BFF=Bank Failure Friday 2010

Bank Failure #104--NorthWest Bank & Trust, Acworth, Ga

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 said:
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/failed/banklist.html

2 FL and one GA.
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[FONT=arial, helvetica, sans-serif]Check this out... http://www.marketwatch.com/story/fdic-gets-into-the-securitization-business-2010-07-30
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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.
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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.
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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.
 
Up to 109th bank... FDIC closes Ravenswood Bank of Chicago. ShoreBank soon?

http://www.thestreet.com/story/10830224/1/chicago-bank-fails.html?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.
 
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.
 
Heading over to some friends house in a couple of hours, so I will bring this forward.

Friday the 13th. How many tonight?
 
US Senator Daniel Inouye Funneled $135 Million to HIS BANK with $700K of his assets!

Wolverine302 said:
One
Click to expand...

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! :mad:

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/pacific/stories/2009/06/29/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/content/article/2009/06/30/AR2009063004229.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.
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Central Pacific Financial (CPF)

@ 4:02 PM Click the portfolio to add CPF:
+ Add CPF to Portfolio Last Trade: $1.57
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+0.02 (1.29%) Volume: 198,552 78% of avg daily volume Avg Volume: 256,000 3-Month Chart (Larger chart w/volume)
stockcharts.cgi
stockcharts.cgi

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
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CPF
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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).
 
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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.
 
Why isn't this f^%%^ being investigated by the Ethics Committee? Yeah, I already know the answer. :(
 
Obama / Ramn Emanuel / Valerie Jarrod's SHOREBANK siezed by FDIC. Wall St on the hook

Cap said:
4 tonight.
Click to expand...


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.

FAILEDBANKS08202010.png
 
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