Bank failure Friday

Jun 19, 2010 01:21 UTC

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

Jun 12, 2010 02:07 UTC

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

On another, far more important topic — the U.S. match against England tomorrow — a British friend suggests the stakes be increased. To wit:

IF THE US WINS: Britain officially becomes the 51st state; the queen becomes a charwoman at the White House and American rock stars are forbidden by law to affect English accents.

IF ENGLAND WINS: American Independence is revoked and you revert to being a colony with Her Gracious Majesty as your head of state. Frisbees, Rollerblades and Jerry Springer-type TV shows are then made illegal.

Bank failure Friday

May 28, 2010 23:44 UTC

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

#75

–Failed bank: Bank of Florida – Southwest
–Acquiring bank: EverBank, Jacksonville FL
–Vitals: assets of $640.9 million and deposits of $559.9
–Estimated DIF damage: $91.3 million

#76

–Failed bank: Bank of Florida – Tampa Bay
–Acquiring bank: EverBank, Jacksonville FL
–Vitals: assets of $245.2 million and deposits of $224.0 million
–Estimated DIF damage: $40.3 million

#77

–Failed bank: Granite Community Bank, N.A., Granite Bay CA
–Acquiring bank: Tri Counties Bank, Chico CA
–Vitals: assets of $102.9 million and deposits of $94.2 million
–Estimated DIF damage: $17.3 million

#78

–Failed bank: Sun West Bank, Las Vegas NV
–Acquiring bank: City National Bank, Los Angeles CA
–Vitals: assets of $360.7 million and deposits of $353.9 million
–Estimated DIF damage: $96.7 million

Bank failure Friday

May 14, 2010 21:34 UTC

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!

(Though Sheila Bair has said FDIC is getting better deals of late…)

#69

–Failed bank: Satilla Community Bank, Saint Marys GA
–Regulator: Georgia Department of Banking and Finance
–Acquiring bank: Ameris Bank, Moultrie GA
–Vitals: assets of $135.7 million, deposits of $134.0 million
–Transaction: Loss share on $101.0 million of assets
–Estimated DIF damage: $31.3 million

#70

–Failed bank: New Liberty Bank, Plymouth MI
–Regulator: Michigan Office of Financial and Insurance Regulation
–Acquiring bank: Bank of Ann Arbor, Ann Arbor MI
–Vitals: assets of $109.1 million, deposits of $101.8 million
–Transaction: Loss share on $95.2 million of assets
–Estimated DIF damage: $25.0 million

#71

–Failed bank: Southwest Community Bank, Springfield MO
–Regulator: Missouri Division of Finance
–Acquiring bank: Simmons First National Bank, Pine Bluff AR
–Vitals: assets of $96.6 million, deposits of $102.5 million
–Transaction: Loss share on $66.8 million of assets
–Estimated DIF damage: $29.0 million

#72

–Failed bank: Midwest Bank and Trust Company, Elmwood Park IL
–Regulator: Illinois Dept of Financial Professional Regulation
–Acquiring bank: Firstmerit Bank, National Association, Akron OH
–Vitals: assets of $3.17 billion, deposits of $2.42 billion
–Transaction: Loss share on $2.27 billion of assets
–Estimated DIF damage: $216.4 million

Bank failure Friday

May 7, 2010 23:13 UTC

#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

#66

—Failed bank: Access Bank, Champlin MN
—Regulator: Minnesota Department of Commerce
—Acquiring bank: PrinsBank, Prinsburg MN
—Vitals: assets of $32.0 million, deposits of $32.0 million
—Estimated DIF damage: $5.5 million

#67

—Failed bank: Towne Bank of Arizona, Mesa AZ
—Regulator: Arizona Department of Financial Institutions
—Acquiring bank: Commerce Bank of Arizona, AZ
—Vitals: assets of $120.2 million, deposits of $113.2 million
—Estimated DIF damage: $41.8 million

#68

—Failed bank: 1st Pacific Bank of California, San Diego CA
—Regulator: California Department of Financial Institutions
—Acquiring bank: City National Bank, Los Angeles CA
—Vitals: assets of $335.8 million, deposits of $291.2 million
—Estimated DIF damage: $87.7 million

COMMENT

Man, its a shame all those small banks are having to pay extra FDIC assesments to pay for closing all those big banks.

Posted by Beezlebufo | Report as abusive

Bank failure Friday — PR banks go down

Apr 30, 2010 21:43 UTC

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).

That’s the largest hit to the Deposit Insurance Fund since IndyMac failed nearly two years ago, costing the DIF $10.7 billion.

Though its “net worth” stood at -$20.9 billion as of 12/31/09, FDIC reported that the DIF had $66 billion of cash on hand. So Sheila won’t be asking Treasury for funds any time soon. Failures have been, and will continue to be, paid for out of assessments on banks.

By assets, WesternBank and R-G Premier Bank rank #2 and #8 on CR’s unofficial problem bank list.

It’s also worth noting that the pace of bank failures has picked up significantly. This week there were 7, last week there were 7, the week before there were 8. Year-to-date, FDIC has closed twice as many banks in 2009 (64) as 2008 (32).

#58

–Failed bank: Eurobank, San Juan, Puerto Rico
–Regulator: Puerto Rico Commissioner of Financial Institutions
–Acquiring bank: Oriental Bank and Trust, San Juan, Puerto Rico
–Transaction: loss share on $1.58 billion of assets
–Vitals: assets of $2.56 billion, deposits of $1.97 billion
–Estimated DIF damage: $743.9 million

#59

–Failed bank: R-G Premier Bank of Puerto Rico, Hato Rey, Puerto Rico
–Regulator: Puerto Rico Commissioner of Financial Institutions
–Acquiring bank: Scotiabank de Puerto Rico, San Juan, Puerto Rico
–Transaction: loss share on $5.41 billion of assets
–Vitals: assets of $5.92 billion, deposits of $4.25 billion
–Estimated DIF damage: $1.23 billion

#60

–Failed bank: Westernbank Puerto Rico, Mayaguez, Puerto Rico
–Regulator: Puerto Rico Commissioner of Financial Institutions
–Acquiring bank: Banco Popular de Puerto Rico, San Juan, Puerto Rico
–Transaction: loss share on $8.77 billion of assets
–Vitals: assets of $11.94 billion, deposits of $8.62 billion
–Estimated DIF damage: $3.31 billion

#61

–Failed bank: CF Bancorp, Port Huron MI
–Regulator: Michigan Office of Financial and Insurance Regulation
–Acquiring bank: First Michigan Bank, Troy MI
–Transaction: loss share on $808.1 million of assets
–Vitals: assets of $1.65 billion, deposits of $1.43 billion
–Estimated DIF damage: $615.3 million

#62

–Failed bank: Champion Bank, Creve Coeur MO
–Regulator: Missouri Division of Finance
–Acquiring bank: BankLiberty, Liberty MO
–Transaction: loss share on $113.5 million of assets
–Vitals: assets of $187.3 million, deposits of $153.8 million
–Estimated DIF damage: $52.7 million

#63

–Failed bank: BC National Banks, Butler MO
–Regulator: OCC
–Acquiring bank: Community First Bank, Butler MO
–Transaction: loss share on $37.9 million of assets
–Vitals: assets of $67.2 million, deposits of $54.9 million
–Estimated DIF damage: $11.4 million

#64

–Failed bank: Frontier Bank, Everett WA
–Regulator: Washington Department of Financial Institutions
–Acquiring bank: Union Bank, National Association, San Francisco CA
–Transaction: loss share on $3.04 billion of assets
–Vitals: assets of $3.50 billion, deposits of $3.13 billion
–Estimated DIF damage: $1.37 billion

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

Apr 24, 2010 01:41 UTC

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.

But the big news is that one in particular has close ties to the whippersnapper Democratic candidate for IL’s U.S. Senate seat, and peripheral ones to President Obama. The Senate Candidate, Alexi Giannoulias, was an executive at Broadway Bank, owned by his family. While he was there, the bank morphed into an aggressive commercial real estate lender, funding itself primarily with high interest-rate brokered deposits.

Using brokered deposits to expand quickly in CRE is a common recipe for failure ever since the S&L crisis.

Most interesting are the characters that Broadway lent to. The Chicago Tribune reported earlier this month that it had lent $20 million to two known felonswhile Giannoulias was a senior loan officer.

It’s a must read story:

Shortly after Broadway began lending money to a Chicago firm the pair formed, Giorango and Stavropoulos used that company to launch their own lending business and make more than 40 short-term loans to borrowers who might not qualify for traditional bank financing, the Tribune found. Such so-called hard-money loans are typically riskier than long-term mortgages offered by banks.

Broadway officials say they were unaware of the pair’s lending operation and believe the bank’s loans were used solely to fund real estate purchases. They acknowledged they did not inspect or audit the company’s business records, though Broadway’s loan provisions allowed the bank to do so.

They were lending millions to these guys and they didn’t even know where the money was going?!?

In a two-hour interview this week with the Tribune, Giannoulias’ older brother, Demetris Giannoulias, the bank’s president and CEO, said he established Broadway’s relationship with Giorango in the mid-1990s. Giorango began investing in Chicago properties after completing two federal prison stints for running bookmaking schemes….

Demetris Giannoulias said the bank learned of Giorango’s bookmaking and prostitution promotion convictions from a spring 2004 Tribune report detailing those cases.

“But we’re a relationship bank,” he said. “So somebody comes in and in all his dealings with the bank seem to be on the level, everything makes sense, nothing seems illicit or untoward. Just because somebody gets a bad article written about them there’s no reason to say, ‘Hey, listen, I’m going to kick you out the door because you don’t win a popularity contest.’ We didn’t think he was doing anything illegal.”

Alexi Giannoulias happens to be an old basketball buddy of the President and his is just the latest seedy story in Chicago politics. He was elected state Treasurer at 29 thanks to an endorsement from then Senate candidate Barack Obama. His only experience had been at Broadway.

How did he get elected Treasurer? Because Obama endorsed him. Why did Obama endorse him? Because the Giannoulias family had been big financial supporters for Obama’s Senate campaign (Alexi continued his financial support for presidential candidate Obama).

Another well-known felon also got loans from Broadway: Tony Rezko.

Giannoulias continues to dodge questions about his time at the bank. As I noted in February, he won the Democratic primary despite Broadway having received a rebuke from FDIC just days before the election.

Now that the bank has officially been seized, it will be a tougher topic to avoid. Hopefully Democrats will lean on Giannoulias to quit the race. He has no business being there in the first place.

——

Here’s the run down of tonight’s failures:

#51

–Failed bank: Amcore Bank, National Association, Rockford IL
–Regulator: OCC
–Acquiring bank: Harris National Association, Chicago IL
–Transaction: loss share covering $2.0 billion of assets
–Vitals: assets of $3.8 billion, deposits of $3.4 billion
–Estimated DIF damage: $220.3 million

#52

–Failed bank: Broadway Bank, Chicago IL
–Regulator: IL Dept of Financial and Professional Regulation — Division of Banking
–Acquiring bank: MB Financial Bank, National Association, Chicago IL
–Transaction: loss share on $878.4 million
–Vitals: assets of $1.2 billion, deposits of $1.1 billion
–Estimated DIF damage: $394.3 million

#53

–Failed bank: Citizens Bank&Trust Company of Chicago, Chicago IL
–Regulator: IL Dept of Financial and Professional Regulation — Division of Banking
–Acquiring bank: Republic Bank of Chicago, Oak Brook IL
–Transaction: Republic pays small premium for deposits, FDIC retains assets
–Vitals: assets of $77.3 million, deposits of $74.5 million
–Estimated DIF damage: $20.9 million

#54

–Failed bank: New Century Bank, Chicago IL
–Regulator: IL Dept of Financial and Professional Regulation — Division of Banking
–Acquiring bank: MB Financial Bank, National Association, Chicago IL
–Transaction: loss share on $429.1 million of assets
–Vitals: assets of $485.6 million, deposits of $492.0 million
–Estimated DIF damage: $125.3 million

#55

–Failed bank: Lincoln Park Savings Bank, Chicago IL
–Regulator: IL Dept of Financial and Professional Regulation — Division of Banking
–Acquiring bank: Northbrook Bank and Trust Company, Northbrook IL
–Transaction: loss share on $141.5 million of assets
–Vitals: assets of $199.9 million, deposits of $171.5 million
–Estimated DIF damage: $48.4 million

#56

–Failed bank: Peotone Bank and Trust Company, Peotone IL
–Regulator: IL Dept of Financial and Professional Regulation — Division of Banking
–Acquiring bank: First Midwest Bank, Itasca IL
–Transaction: loss share of $57.5 million of assets
–Vitals: assets of $130.2 million, deposits of $120.0 million
–Estimated DIF damage: $31.7 million

#57

–Failed bank: Wheatland Bank, Naperville IL
–Regulator: IL Dept of Financial and Professional Regulation — Division of Banking
–Acquiring bank: Wheaton Bank & Trust, Wheaton IL
–Transaction: loss share on $300.2 million
–Vitals: assets of $437.2 million, deposits of $438.5 million
–Estimated DIF damage: $133.0 million

COMMENT

7 bank failures in Illinois only on 04/23.
Here is the list and graph of bank failures :
http://portalseven.com/banks/Failed_Bank s_List_2010.jsp

About todays bank failures :

Total Assets of failed banks = 6.33 billion
Total Deposits of failed banks = 5.80 billion
Total number of branches of failed banks = 73
Total cost to DIF = 973.9 million

Check more on bank failures at:
http://portalseven.com/banks/

Posted by portalseven | Report as abusive

Bank failure Friday

Apr 16, 2010 23:05 UTC

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.

#43

—Failed bank: Lakeside Community Bank, Sterling Heights MI
—Regulator: Michigan Office of Financial and Insurance Regulation
—Acquiring bank: None
—Transaction: payout transaction
—Vitals: assets of $53 million, deposits of $52.3 million
—Estimated DIF damage: $11.3 million

#44

—Failed bank: AmericanFirst Bank, Clermont FL
—Regulator: Florida Office of Financial Regulation
—Acquiring bank: TD Bank, National Association, Wilmington DE
—Transaction: 50/50 loss share on total of $2.2 billion of assets among three institutions
—Vitals: assets of $90.5 million, deposits of $81.9 million
—Estimated DIF damage: $10.5 million

#45

—Failed bank: First Federal Bank of North Florida
—Regulator: OTS
—Acquiring bank: TD Bank NA
—Transaction: 50/50 loss share on total of $2.2 billion of assets among three institutions
—Vitals: assets of $393.3 million, deposits of $324.2 million
—Estimated DIF damage: $6.0 million (one of the smallest loss rates as % of assets since WaMu cost the DIF $0)

#46

—Failed bank: Riverside National Bank of Florida
—Regulator: OCC
—Acquiring bank: TD Bank NA
—Transaction: 50/50 loss share on total of $2.2 billion of assets among three institutions
—Vitals: assets of $3.42 billion, deposits of $2.76 billion
—Estimated DIF damage: $491.8 million

#47

—Failed bank: Butler Bank, Lowell MA
—Regulator: Massachusetts Division of Banks
—Acquiring bank: People’s United Bank, Bridgeport CT
—Transaction: loss share of $206 million of assets
—Vitals: assets of $268 million, deposits of $233.2 million
—Estimated DIF damage: $22.9 million

#48

—Failed bank: Innovative Bank, Oakland CA
—Regulator: California Department of Financial Institutions
—Acquiring bank: Center Bank, Los Angeles CA
—Transaction: loss share on $178.1 million
—Vitals: assets of $268.9 million, deposits of $225.2 million
—Estimated DIF damage: $37.8 million

#49

—Failed bank: Tamalpais Bank, San Rafael CA
—Regulator: California Department of Financial Institutions
—Acquiring bank: Union Bank, NA, San Francisco CA
—Transaction: loss share on $522.3 million of assets
—Vitals: assets of $628.9 million, deposits of $487.6 million
—Estimated DIF damage: $81.1 million

#50

—Failed bank: City Bank, Lynnwood WA
—Regulator: Washington Department of Financial Institutions
—Acquiring bank: Whidbey Island Bank, Coupeville WA
—Transaction: loss share on $455.6 million of assets
—Vitals: assets of $1.13 billion, deposits of $1.02 billion
—Estimated DIF damage: $323.4 million

Bank failure Friday, also 80 is the new 95

Mar 26, 2010 22:29 UTC

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:

We expected 95/5 loss sharing to be eliminated at some point as acquirers gained better clarity into the actual losses on these portfolios, and acquirers’ bids on failed banks have become more competitive in recent months as that clarity into losses materialized. When elimination of 95/5 becomes effective, the FDIC loss-sharing agreement will be 80/20 for the entire loan portfolio.

The change to the loss-sharing agreement will have the biggest impact on the FDIC, in our view, as it will simplify failed bank transactions for them. Regulators will no longer have to use resources to determine where the appropriate 80/20 to 95/5 loss sharing thresholds should lie, and on the margin the cost to the deposit insurance fund (DIF) should decrease as the FDIC will absorb a lesser percentage of losses on really bad portfolios.

For details on loss sharing, see here. But in a nutshell, FDIC will now guarantee up to 80% of the losses on assets subject to loss-share agreements, down from 95%. This will cut the amount that potential acquirers are willing to bid for failed banks, reducing the Deposit Insurance Fund’s take on the front-end, but I’m sure FDIC has done the math and higher loss guarantees are costing the DIF more over time.

On to tonight’s failures….two more in Georgia. which accounts for about one-sixth of all bank failures since 2008 according to Wutkowski. Blame speculative lending, in particular on CRE.

#41

–Failed bank: Desert Hills Bank, Phoenix AZ
–Regulator: Arizona Department of Financial Institutions
–Acquiring bank: New York Community Bank, Westbury NY
–Vitals: at 12/31, assets of $496.6 million, deposits of $426.5 million
–Transaction: loss-share on $325.9 million assets
–Estimated DIF damage: $106.7 million

#40

–Failed bank: Unity National Bank, Cartersville GA
–Regulator: OCC
–Acquiring bank: Bank of the Ozarks, Little Rock AR
–Vitals: at 12/31, assets of $292.2 million, deposits of $264.3 million
–Transaction: loss-share on $206.1 million assets
–Estimated DIF damage: $67.2 million

#39

–Failed bank: Key West Bank, Key West FL
–Regulator: OTS
–Acquiring bank: CharterBank, West Point GA
–Vitals: at 12/31, assets of $362.9 million, deposits of $343.3 million
–Transaction: loss-share on $263.1 million assets
–Estimated DIF damage: $123.3 million

#38

–Failed bank: McIntosh Commercial Bank, Carrollton GA
–Regulator: Georgia Department of Banking and Finance
–Acquiring bank: Centennial Bank, Conway AR
–Vitals: at 12/31, assets of $88.0 million, deposits of $67.7 million
–Transaction: loss-share on $75.8 million assets
–Estimated DIF damage: $23.1 million

COMMENT

There isn’t a making your way around the possibility that eco-friendly, puppy pleasant shoes are high-priced in comparison to the alternative kind. But as a swelling heart and soul, you ought to consider this value onto your satisfaction. Individually, I’d rather bleed a bit of money when compared with wear an issue that bled an increased amount of another thing..

Bank failure Friday

Mar 19, 2010 20:23 UTC

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

#36

—Failed bank: First Lowndes Bank, Fort Deposit, AL
—Regulator: Alabama Banking Department
—Acquiring bank: First Citizens Bank, Luverne, AL
—Vitals: assets of $137.2 million, deposits $131.1 million
—Transaction: loss share on $104.1 million of assets
—Estimated DIF damage: $38.3 million

#35

—Failed bank: Bank of Hiawassee, Hiawassee, GA
—Regulator: Georgia Department of Banking and Finance
—Acquiring bank: Citizens South Bank, Gastonia, North Carolina
—Vitals: assets of $377.8 million, deposits $339.6 million
—Transaction: loss share on $232.6 million of assets
—Estimated DIF damage: $137.7 million

#34

—Failed bank: Appalachian Community Bank, Ellijay GA
—Regulator: Georgia Department of Banking and Finance
—Acquiring bank: Community and Southern Bank, Carrollton GA
—Vitals: assets of $1.01 billion, deposits $917.6 million
—Transaction: loss share on $798.6 million of assets
—Estimated DIF damage: $419.3 million

#33

—Failed bank: Advanta Bank, Draper UT
—Regulator: Utah Department of Financial Institutions
—Acquiring bank: None
—Vitals: assets of $1.6 billion, deposits $1.5 billion
—Transaction: Payout
—Estimated DIF damage: $635.6 million

#32

—Failed bank: Century Security Bank, Duluth GA
—Regulator: Georgia Department of Banking and Finance
—Acquiring bank: Bank of Upson, Thomaston GA
—Vitals: assets of $96.5 million, deposits of $94.0 million
—Transaction: loss share on $81.5 million of assets
—Estimated DIF damage: $29.9 million

#31

—Failed bank:American National Bank, Parma OH
—Regulator: OCC
—Acquiring bank: National Bank and Trust Co, Wilmington OH
—Vitals: assets of $70.3 million, deposits of $66.8 million
—Transaction: loss share on $49.8 million of assets
—Estimated DIF damage: $17.1 million

Check back for updates.

Bank failure Friday

Mar 12, 2010 22:21 UTC

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.

#28

—Failed Bank: Park Avenue Bank, NY NY
—Regulator: New York State Banking Department
—Acquiring bank: Valley National Bank, Wayne NJ
—Vitals: at 12/31, assets of $520.1 million, deposits of $494.5 million
—Estimated DIF damage: $50.7 million

#29

—Failed Bank: Old Southern Bank, Orlando FL
—Regulator: Florida Office of Financial Regulation
—Acquiring bank: Centennial Bank, Conway AR
—Vitals: at 12/31, assets of $315.6 million, deposits of $319.7 million
—Estimated DIF damage: $94.6 million

#30

—Failed Bank: Statewide Bank, Covington LA
—Regulator: Louisiana Office of Financial Institutions
—Acquiring bank: Home Bank, Lafayette LA
—Vitals: at 12/31, assets of $243.2 million, deposits of $208.8 million
—Estimated DIF damage: $38.1 million

Bank failure Thursday

Mar 12, 2010 00:40 UTC

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

From AP:

The bank catered largely to the Orthodox Jewish community in Manhattan and Brooklyn….The bank was closed by New York state’s banking regulators and the FDIC appointed as receiver on Thursday, rather than on Friday as is customary for bank shutdowns because of the Jewish Sabbath falling at sundown Friday into Saturday.

#27

—Failed bank: LibertyPointe Bank, NY NY
—Regulator: New York State Banking Department
—Acquiring bank: Valley National Bank, Wayne NJ
—Vitals: at 12/31, assets of $209.7 million, deposits of $209.5 million
—Estimated DIF damage: $24.8 million

The last Thursday closures were on July 2nd, 2008, when seven were shuttered. July 3rd everyone had off, including FDIC.

Before that BankUnitedwas closed on  May, 21. And before BKUNA was WaMu, which was seized Sept 25, 2008.

COMMENT

Correction, the extraordinary *size* of the CDS market is proof of its leverage and evidence that Felix’s statement was false.

Posted by DanHess | Report as abusive

Bank failure Friday

Mar 5, 2010 22:47 UTC

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

COMMENT

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

Bank failure Friday

Mar 1, 2010 05:49 UTC

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

#21

  • Failed bank: Carson River Community Bank, Carson City NV
  • Acquiring bank: Heritage Bank of Nevada, Reno NV
  • Vitals: as of 12/31, assets of $51.1 million, deposits of $50 million
  • Estimated DIF damage: $7.9 million

#22

  • Failed bank: Rainier Pacific Bank, Tacoma WA
  • Acquiring bank: Umpqua Bank, Roseburg OR
  • Vitals: as of 12/31, assets of $718 million, deposits of $446 million
  • Estimated DIF damage: $95.2 million

Bank failure Friday

Feb 20, 2010 01:16 UTC

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.

The quarterly banking profile is due out next Tuesday the 23rd. Key information to look for will include the updated problem bank list, the number of banks on it as well as their total assets and deposits.

Also the funded status of the DIF will be updated. Be careful here. The fund’s balance will likely fall deeper into negative territory, but in fact it will be in better position than last quarter.

Why? Last quarter banks prepaid 3 years worth of regular assessments all at once….should work out to about $45 billion in cash that went to FDIC. But on the DIF’s balance sheet the cash all counts as deferred revenue, not capital.

The flip side of the coin is that the banking system doesn’t have to write down $45 billion worth of capital. Instead they get to treat the $45 billion payment as a “prepaid asset,” to be drawn down in equal parts over the next twelve quarters as payments come due.

This accounting treatment is the reason banks supported prepaying $45 billion worth of “regular” assessments even though they screamed bloody murder about paying a one-time $5.6 billion “special” assessment last June 30. The special assessment counted as a hit to capital….

It’s hard to explain how this works without a lesson in accrual accounting. Imagine prepaying 12 months of your cable bill in January. On your personal income statement, which is designed to match up expenses and income for a given period, you would recognize your monthly bill as it comes due even though you paid the bill in advance.

For more, check out this September story from Reuters’ Karey Wutkowski.

#17

  • Failed bank: Marco Community Bank, Marco Island FL
  • Acquiring bank: Mutual of Omaha Bank, Omaha NE
  • Vitals: at 12/31/09, assets of $119.6 million, deposits of $117.1 million
  • Estimated DIF damage: $38.1 million

#18

  • Failed bank: La Coste National Bank, La Coste TX
  • Acquiring bank: Community National Bank, Hondo TX
  • Vitals: at 12/31/09, assets of $53.9 million, deposits of $49.3 million
  • Estimated DIF damage: $3.7 million

#19

  • Failed bank: George Washington Savings Bank, Oak Park IL
  • Acquiring bank: FirstMerit Bank NA, Akron OH
  • Vitals: at 12/31/09, assets of $412.8 million, deposits of $397 million
  • Estimated DIF damage: $141.4 million

#20

  • Failed bank: La Jolla Bank, FSB, La Jolla CA
  • Acquiring bank: OneWest Bank, FSB, Pasadena CA
  • Vitals: at 12/31/09, assets of $3.6 billion, deposits of $2.8 billion
  • Estimated DIF damage: $882.3 million
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