Bank failure Friday

January 23, 2010

Two billion-plus failures tonight….

By the way….Adam from BearishNews reminds us that the FDIC opened a temporary midwest satellite office to help with asset sales and bank closings.

#5

  • Failed bank: Premier American Bank, Miami FL
  • Acquiring bank: Premier American Bank Natl Assoc., Miami FL
  • Vitals: as of 9/30/09, assets of $350.9 million, deposits of $326.3 million
  • Estimated DIF damage: $85 million

#6

  • Failed bank: Bank of Leeton, Leeton MO
  • Acquiring bank: Sunflower Bank Natl Assoc., Salina KS
  • Vitals: as of 12/31/09, assets of $20.1m, deposits of $20.4m
  • Estimated DIF damage: $8.1 million

#7

  • Failed bank: Charter Bank, Santa Fe NM
  • Acquiring bank: Charter Bank, Albuquerque NM
  • Vitals: as of 9/30/09, assets of $1.2 billion, deposits of $851.5m
  • Estimated DIF damage: $201.9 million

#8

  • Failed bank: Evergreen Bank, Seattle WA
  • Acquiring bank: Umpqua Bank, Roseburg OR
  • Vitals: as of 9/30/09, assets of $488.5m, deposits of $439.4m
  • Estimated DIF damage: $64.2m

#9

  • Failed bank: Columbia River Bank, The Dalles OR
  • Acquiring bank: Columbia State Bank, Tacoma WA
  • Vitals: as of 9/30/09, assets of $1.1 billion, deposits of $1.0 billion
  • Estimated DIF damage: $172.5 million
Comments

FDIC also just announced a new (temporary) Midwest office to handle upcoming failures. Ruh-roh.

http://www.fdic.gov/news/news/press/2010  /pr10011.html

 

Late last year the FDIC approved some new rules to make it easier for private equity funds to acquire busted banks. Now that the Obama administration has proposed new
regulations to outlaw banks and BHC from engaging in prop trading or operating ‘hedge funds won’t this kill this effort to attract new capital for an already stressed banking sector and increase the losses of the DIF?

Posted by sangellone | Report as abusive
 

I guess Obama’s policy of reining in on banks is just on time. Time to have some controls to avoid anymore dangers of systemic failures.

 

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