.

3 down so far tonight.

http://www.fdic.gov/bank/individual/.../banklist.html

2 FL and one GA.

----------


## bobbyw24

> H,
> 
> I have no clue. There should be a site where there is a total with the FDIC. Too tired to look tonight.
> 
> 3 down so far tonight.
> 
> http://www.fdic.gov/bank/individual/.../banklist.html
> 
> 2 FL and one GA.



http://www.fdic.gov/bank/historical/bank/index.html

----------


## HOLLYWOOD

> H,
> 
> I have no clue. There should be a site where there is a total with the FDIC. Too tired to look tonight. 3 down so far tonight.
> 
> http://www.fdic.gov/bank/individual/.../banklist.html
> 
> 2 FL and one GA.


*Check this out...   http://www.marketwatch.com/story/fdi...ess-2010-07-30
*
*FDIC gets into the securitization business*
Agency packages and sells home loans originated by 16 failed banks
 SAN FRANCISCO (MarketWatch) -- The Federal Deposit Insurance Corp. is getting into the securitization business.                                    

                                  The FDIC government agency said late Friday that it sold securities in a deal  backed by $471.3 million of performing single-family mortgages  originated by 16 failed banks. The transaction, part of a pilot program,  marks the first time the FDIC has securitized assets during the current  financial crisis, it noted.                                   
                                  The top five failed banks involved in the deal were CF Bancorp, IndyMac  Bank, Desert Hills Bank, Warren Bank and Republic Federal Bank,  according to an FDIC spokesman.                                   

*Refinancing mistakes to avoid*
                         With interest rates at record lows, there's never been a better  time to save money on your mortgage. But watch out for pitfalls in the  rush to refinance, advises MarketWatch's Andrea Coombes in her Personal  Finance Minute.                     
                 The U.S. housing meltdown and broader financial crisis has  triggered a wave of failures in the U.S. banking system, and the FDIC is  tasked with cleaning up the mess. Earlier on Friday, it seized its  106th bank this year. 
*
http://www.fdic.gov/deposit/insurance/index.html

THE DEPOSIT INSURANCE FUND*
On February 8, 2006, the President signed The Federal Deposit  Insurance Reform Act of 2005 (the Reform Act) into law. The Reform Act  merged the Bank Insurance Fund (BIF) and the Saving Association  Insurance Fund (SAIF) into a new fund called the Deposit Insurance Fund  (DIF). This change was made effective March 31, 2006. The Reform Act  also established a range of 1.15 percent to 1.50 percent within which  the FDIC Board of Directors may set the Designated Reserve Ratio (DRR).
*Due to recent disruptions in the financial markets and the large  numbers of bank failures in the last year, the DIF reserve ratio has  fallen below 1.15 percent and is expected to be negative as of September  30, 2009. In response to these circumstances, the FDIC has recently  changed the assessment rate calculation.*

----------


## IPSecure

5 banks today...

----------


## angelatc

RSMcCain has done gone and stoled your meme, man: http://theothermccain.com/2010/07/30...ailure-friday/

----------


## Sarge

It looks like I will have to vote against him for doing that.

My, another week has zipped by and another bank closing day is upon us.

----------


## ghengis86

> It looks like I will have to vote against him for doing that.
> 
> My, another week has zipped by and another bank closing day is upon us.


1 so far tonight

----------


## HOLLYWOOD

Up to 109th bank... FDIC closes Ravenswood Bank of Chicago.  ShoreBank soon?

http://www.thestreet.com/story/10830...cm_ven=GOOGLEN

CHICAGO (TheStreet)  -- After four consecutive weeks of multiple bank failures, regulators  closed just one institution Friday, bringing the total number of U.S.  bank failures in 2010 to 109.   
                                     The Illinois Department of Financial and Professional Regulation took over *Ravenswood Bank* of Chicago and appointed the Federal Deposit Insurance Corp. receiver. Ravenswood Bank had two offices and $265 million in total assets.  

The failed bank had been included in _TheStreet's_ *Bank Watch List* of undercapitalized institutions, based on first-quarter regulatory data provided by _SNL Financial_. By June 30, Ravenswood Bank's capital had been completely wiped out by a $14.4 million second-quarter net loss.

----------


## Sarge

Thank you H and all,

As for Shore Bank. we all know who is involved in saving that one for his Chicago pals. FDIC has been  playing around with that bank for months and refusing to shut them down. If it goes down, it is going to break the bank.

----------


## Sarge

Heading over to some friends house in a couple of hours, so I will bring this forward. 

Friday the 13th. How many tonight?

----------


## Wolverine302

One

----------


## HOLLYWOOD

> One


I'm waiting for this one to surface... This is much worst than Racist Maxine Waters with her husband in BankOne or Obamas/Valerie Jarrett/Rahm Emanuel to Shore Bank... BEHOLD... Senator Inouye pushed $135 Million to CPF but today's market cap for the bank is: $47 million. This baby is going to down... look at the numbers on this bank below, This bank is still paying a .10 dividend... KABOOM! 

Now surfaces: *Central Pacific Financial / Central Pacific Bank of Hawaii and US Senator Daniel Inouye (D-HI)*

*CPB got TARP money after Inouye call $135 MILLION Bailout*
http://pacific.bizjournals.com/pacif...9/daily27.html

*Central Pacific Financial Corp. (NYSE: CPF), parent company of Central Pacific Bank*
http://www.tickerspy.com/post.php?pi=284948

*After Call From Senator's Office, Small Hawaii Bank Got U.S. Aid*
http://www.washingtonpost.com/wp-dyn...063004229.html

Sen. Daniel K. Inouye's  staff contacted federal regulators last fall to ask about the bailout  application of an ailing Hawaii bank that he had helped to establish and  where he has invested the bulk of his personal wealth. 
   The bank, Central Pacific Financial, was an unlikely candidate for a  program designed by the Treasury Department to bolster healthy banks.  The firm's losses were depleting its capital reserves. Its primary  regulator, the Federal Deposit Insurance Corp., already had decided that  it didn't meet the criteria for receiving a favorable recommendation  and had forwarded the application to a council that reviewed marginal  cases, according to agency documents. 
*Two weeks after the inquiry from Inouye's office, Central Pacific announced that the Treasury would inject $135 million.*

*The US Senator form Hawaii, Daniel Inouye* Democrat who was involved in the founding of *Central Pacific Bank* in 1954, holds stock in the company that was worth between $350,000 and $700,000 at the end of 2007, according to The Post. But Inouye filed for extensions to his anual Congressional financial disclosures.

Read more:  CPB got TARP money after Inouye call - Pacific Business News (Honolulu) 
**
*Central Pacific Financial (CPF)*

@ 4:02 PM *Click the portfolio to add CPF:*
*+ Add CPF to Portfolio* *Last Trade:*                       $1.57                                                   *                          +0.02 (1.29%)* *Volume:*                       198,552                       78% of avg daily volume                                                                                                                                                                                                                                    Avg Volume:                        256,000                       *3-Month Chart* (Larger chart w/volume)
 
1m 3m 6m 1y 2y 
Day's Range:                        1.51 - 1.60
Open:                       1.51
Previous Close:                       1.55
52-wk Range:                       0.79 - 3.88
*Market Cap:                       47.0M*
P/E:                        -0.1                                                                                         
Div Yield:                       $0.10 (0.00%)

Central Pacific Financial Corp. Reports Second Quarter 2010 Results

*CPF* 


                   HONOLULU, July 30  /PRNewswire-FirstCall/ -- Central Pacific Financial Corp. (NYSE: CPF),  parent company of Central Pacific Bank, today reported a net loss for  the second quarter of 2010 of $16.1 million, or $0.60 per diluted share, compared to a net loss of $34.4 million, or $1.27 per diluted share in the second quarter of 2009 and a net loss of $160.2 million, or $5.36  per diluted share in the first quarter of 2010.  The net loss in the  first quarter of 2010 included a non-cash goodwill impairment charge of $102.7 million.
*Second Quarter Highlights*

Significantly reduced the Company's net loss to $16.1 million, compared to a net loss of $160.2 million in the first quarter of 2010 and a net loss of $34.4 million in the second quarter of 2009.Credit costs decreased to $21.8 million, from $66.5 million in the first quarter of 2010 and from $79.9 million  in the second quarter of 2009.  Total credit costs include the  provision for loan and lease losses, foreclosed asset expense,  write-downs of loans held for sale, and changes to the reserve for  unfunded commitments.Reduced nonperforming assets to $467.2 million at June 30, 2010 from $493.8 million at March 31, 2010.Increased the Company's allowance for loan and lease losses, as a percentage of total loans and leases, to 7.69% at June 30, 2010 from 7.44% at March 31, 2010.Recognized net charge-offs of $30.1 million, compared to net charge-offs of $52.5 million in the first quarter of 2010 and $30.5 million in the second quarter of 2009.Loans and leases totaled $2.6 billion at June 30, 2010, down $218.8 million from March 31, 2010.Continued to improve the Company's liquidity position with cash and cash equivalents totaling $916.7 million at June 30, 2010, compared to $865.4 million at March 31, 2010.  The Company lowered its loan to deposit ratio to 81.8% at June 30, 2010, from 85.3% at March 31, 2010.Improved tier 1 risk-based capital, total risk-based capital, and leverage capital ratios as of June 30, 2010 to 9.08%, 10.41%, and 6.07%, respectively, compared to 8.99%, 10.32%, and 5.78%, respectively, as of March 31, 2010.Received regulatory approvals for the appointment of John C. Dean  as Executive Chairman of the Board of Central Pacific Financial Corp.  and Central Pacific Bank from the Federal Deposit Insurance Corporation  (FDIC), Federal Reserve Board (FRB), and Hawaii State Division of  Financial Institutions (DFI).

----------


## Sarge

H,

I know what you mean.  

It is BFF again. 

I hear they are now trying to get a 30B bailout for smaller banks. Never ending corruption. It should have been used for the smaller banks the first time. They are trying to call it a loan. Yah, sure. I am sure the loans will get paid back in my next life. I wish I could pay my taxes for the bailout in my next lifetime.

We shall see how many banks they close this week.

----------


## LibertyEagle

Why isn't this f^%%^ being investigated by the Ethics Committee?  Yeah, I already know the answer.

----------


## Cap

4 tonight.

----------


## HOLLYWOOD

> 4 tonight.



*8*

Oh, lookie... ShoreBank  After Wall street dumped $135 Million into ShoreBank. Goldman Sachs and Friends of Capital Hill / White House get a "Free-Be" from their bailed-out partners.

I wonder when US Senator Daniel Inouye's bank (Central Pacific Financial) is going to fail... they're hanging on by a thread.

----------


## Sarge

Thank you for the help all. 

H 

Disgusting on ShoreBank.

----------


## Sarge

It is that day again. More deals for the favored ones?

----------


## bucfish

How many Toady?

----------


## Cap

At 11:15 pm, zero listed.

----------


## Sarge

Right you are zero for the week. I guess last week cost them too much money.

http://www.fdic.gov/bank/individual/.../banklist.html

----------


## Sarge

It is that day again.

Bennie now said. "Shut down banks if they threaten system." 

OK. A lot too late on that comment now that he bailed out Fannie, Freddie and others. How about Congress take him serious and start with the Fed?

This was a CYA statement as he knows they are going down.

----------


## Sarge

1 so far tonight. Fl Horizon Bank.

http://www.fdic.gov/bank/individual/.../banklist.html

As I understand, they are having a hard time finding anyone else who wants to buy a bank anymore. I wonder why?

----------


## Wolverine302

been 3 weeks and only 1 failure? wtfm8

----------


## Zippyjuan

Darn. Does this mean the total collapse of the global economy has been posponed?

----------


## SevenEyedJeff

5 so far tonight. 3 in GA.

----------


## Sarge

Thank you for the update.  

Just got back from a week fishing trip and finished unpacking and cleaning up. 

I think they didn't want to do many on a Holiday weekend last week. Playing catch up.

----------


## HOLLYWOOD

It's that day again... AND, it look's like banking fees are going up at Credit Unions. Another hidden/secondary Tax on the people in usury.

http://www.marketwatch.com/story/gov...24?siteid=bnbh

                      Sept. 24, 2010, 5:05 p.m. EDT                      
[h1]Government takes over three credit unions[/h1]
Credit unions to cover losses on $50 billion pool                  (4:24p
  By                  Ronald D. OrolWASHINGTON (MarketWatch) - The federal government on Friday seized threeundercapitalized wholesale credit unions -- Members United Corporate  Federal Credit Union of Warrenville, Ill.; Southwest Corporate Federal  Credit Union of Plano, Tex.; and Constitution Corporate Federal Credit  Union of Wallingford, Conn.-- and unveiled a package of regulations  affecting the industry. *The new rules include a program to have the  institutions pay annual fees to cover the losses on a $50 billion  portfolio of toxic mortgage securities losses on the group of  undercapitalized corporate credit unions.* Last year, in March 2009, the  National Credit Union Administration, the regulator for federal credit  unions, took control of two credit unions.

----------


## HOLLYWOOD

*Haven Trust Bank  Florida, Ponte Vedra Beach, Florida, was closed today by the Florida  Office of Financial Regulation, which appointed the Federal Deposit  Insurance Corporation (FDIC) as receiver.* 

To protect the depositors,  the FDIC entered into a purchase and assumption agreement with First  Southern Bank, Boca Raton, Florida, to assume all of the deposits of  Haven Trust Bank Florida.
  The two branches of Haven Trust Bank Florida will reopen during  their normal business hours beginning Saturday as branches of First  Southern Bank.  Depositors of Haven Trust Bank Florida will  automatically become depositors of First Southern Bank.  Deposits will  continue to be insured by the FDIC, so there is no need for customers to  change their banking relationship in order to retain their deposit  insurance coverage.  Customers of Haven Trust Bank Florida should  continue to use their existing branch until they receive notice from  First Southern Bank that it has completed systems changes to allow other  First Southern Bank branches to process their accounts as well.

  This evening and over the weekend, depositors of Haven Trust Bank  Florida 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 June 30, 2010, Haven Trust Bank Florida had approximately  $148.6 million in total assets and $133.6 million in total deposits.   First Southern Bank did not pay the FDIC a premium for the deposits of  Haven Trust Bank Florida.  In addition to assuming all of the deposits  of the failed bank, First Southern Bank agreed to purchase essentially  all of the assets.

  The FDIC and First Southern Bank entered into a loss-share  transaction on $127.3 million of Haven Trust Bank Florida's assets.   First Southern Bank will share in the losses on the asset pools covered  under the loss-share agreement. The loss-share transaction is projected  to maximize returns on the assets covered by keeping them in the private  sector. The transaction also is expected to minimize disruptions for  loan customers.  For more information on loss share, please visit:  http://www.fdic.gov/bank/individual/...are/index.html.
  Customers who have questions about today's transaction can call the  FDIC toll-free at 1-800-430-6165.  The phone number will be operational  this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday  from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT;  and thereafter from 8:00 a.m. to 8:00 p.m., EDT.  Interested parties  also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/...ntrust_fl.html.


*The FDIC estimates that the cost to the Deposit Insurance Fund (DIF)  will be $31.9 million.  Compared to other alternatives, First Southern  Bank's acquisition was the least costly resolution for the FDIC's DIF.   Haven Trust Bank Florida is the 126th FDIC-insured institution to fail  in the nation this year, and the twenty-fourth in Florida.  The last  FDIC-insured institution closed in the state was Horizon Bank,  Bradenton, on September 10, 2010.*

----------


## cindy25

one more, North County Bank, Arlington WA

----------


## ghengis86

one so far tonight: Wakulla Bank, FL

http://www.fdic.gov/bank/individual/.../banklist.html

----------


## surf

2 - add Shoreline Bank, Shoreline, WA
that's 10 in depression proof ("we have Microsoft and Boeing") Washington

----------


## cindy25

I expect there will be few until after the election; they don't want it on the MSM that many banks failed.

----------


## Sarge

I am sure all believe that all the commercial and housing failures are over and the banks have nothing further to worry about. 

I have not seen that graph on when the next wave of foreclosures hits for awhile.

----------


## devil21

Nice piece of propaganda here:

http://finance.yahoo.com/news/Living...594996651.html




> Living without a bank: Fees and confusion galore
> Saying goodbye to the world of banks, entering the wilderness of unregulated fees 
> 
> NEW YORK (AP) -- The nickel-and-diming never stopped.
> 
> The fees were constant: $28 to cash a paycheck. $1.50 for a money order. A dollar or more every time I swiped the prepaid cash card I bought at the drug store.
> 
> In all, I racked up $93 in fees in a monthlong experiment of living without a bank and making a go of it on the economic fringe. That works out to $1,100 a year just to spend my own money.
> 
> ...


Something tells me that taxpayers are coughing up a lot more than $93 a month in bailouts!

----------


## surf

bump. we've missed the last couple weeks it looks like

edit: 10/15
Premier Bank, MO
Westbridge Bank and Trust, MO
Security Savings Bank, KS
http://www.fdic.gov/bank/individual/.../banklist.html

----------


## Cap

Thanks for bumping this. Looks like 3 more so far today.

The Gordon Bank Gordon GA 33904 October 22, 2010 
Progress Bank of Florida Tampa FL 32251 October 22, 2010 
First Bank of Jacksonville Jacksonville FL October 22, 2010

----------


## HOLLYWOOD

Hmm, where's Sarge?

WAZZUP Sarge

----------


## surf

> Thanks for bumping this. Looks like 3 more so far today.
> 
> The Gordon Bank Gordon GA 33904 October 22, 2010 
> Progress Bank of Florida Tampa FL 32251 October 22, 2010 
> First Bank of Jacksonville Jacksonville FL October 22, 2010


update: 7
add
FNB Barnsville, GA
First Suburban NB Maywood, IL
Hillcrest Bank, Overland Park, KS
First Arizona, Scottsdale, AZ

where is Sarge?

----------


## IPSecure

> Where is Sarge?


On a cruise Link.

----------


## Sarge

Thank you for updating the closures while I was gone. We didn't get home until late last night and then they lost a bag in Phoenix and we had to drive back to the airport, at midnight, when it was found. 

Would you mind doing this again next Friday as we will be flying to Texas Friday?

Thank you.

----------


## Sarge

It is that day again. No closures last week. Election over. Will we see a bunch of closings this week? 

Next week the 11th Veterans Day so I am guessing this is the big weekend.

----------


## Sarge

Two so far today.

http://www.fdic.gov/bank/individual/.../banklist.html

----------


## HOLLYWOOD

FDICgov   FDIC Gov                                        



            First California Bank, Westlake Village, California, Assumes All of the Deposits of Western Commercial Bank, Woo... http://bit.ly/aHNYjj

 
FDICgov   FDIC Gov                                           



                Manufacturers and Traders Trust Company (M&T Bank), Buffalo, New York, Assumes All of the Deposits of K Bank, Ra... http://bit.ly/caT0Le

----------


## Sarge

Two more closed,

FDIC entered into a purchase and assumption agreement with Grandpoint Bank, Los Angeles, California, to assume all of the deposits of First Vietnamese American Bank.

FDIC entered into a purchase and assumption agreement with Heritage Bank, Olympia, Washington, to assume all of the deposits of Pierce Commercial Bank.

----------


## HOLLYWOOD

Total cost this week:

The failure of the four banks will cost the (FDIC) federal deposit-insurance fund a combined *$254.5 million*.

----------


## Sarge

It is that day again. Time to see how many banks they close this week if any.

----------


## Sarge

It looks like 3 closed. Two in GA and one AZ.

http://www.fdic.gov/bank/individual/.../banklist.html

----------


## Sarge

It's Friday again. FDIC to say come on down?

----------


## georgiaboy

yeah, a lot of Georgia banks over leveraged in real estate - not pretty.

----------


## Sarge

Poetic, AR banks taking over FL banks,

Centennial Bank, Conway, Arkansas, Assumes All of the Deposits of Gulf State Community Bank, Carrabelle, Florida 

Sheep in control finally?

----------


## devil21

> yeah, a lot of Georgia banks over leveraged in real estate - not pretty.


I didn't think there were any banks left in GA at this rate.

----------


## HOLLYWOOD

@FDICgov FDIC Gov 


First Michigan Bank, Troy, Michigan, Assumes All of the Deposits of First Banking Center, Burlington, Wisconsin:... http://bit.ly/bjg1XF

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be *$142.6 million*

http://www.fdic.gov/news/news/press/...medium=twitter




Licking my Chops at that bastard US Senator Daniel Inuoye and his $135 Million he stole from the taxpayers. LOOK at the Losses per share over the last 5 quarters! How the hell is this bank still functioning?

http://www.google.com/finance?q=Central+Pacific+Bank+

Closed at: $1.36

$135 Million BAILOUT and their Market Cap today is $41 Million
[h3]Central Pacific Financial Corp. [/h3]
(Public, NYSE:CPF) Watch this stock 
Find more results for* Central Pacific Bank* 
Dow Jones 11,203.55 0.20% S&P 500 1,199.73 0.25% Financial -0.02% CPF 1.36 0.00%

Nov 19 - Close NYSE real-time data - Disclaimer Currency in USD

http://www.google.com/finance?q=NYSE:CPF&fstype=ii



Range 1.32 - 1.3852 week 0.79 - 3.88Open 1.35Vol / Avg. 48,711.00/147,001.00Mkt cap 41.30MP/E -Div/yield -EPS -11.69Shares 30.36MIncome Before Tax Earnings:

9/30/10: *-72.54*
6/30/10: *-16.11*
3/31/10: *-160.22*
12/31/09: *-98.87*
9/30/09: *-173.10*

----------


## Sarge

Due to the Holiday yesterday, I am guessing they don't close any this weekend.

http://www.fdic.gov/bank/individual/.../banklist.html

----------


## HOLLYWOOD

> Due to the Holiday yesterday, I am guessing they don't close any this weekend.
> 
> http://www.fdic.gov/bank/individual/.../banklist.html



FDIC did increase the Troubled Banks on their list up to 860. but good news is the amount of critical loss has been reduced from $403 Billion to $379 Billion in Q3. I don't know how much the FDIC spent in Q3, but I'm sure it's quite a few billion.

http://seekingalpha.com/article/2387...s-to-860-names

[h1]FDIC's Problem Bank List Increases to 860 Names[/h1]
                                                 November 26, 2010

The number of banks on the Federal Deposit Insurance Corporation’s  (FDIC) list of problem institutions in the third quarter grew to 860  from 829 in the previous quarter and 552 in the year-ago quarter, the  organization said on Tuesday. This is the highest since the savings and  loan crisis in the early 1990s.
 Banks that feature on the problem  list are most likely to fail, though some may survive and pull out of  the crisis. As of now, only less than a quarter of banks on FDIC's  problem list have actually failed. This ratio, however, is likely to  change. While the list is increasing gradually, bank failures are  snowballing.
*
How Big Are the Problem Banks?*
 Most  of the problem banks are small institutions; the total assets of the  problem banks fell to $379 billion in the third quarter of 2010 from  $403 billion in the prior quarter. Although about 11% of FDIC insured  institutions are on the problem list, total assets of problem banks  represent only 7% of total FDIC insured deposits.
*
The Fail Trail So Far*
There  have been 149 bank failures so far this year, compared to 140 in 2009,  25 in 2008 and just 3 in 2007. Increasing loan losses on commercial real  estate are expected to cause hundreds more banks to fail in the next  few years.
While the bigger banks have benefited greatly from the  various programs launched by the government, many smaller banks are  still struggling. Tumbling home prices, soaring loan defaults and a high  unemployment rate continue to cast their shadow on such institutions.  Failure of both residential and commercial real estate loans as a result  of the credit crisis has primarily hurt banks.
 With the industry  absorbing bad loans offered during the credit explosion, the banking  system has been exposed to greater problems, aggravating the possibility  of bank failures.
*
The Health of the FDIC*
The  FDIC insures deposits in 7,830 banks and savings associations in the  country, promoting the safety and soundness of these institutions. When a  bank fails, the organization reimburses customers for deposits of up to  $250,000 per account.
 Though the FDIC has managed to shore up  its deposit insurance fund during the last couple of quarters, the  outbreak of bank failures has tested its limits. As of September 30,  2010, the fund remained in the red with a deficit of $8 billion despite  adding $7.2 billion during the quarter.
Further straining the  dwindling FDIC reserves, the amount of assets from the failed banks is  expected to be lower as banks have been cleaning up their balance  sheets.
On the positive side, the consolidated earnings of the  FDIC-insured banks came in at approximately $14.5 billion during the  third quarter, significantly up from $2.8 billion in the year-ago  quarter.
Increasing loan losses on commercial real estate are  expected to lead to hundreds more bank failures in the next few years.  The FDIC expects bank failures to cost about $52 billion over the next  four years.


*En Route to an** Oligopolistic Market?*
 The  bank failures have resulted in a wave of consolidation in the industry.  When Washington Mutual was in the red in 2008 as the largest bank  failure in the U.S. history, it was acquired by *JPMorgan Chase & Co.* (JPM). The other major acquirers of failed institutions since 2008 include *U.S. Bancorp* (USB) and *BB&T Corporation* (BBT).
 If  the current pace of consolidation continues, we will see the emergence  of a handful of large banks, exposing the industry to an oligopolistic  market.

----------


## Sarge

Bumping this up for tonight. They might do several as none last week and the Holidays quickly approaching. We shall see.

----------


## Sarge

FDIC system down until noon Monday. We might not know if they closed any banks until then. Otherwise they are likely dragging this out for next year.

----------


## Sarge

None last week. My guess is if they are going to close anymore banks this year it will be this week. Short Holiday weeks after that. 

http://www.fdic.gov/bank/individual/.../banklist.html

----------


## Sarge

PA and MI banks closed. I think that will be it for this year.

----------


## Sarge

Wow they just did it. Three banks so far,

http://www.fdic.gov/bank/individual/.../banklist.html

I did not expect that the week before the Holidays. 

That brings me to the interest only loans that are ready to blow up in their face. This is not over by a long shot.

----------


## HOLLYWOOD

Breakdown of the 6 failures:

 
FDICgov   FDIC Gov                                             

            Southern Bank, Poplar Bluff, Missouri, Assumes All of the Deposits of *First Southern Bank, Batesville, Arkansas*:... http://bit.ly/hCAIlj

 
FDICgov   FDIC Gov                                             

       Farmers & Merchants Savings Bank, Manchester, Iowa, Assumes All of the Deposits of *Community National Bank, Lino, MN*... http://bit.ly/hSqNky


 
FDICgov   FDIC Gov                                             

       State Bank and Trust Company, Macon, Georgia, Assumes All of the Deposits of* United Americas Bank, National Asso*... http://bit.ly/eu7PUm

 
FDICgov   FDIC Gov                                             

       1st United Bank, Boca Raton, Florida, Assumes All of the Deposits of the *Bank of Miami, National Association, Co*... http://bit.ly/g5AmFj

 

FDICgov   FDIC Gov                                             
    Bank of the Ozarks, Little Rock, Arkansas, Assumes All of the Deposits of *Chestatee State Bank, Dawsonville, Geo*... http://bit.ly/fJY6lG

 
FDICgov   FDIC Gov                                             

       Peoples Bank of East Tennessee, Madisonville, Tennessee, Assumes All of the Deposits of *Appalachian Community Bank*... http://bit.ly/hadICs







Direct

----------


## HOLLYWOOD

FDIC auctioning Real Estate: but look closer... a percentage of the real estate (40% FDIC keeps 60%) and then the bids are a percentage of that value... nice trick Sheila Bair!  

 
FDICgov   FDIC Gov                                             

            FDIC Selects Cache Valley Bank as Winning Bidder for Equity Interest in *$279 Million in Residential Acquisition* * 22.22%* of the unpaid principal balance... http://bit.ly/euXxU2

 
FDICgov   FDIC Gov                                             

            FDIC Selects Colony Capital, LLC as Winning Bidder for Equity Interest in *$137 Million in Commercial Real Estate,* *60.10%* of the unpaid principal balance... http://bit.ly/hLc5e8

 
FDICgov   FDIC Gov                                             

            FDIC Selects ColFin Milestone North Funding, LLC Winning Bidder for an Equity Interest in *$204 Million in Commerical,* *27.00%* of the unpaid principal balance... http://bit.ly/gkuyNC

----------


## Sarge

Oh Noes, who would have guessed. The latest news is, that "100 already bailed out banks are slipping towards failure." according to the WSJ. 

Let them fail. No second bailouts. 

Enough is Enough on bailing out banks.  Someone else can keep track of closings, if they wish, next year. Things are not getting better. My barber said his clients are not saying things are getting better. He hears from all walks and I quiz him each month. With the blizzard, look for some bad numbers coming right up. Lucky they got Christmas under their belt. 

I think six months or less now and there will be no question how ugly it is going to be. I am watching for the jobs count now that the Holiday shopping is over. Wait for the bills to hit in Jan. Just my take.

----------


## Todd

> Oh Noes, who would have guessed. The latest news is, that "100 already bailed out banks are slipping towards failure." according to the WSJ. 
> 
> Let them fail. No second bailouts. 
> 
> Enough is Enough on bailing out banks.  Someone else can keep track of closings, if they wish, next year. Things are not getting better. My barber said his clients are not saying things are getting better. He hears from all walks and I quiz him each month. With the blizzard, look for some bad numbers coming right up. Lucky they got Christmas under their belt. 
> 
> I think six months or less now and there will be no question how ugly it is going to be. I am watching for the jobs count now that the Holiday shopping is over. Wait for the bills to hit in Jan. Just my take.


Just saw that.

http://blacklistednews.com/Rescued-B...13/13/Y/M.html

----------


## HOLLYWOOD

Total Cost imposed on bank patrons for these 2 seized banks: $105 Million


 
FDICgov   FDIC Gov                                                 



                Enterprise Bank & Trust, St. Louis, Missouri, Assumes All of the Deposits of Legacy Bank, Scottsdale, Arizona: ... http://bit.ly/fov1HW

7 Jan 



           »
 
FDICgov   FDIC Gov                                                 



                First Southern Bank, Boca Raton, Florida, Assumes All of the Deposits of First Commercial Bank of Florida, Orlando, Florida... http://bit.ly/dOP2Ss

----------


## cindy25

http://www.fdic.gov/bank/individual/.../banklist.html

4 more today, and one last week

unusual case is Enterprise, no buyer-you get 1 week to get your money

----------


## HOLLYWOOD

> http://www.fdic.gov/bank/individual/.../banklist.html
> 
> *4 more today, and one last week*
> 
> unusual case is Enterprise, no buyer-you get 1 week to get your money


Immediate hit to the FDIC's DIF for the 5 banks is $535.3 million. This doesn't  include all losses in the "loss-share transaction" agreement between the FDIC and the acquiring banks. So much of the other losses will be written off against net incomes, tax credits, subsidies.

I say these 5 will cost the taxpayers(in the long run) at least a $1 billion when said and done.

----------


## HOLLYWOOD

4 Banks so far on BFF:  Total losses immediately assumed by the FDIC, *$545.5 Million*

 
FDICgov   FDIC Gov                                             
    U.S. Bank, National Association, Minneapolis, Minnesota, Assumes All of the Deposits of First Community Bank, Ta... http://bit.ly/fG3Pd5

1 minutes ago
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be *$260.0 million.*



FDICgov   FDIC Gov                                                 
                FDIC Creates the Deposit Insurance National Bank of Louisville to Protect Insured Depositors of FirsTier Bank, L... http://bit.ly/f0H2Ne

21 minutes ago
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be* $242.6 million*


 
FDICgov   FDIC Gov                                                 
                McFarland State Bank, McFarland, Wisconsin, Assumes All of the Deposits of Evergreen State Bank, Stoughton, Wisc... http://bit.ly/hAquGP

1 hour ago
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be* $22.8 million*. 


 
FDICgov   FDIC Gov                                                 
                Bank 7, Oklahoma City, Oklahoma, Assumes All of the Deposits of the First State Bank, Camargo, Oklahoma:   Pres... http://bit.ly/h54veo

3 hours ago
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be* $20.1 million.*

----------


## HOLLYWOOD

FDICgov   FDIC Gov                                             
            Bank of Marin, Novato, California, Assumes All of the Deposits of Charter Oak Bank, Napa, California:   Press R... http://bit.ly/fPf1wR

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be*$21.8** million*.  


 
FDICgov   FDIC Gov                                             
            HeritageBank of the South, Albany, Georgia, Assumes All of the Deposits of Citizens Bank of Effingham, Springfield... http://bit.ly/giHCq1

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be *$59.4** million*. 

 

SCBT National Association, Orangeburg, South Carolina, Assumes All of the Deposits of Habersham Bank, Clarkesville... http://bit.ly/g73WT0

FDICgov   FDIC Gov                                             
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be *$90.3** million*.


  
FDICgov   FDIC Gov                                             

            First California Bank, Westlake Village, California, Assumes All of the Deposits of San Luis Trust Bank, FSB, Sa... http://bit.ly/huR3nO

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be* $96.1** million*.

FAILED BANKS LIST:  http://www.fdic.gov/bank/individual/.../banklist.html

----------


## surf

8 total today
San Luis Trust Bank, FSB  San Luis Obispo CA 34783 First California Bank February 18, 2011 February 18, 2011 
Charter Oak Bank Napa CA 57855 Bank of Marin February 18, 2011 February 18, 2011 
Citizens Bank of Effingham Springfield GA 34601 Heritage Bank of the South February 18, 2011 February 18, 2011 
Habersham Bank Clarkesville GA 151 SCBT National Association February 18, 2011 February 18, 2011 
Canyon National Bank Palm Springs CA 34692 Pacific Premier Bank February 11, 2011 February 18, 2011 
Badger State Bank Cassville WI 13272 Royal Bank  February 11, 2011 February 18, 2011 
Peoples State Bank Hamtramck MI 14939 First Michigan Bank February 11, 2011 February 18, 2011 
Sunshine State Community Bank Port Orange FL 35478 Premier American Bank, N.A. February 11, 2011 February 18, 2011

edit: am i using a differnet site than hollywood? 
http://www.fdic.gov/bank/individual/.../banklist.html

----------


## Zippyjuan

You seem to be looking at the "updated" date and not the actual "closed" date. Take for example the bottom one on your list.  It was closed on February 11th and they updated information on it on the 18th.   It was closed on the 11th, not the 18th. By the "closing date" there were four this week- not eight.

----------


## messana

Is it that time already? 

5 banks down this week.

0 banks last week.

6 banks down two weeks before...

----------


## UWDude

55 banks closed this week so far.

(edit.. LOL... THIS YEAR!!!)

----------


## Zippyjuan

Halfway through the year.  Last year they had a total of 157 and as of July 24th, 2010 they were over 100 so the pace seems to have definately slowed.  http://247wallst.com/2010/07/24/us-b...-64-last-year/ By the end of July 2009 they were up to 69. http://www.marketwatch.com/story/fou...-68-2009-07-31

----------


## HOLLYWOOD

6 more banks


FDICgov   FDIC Gov                                                         
Bank of Choice     Greeley     CO     2994     Bank Midwest, N.A.     July 22, 2011 


FDICgov   FDIC Gov                                                         
LandMark Bank of Florida     Sarasota     FL     35244     American Momentum Bank     July 22, 2011 


FDICgov   FDIC Gov                                                         
Southshore Community Bank     Apollo Beach     FL     58056     American Momentum Bank     July 22, 2011 

 
FDICgov   FDIC Gov                                                         
    Old National Bank, Evansville, Indiana, Assumes All of the Deposits of Integra Bank, National Association, Ev... http://1.usa.gov/rnd1IF 29 Jul 

 
FDICgov   FDIC Gov                                                         
            SCBT, National Association, Orangeburg, South Carolina, Assumes All of the Deposits of BankMeridian, N.A., Co... http://1.usa.gov/oRzAMY 29 Jul 

 
FDICgov   FDIC Gov                                                         
    Xenith Bank, Richmond, Virginia, Assumes All of the Deposits of Virginia Business Bank, Richmond, Virginia:  ... http://1.usa.gov/n1tm6C

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## Benjam

Today, the First National Bank of Olathe was taken over by Enterprise Banks and Trust of Clayton.

Recently, FNBO had sold many branches to Metcalf Bank.

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## HOLLYWOOD

It's Friday

 
FDICgov   FDIC Gov                                                       
            Sabadell United Bank, National Association, Miami, Florida, Assumes All of the Deposits of Lydian Private Ban... 1.usa.gov/nyx3s2

 
 
FDICgov   FDIC Gov                                                       
            Capital Bank, National Association, Rockville, Maryland, Assumes All of the Deposits of Public Savings Bank, ... 1.usa.gov/ocOs98

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## Todd

Isn't this thread still relevant?

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## fatjohn

Relevant yes, but not quite as entertaining as it once was.
Now it is will a bank fail this friday and not how many.

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## Zippyjuan

I see there have been a total of three so far this year.  Guess the worst is well passed.  http://www.fdic.gov/bank/individual/.../banklist.html
Compare that to eleven by this time last year, 23 by this date in 2011, 22 for 2010, 16 for 2009, and two for 2008.

During the S&L crisis of the 1980's there were over 100 closures a year for ten straight years- with the peak year having over 500 (1988 and 1989 together had a combined total of over 1000). http://mjperry.blogspot.com/2008/01/...-failures.html

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## Acala

Well, thank God the banks are doing better!  I was worried there for awhile.

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## Lucille

> I see there have been a total of three so far this year.  Guess the worst is well passed.  http://www.fdic.gov/bank/individual/.../banklist.html
> Compare that to eleven by this time last year, 23 by this date in 2011, 22 for 2010, 16 for 2009, and two for 2008.


Is the worst well passed, "Juan?"  The "TBTF" are gobbling up small banks (just like they are fraudclosures) before they can be shuttered.  Thanks to the repugnant bailouts and Frankendodd, TBTF continue to get bigger.

It's how fascism rolls.

Wall Streeters say Obama's second term will be the death knell for small banks.




> Emmett Daly, a Sandler O'Neill dealmaker who specializes in small banks, predicted at an industry conference put on by Mergermarket on Thursday that the number of banks in the U.S. would shrink to a few hundred. There are currently more than 7,000. Bill Egan, head of financial institutions investment banking at Bank of America Merrill Lynch, agreed, but said the weeding out process was likely to take more than a decade.


Too Big to Fail Rules Hurting Too Small to Compete Banks




> “I do see probably anywhere from 2,000 to 4,000 banks being swallowed up, and what you’ll see then is a more- concentrated system.” 
> [...]
> JPMorgan’s Dimon, a critic of regulations he views as unnecessary or excessive, has recently touted the benefits. He told Citigroup analysts this month that new rules will help banks such as JPMorgan, the largest in the U.S., win market share from smaller competitors, the analysts wrote in a report.
> 
> In Dimon’s view, they wrote, the changes will “make it more expensive and tend to make it tougher for smaller players to enter the market, effectively widening JPM’s ‘moat.’” 
> 
> The new rules, it turns out, may be doing more to shield banks from competition than to make them safer.


Great.




> “An environment that doesn’t learn from mistakes is one that’s not very healthy,” Taleb said today in an interview with Erik Schatzker on Bloomberg Television. “We should have broken up the banks, we should be decentralizing. Instead the system is getting more centralized.”
> 
> Three of the four largest U.S. banks -- JPMorgan Chase & Co., Bank of America Corp. and Wells Fargo & Co. -- are bigger today than they were in 2007, heightening the risk of economic damage if one gets into trouble.





> During the S&L crisis of the 1980's there were over 100 closures a year for ten straight years- with the peak year having over 500 (1988 and 1989 together had a combined total of over 1000).


You know what else happened during the S&L crisis?  Banksters were actually prosecuted for their crimes.  Not under O Duce.  But hey, as long as "the worst is well passed," I guess the greatest (on-going) theft of the people's money, the biggest scandal in the history of the republic, and the destruction of the country was worth it.

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## Lucille

> Well, thank God the banks are doing better!  I was worried there for awhile.


"What's good for the banks is good for the country!
--The Bank Dick

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