Commentaries
Now raising intellectual capital
from Rolfe Winkler:
Bank failure Friday
-
Failed bank: First National Bank of Georgia, Carrollton GA
Acquiring bank: Community & Southern Bank, Carrollton GA
Vitals: at 9/30/09, assets of $832.6m, deposits of $757.9m
Estimated DIF damage: $260.4m
-
Failed bank: Florida Community Bank, Immokalee FL
Acquiring bank: Premier American Bank NA, Miami FL
Vitals: at 9/30/09, assets of $875.5m, depoists of $795.5m
Estimated DIF damage: $352.6m
-
Failed bank: Marshall Bank NA, Hallock MN
Acquiring bank: United Valley Bank, Cavalier ND
Vitals: at 9/30/09, assets of $59.9m, deposits of $54.7m
Estimated DIF damage: $4.1m
-
Failed bank: Community Bank & Trust, Cornelia GA
Acquiring bank: SCBT Bank NA, Orangeburg SC
Vitals: at 9/30/09, assets of $1.21 billion, deposits of $1.11 billion
Estimated DIF damage: $354.5m
from Rolfe Winkler:
Bank failure Friday
The year has started off slowly: Only 4 closings the first half of January. Expect FDIC to pick up the pace...
-
Failed bank: Town Community Bank & Trust, Antioch IL
Acquiring bank: First American Bank, Elk Grove Village IL
Vitals: as of 9/30, assets of $69.6m, deposits of $67.4m
Estimated DIF damage: $17.8m
from Rolfe Winkler:
Tonight’s bank failures: $14.5 billion combined assets
Wow....huge night....$14.5 billion in combined assets from tonight's failures. The biggest fish is First Fed, with $6.1 billion of assets. First Fed was the last of the big option ARM lenders. Seems like FDIC wants to get a lot off its plate before the holidays...
-
Failed bank: Rockbridge Commercial Bank, Atlanta GA
Acquiring bank: None
Vitals: at 9/30 assets of $294m, deposits of $291.7m
DIF damage estimate: $124m
A rare payout transaction. Actually the sixth so far this year. I spoke to FDIC's Greg Hernandez who gave me some interesting particulars on this bank regarding why it couldn't find a buyer.
from Rolfe Winkler:
Bank failure Friday
It was a slow night. One small bank failed.
-
Failed bank: Commerce Bank of SW FL, Fort Myers FL
Acquiring bank: Central Bank, Stillwater MN
Vitals: at 8/28, assets of $79.7m, deposits of $76.7m
DIF damage: $23.6m
Central has been busy. They also acquired the assets of Riverview Community Bank and Jennings State Bank in October, as well as Mainstreet Bank in August.
from Rolfe Winkler:
Bank failure Friday
IBERIABANK is busy tonight, acquiring $3.1 billion of failed bank assets. The bank also bought nearly $600m of assets from the estate of CapitalSouth Bank of Alabama back in August.
After these transactions, IBERIABANK will have increased its balance sheet nearly 67% since June.
from Rolfe Winkler:
Bank failure Friday
As per usual, we begin in Georgia. The last one of the night is a big one.
-
Failed bank: United Security Bank, Sparta GA
Acquiring bank: Ameris Bank, Moultrie GA
Vitals: as of 9/14/09, assets of $157m, deposits of $150m
DIF damage: $58 million
Ameris Bank also bought American United two weeks ago.
-
Failed bank: Home Federal Savings Bank, Detroit MI
Acquiring bank: Liberty Bank and Trust, New Orleans LA
Vitals: as of 9/24/09, assets of $14.9m, deposits of $12.8m
DIF damage: $5.4 million
from Rolfe Winkler:
#100….and counting (+ charts)
Another failure in Georgia. And two in Naples.
-
Failed bank: Partners Bank, Naples FL
Acquiring bank: Stonegate Bank, Ft. Lauderdale FL
Vitals: as of 9/30, assets of $66 million, deposits of $65m
DIF damage: $28.6m
-
Failed bank: American United Bank, Lawrenceville GA
Acquiring bank: Ameris Bank, Moultrie GA
Vitals: as of 8/11, assets of $111 million, deposits of $102m
DIF damage: $44m
from Rolfe Winkler:
Bank failure Friday, Bair on TBTF at Buttonwood
At Buttonwood, Sheila Bair noted that the DIF's balance, its net worth, is now negative. They have $20 billion+ of cash on hand, but much is accounted for by the fund's contingent loss reserve, which is to say the money is spoken for based on failures already in the pipeline.
The plan to accelerate assessments on banks is an accounting gimmick that protects their earnings and capital. That said, it's good news FDIC will be raising more cash, $45 billion is the estimate.
from Rolfe Winkler:
Bank failure Friday
Later this evening, I'll have a post on stats for all failed banks since the beginning of 2007. In the meantime, we have our first failure of Q4:
-
Failed bank: Warren Bank, Warren MI
Acquiring bank: Huntington National, Columbus OH
Vitals: as of July 31, assets of $538 million, deposits of $501 million
DIF damage: $275 million
from Rolfe Winkler:
Bank Failure Friday
Sheila got an early start this week, normally the first failures happen after 6PM EST.
-
Failed bank: Georgian Bank, Atlanta GA
Acquiring bank: First Citizens Bank & Trust
Vitals: as of July 24th, assets of $2 billion, deposits of ~$2 billion
DIF Damage: $892 million
Yet another failure in Georgia!
-
The Wall
