and there goes another one........................... Columbian Bank and Trust Co. of Topeka, Kansas, was closed by U.S. regulators today, the ninth U.S. bank to collapse this year amid bad real-estate loans and writedowns stemming from a drop in home prices. The bank, with $752 million in assets and $622 million in total deposits, was shuttered by the Kansas state bank commissioner's office and the Federal Deposit Insurance Corp., the FDIC said today in a statement. Citizens Bank and Trust will assume the failed bank's insured deposits. Columbian Bank's nine branches will open Aug. 25 as Citizens Bank and Trust offices, the FDIC said. Customers can access their accounts over the weekend by writing checks or using ATM or debit cards. ``There is no need for customers to change their banking relationship to retain their deposit insurance coverage,'' the FDIC's statement said. The pace of bank closings is accelerating after financial companies reported more than $500 billion in writedowns and credit losses since the start of 2007. The FDIC's ``problem'' bank list grew by 18 percent in the first quarter from the preceding three-month period, to 90 banks with combined assets of $26.3 billion. Historically Low Levels FDIC Chairman Sheila Bair said last month she expected more lenders to fail this year as the pace of shutdowns rises from historically low levels. Before today, the FDIC had closed 36 banks since October 2000, according to a list at fdic.gov. The U.S. shut 12 banks in 2002, the most in the period, and there were no closures in 2005 and 2006. A call to the Kansas Office of the State Bank Commissioner after regular business hours wasn't immediately returned. U.S. bank regulators closed Florida's First Priority Bank on Aug. 1; Reno-based First National Bank of Nevada, Newport Beach, California-based First Heritage Bank, and Pasadena-based IndyMac Bancorp Inc. in July; Staples, Minnesota-based First Integrity Bank and ANB Financial in Bentonville, Arkansas, in May; Hume Bank in Hume, Missouri, in March; and Douglass National Bank in Kansas City, Missouri, in January. http://www.bloomberg.com/apps/news?pid=20601103&sid=aJqU2qEw3_2c&refer=us
And yet another one...... Integrity Bank of Alpharetta, GA. The list goes on. That makes 10 bank failures so far this year. There will be more, many more. We are going to see some big names fail in my opinion. I wonder why we don't hear about these bank failures in the mainstream media??? They are clearly trying to protect Wall st. The Federal Reserve is a joke, the FDIC will eventually run out of money to cover account holders if this keeps up. Freddie and Fannie should have been allowed to fail, why should mine and your tax dollars bail them out, because they hold the largest number or mortgages?....Hogwash! If these institutions keep getting bailed out, what's to say it won't happen in the future? That's just like letting your kid do whatever he wants without an discipline what so ever. Here is the link to the FDIC failed bank list. Keep a close eye on it as we cannot trust that the media will let us know what the real truth is. http://www.fdic.gov/bank/individual/failed/banklist.html
Were following long established Republican Party principles,,privatize profits,,and socialize losses.
Something like 1400 banks failed between 1988 and 1994. 10 failed so far in 2008. Big collective yawn.
Does this mean anyone in that bank with over $100,000 in their account will lose the balance over $100,000? If one has a checking account with $90,000 and a Savings account with $120,000. Will he only lose $20,000 or $110,000 Thanks