Bank failure Friday

March 5, 2010

Sheila Bair has said publicly that more banks will fail this year than last (140), so we can expect bank failures to stay elevated.

Reader note: I’ve added a new bullet point for each failure. Because I’m a glutton for punishment on a Friday night? Possibly. But also because, technically, FDIC doesn’t pull the trigger to close a bank. The regulator closes the bank and appoints FDIC receiver. They do coordinate. And, of course, FDIC folks are the boots on the ground that repo the bank…

Check back for updates to this post as failures roll in tonight.

#23

—Failed bank: Sun American Bank, Boca Raton FL
—Regulator: Florida Office of Financial Regulation
—Acquiring bank: First Citizens Bank & Trust Co, Raleigh NC
—Vitals: at 12/31/09, assets of $536 million, deposits of $444 million
—Estimated DIF damage: $104 million

#24

—Failed bank: Bank of Illinois, Normal IL
—Regulator: Illinois Department of Financial Professional Regulation – Division of Banking
—Acquiring bank: Heartland Bank & Trust Co, Bloomington IL
—Vitals: at 12/31/09, assets of $212 million, deposits of $199 million
—Estimated DIF damage: $54 million

#25

—Failed bank: Waterfield Bank, Germantown MD
—Regulator: OTS
—Acquiring bank: None
—Vitals: at 12/31/09, assets of $156 million, deposits of $156 million
—Estimated DIF damage: $51 million

#26

—Failed bank: Centennial Bank, Ogden UT
—Regulator: Utah Department of Financial Institutions
—Acquiring bank: None…payout transaction
—Vitals: at 12/31/09, assets of $215 million, deposits of $205 million
—Estimated DIF damage: $96 million

Comments

BIG BANKS control the VOTES in GOVERNMENTS AROUND THE WORLD.

If you accept that, go to step #2, which is, “How to regulate BIG BANKS.”

First, BIG BANKS cannot BREAK FEDERAL BANKING LAWS and then GET AWAY WITH IT…..

To see an example, visit: http://www.ThisIsJustice.com

Posted by KentSchisler | Report as abusive
 

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