Rolfe Winkler

Bank failure Friday

June 19, 2010

Slow Friday….

#83

–Failed bank: Nevada Security Bank, Reno NV
–Acquiring bank: Umpqua Bank, Roseburg OR
–Vitals: assets of $480.3 million deposits of $479.8 million
–Estimated DIF damage: $80.9 million

Bank failure Friday

June 12, 2010

Just one tonight it appears…

#82

–Failed bank: Washington First International Bank, Seattle WA
–Acquiring bank: East West Bank, Pasadena CA
–Vitals: assets of $520.9 million, deposits of $441.4 million
–Estimated DIF damage: $158.4 million

Bank failure Friday

May 28, 2010

Happy long weekend everyone!

#74

–Failed bank: Bank of Florida – Southeast
–Acquiring bank: EverBank, Jacksonville FL
–Vitals: assets of $595.3 million, deposits of $531.7 million
–Estimated DIF damage:$71.4 million

Bank failure Friday

May 14, 2010

Ameris Bank, the acquiring institution of the night’s first failure, has now gone to the well three times. The company’s share price hit a low of $5.05 on Thursday 11/5/06, the day before it made its second FDIC-assisted transaction. Since then, the stock has more than doubled to $10.89. This is good business, acquiring busted banks!

Bank failure Friday

May 7, 2010

#65

—Failed bank: The Bank of Bonifay, Bonifay FL
—Regulator: Florida Office of Financial Regulation
—Acquiring bank: First Federal Bank of Florida, Lake City FL
—Vitals: assets of $242.9 million, deposits of $230.2 million
—Estimated DIF damage: $78.7 million

Bank failure Friday — PR banks go down

April 30, 2010

Taken together, the estimated loss for the Deposit Insurance Fund for the three failed Puerto Rican banks is a whopping $5.3 billion (add another $2.1 billion for the night’s other 4 failures).

Bank failure Friday: 7 in Illinois, one tied to Obama

April 24, 2010

FDIC may be using up all available hotel rooms in Chicago this weekend as it closes five banks in the city and two others elsewhere in Illinois.

Bank failure Friday

April 16, 2010

Reporting from somewhere over Louisiana (Delta in-flight WiFi = very cool). Big bank failure news far tonight is a coordinated closure of three banks that involves three different regulators and a 50%/50% loss share agreement with FDIC and the acquiring bank. Typical loss-shares had been 95/5 and the news was they were going to 80/20. Here the FDIC has apparently secured a deal to share losses equally.

Bank failure Friday, also 80 is the new 95

March 26, 2010

A bit of news to go with this week’s failures. FDIC said it will cut the amount of losses it absorbs on failed bank assets sold to acquirers. Here’s the Reuters story by Karey Wutkowski. More from Paul Miller at FBR Research:

Bank failure Friday

March 19, 2010

Three more in Georgia….

#37

—Failed bank: State Bank of Aurora, Aurora, MN
—Regulator: Minnesota Department of Commerce
—Acquiring bank: Northern State Bank, Ashland, WI
—Vitals: assets of $28.2 million, deposits $27.8 million
—Transaction: loss share on $21.3 million of assets
—Estimated DIF damage: $4.2 million

Bank failure Friday

March 12, 2010

Valley National got a package deal — they picked up LibertyPointe last night and got another tonight. Plus, don’t look now, but NYC is suffering a veritable wave of bank closures. Two in two days. These are the first in the Big Apple since 1999.

Bank failure Thursday

March 12, 2010

Generally you don’t see midweek failures unless everyone’s taking Friday off.

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.

Bank failure Friday

March 1, 2010

Reader note: Some Internet troubles over the weekend delayed this post. Apologies.

Bank failure Friday

February 20, 2010

Reader note: As always, this post will be updated as bank failures are announced. One large one so far tonight…and it was acquired by OneWest, the former IndyMac, which was the subject of a controversial web video a week ago. The video went viral and FDIC was forced to respond. Though the video was badly misguided, the episode highlighted the fact that FDIC doesn’t provide as much disclosure as it could about loss-share agreements. But before getting to bank failures, a note on upcoming FDIC news.