BFF=Bank Failure Friday 2010
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SevenEyedJeff
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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/failed/banklist.html
Here's the link to the FDIC failed bank list:
http://www.fdic.gov/bank/individual/failed/banklist.html
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.
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.
HOLLYWOOD
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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.
Last edited:
eric_cartman
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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.
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.
I wonder how much Sheila has left of that money after re filling the slush fund they, cough, borrowed from to survive.
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.
FDIC must now spend all the three years of money they took in, last month, to save what they can not save.
SevenEyedJeff
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So none today? 
First of the year I guess
http://www.reuters.com/article/idUSN08445320100109?type=marketsNews
Horizon bank. about 1/2 billion buckaroos. Pennies.
http://www.reuters.com/article/idUSN08445320100109?type=marketsNews
Horizon bank. about 1/2 billion buckaroos. Pennies.
SevenEyedJeff
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It sure came out late today. There must be a bit of holiday hangover at the FDIC.
WRellim
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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).
Horizon's TexRat was 141 on 6/30/2009 listing (up from 67 on 12/30/2008 listing).
surf
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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.
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.
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.
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.
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.
bobbyw24
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Regulators shutter small banks in Illinois and Minnesota
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/economy/bank_failure/index.htm
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/economy/bank_failure/index.htm
bobbyw24
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Just Ahead: Worst FDIC Losses From Bank Failures, Ever
http://www.ronpaulforums.com/showthread.php?p=2504131#post2504131
http://www.ronpaulforums.com/showthread.php?p=2504131#post2504131
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