Another 5 banks gone today. http://www.fdic.gov/news/news/press/2009/index.html Bank Closing Information - July 31, 2009 These links contain useful information for the customers and vendors of these closed banks. Mutual Bank, Harvey IL First BankAmericano, Elizabeth, NJ Peoples Community Bank, West Chester, OH Integrity Bank, Jupiter, FL First State Bank of Altus, Altus, OK
Everything is fine, no need to worry, recession is over, we can all look to economic growth and great prosperity. The good times are back, 3000 banks could fail by 2015 however this economy will be stronger than it ever was before. So they say.....
2 more this week... August 8, 2009 F.D.I.C. Closes Two Failed Banks Based in Florida By BLOOMBERG NEWS First State Bank and Community National Bank, both based in Sarasota, Fla., were closed on Friday, pushing the number of failed American lenders to 71 this year. The Federal Deposit Insurance Corporation was named receiver for both banks. Closing the lenders, with combined assets of $560 million and deposits of $480 million, will cost the deposit insurance fund about $140 million. Stearns Bank of St. Cloud, Minn., will assume all deposits, the agency said. http://www.nytimes.com/2009/08/08/business/economy/08bizbriefs-FDICCLOSESTW_BRF.html
Aug 14, 2009, 6:49 p.m. EST SAN FRANCISCO (MarketWatch) -- Colonial BancGroup Inc. became the largest bank failure this year Friday after the Federal Deposit Insurance Corporation seized the struggling Alabama-based lender and sold it to BB&T Corp. The deal will knock roughly $2.8 billion off a pool of money, known as the Deposit Insurance Fund, which the FDIC maintains to guarantee bank customer deposits. http://www.radaronline.com/exclusiv...ired-looking-kate-regroups-after-argument-jon
Trivial compared to WaMu. Let us see if another Playa goes down, not these little guys. Or a Real Playa like C or maybe even GE. It's not good news, but it could indeed be a lot worse.
It's not good news, but it's not TEOTWAWKI either, not even close. The S&L crisis cost us about 160 B. Taking inflation from 1989 to 2008 that's about 275 B in today's US Dollars Lite. And that didn't flush the country down the toilet. Even the second largest (Florida thrift BankUnited FSB) is less than 5 B. We might spend that much buying clunkers. We're not out of the woods (I suspect we're even heading further in still) but it's not dark and stormy. Not yet, anyway.
took a little while...but it happened late last night. http://www.nytimes.com/aponline/2009/08/21/us/politics/AP-US-Bank-Closures.html?_r=2 WASHINGTON (AP) -- Regulators on Friday shut down Guaranty Bank, a big Texas-based lender felled by losses on loans to homebuilders and borrowers, in the second-largest U.S. bank failure this year. Guaranty's failure, along with those of three banks in Georgia and Alabama Friday, brought to 81 the number of U.S. bank failures in 2009, a mounting toll and the most in a year since 1992 at the height of the savings-and-loan crisis. The Federal Deposit Insurance Corp. seized Guaranty Bank, with about $13 billion in assets and $12 billion in deposits, and sold all of its deposits and $12 billion of the assets to BBVA Compass, the U.S. division of Banco Bilbao Vizcaya Argentaria SA, Spain's second-largest bank. It was the first foreign bank to buy a failed U.S. bank. In addition, the FDIC agreed to share losses with BBVA on about $11 billion of Guaranty Bank's assets. The collapse of Austin-based Guaranty Bank, whose parent company was Guaranty Financial Group Inc., was the 10th-largest bank failure in U.S. history. It is expected to cost the deposit insurance fund an estimated $3 billion. The bank, with 162 branches in Texas and California, also suffered losses on mortgage-linked securities it bought from other banks. Birmingham, Ala.-based BBVA Compass, with 600 branches from Florida to California, said the acquisition creates the 15th-largest commercial bank in the U.S., with about $49 billion in deposits. ''This compelling transaction makes excellent strategic sense and represents an exciting growth opportunity for BBVA Compass as we continue to build the leading banking franchise in the high-growth Sunbelt region,'' Jose Maria Garcia Meyer, chairman of BBVA Compass, said in a statement.