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2009 Bank Failures
- Thread starter Show-me
- Start date
:laugh: They are just like ammunition manufactures, working three shifts seven days a week. :laugh:
James48843
Well-known member
It's FRIDAYYYY....
BANK IMPLODING DAY......
And, for the first time in weeks,
There are NO BANK IMPLOSION FDIC TAKEOVERS, OR CREDIT UNIONS CLOSED TODAY.
I don't know if that is good news, or bad news.
it means the FDIC is out of money.
Anyway- it's 9:30 p.m., and the FDIC website does NOT list any new bank closings today.
BANK IMPLODING DAY......
And, for the first time in weeks,
There are NO BANK IMPLOSION FDIC TAKEOVERS, OR CREDIT UNIONS CLOSED TODAY.
I don't know if that is good news, or bad news.
it means the FDIC is out of money.
Anyway- it's 9:30 p.m., and the FDIC website does NOT list any new bank closings today.
James48843
Well-known member
Maybe. But it is a VERY interesting movie- it makes you think about things you might not have thought about before. Pretty funny too- this one, on a high finance humor level.
I would challenge anyone to go watch the movie, then decide for yourself. I found it a great thought provoking movie.
One interesting thing about Michael Moore: probably 90% of the people who attack him have actually NEVER watched one of his movies. I think they're all great from Roger and Me, Bowling for Columbine, Sicko and Fahrenheit 9/11. I can't wait to watch this one.
The newest idea behind our system has been to privatize profit and socialize loss. The taxpayer picks up the check for bank losses.
The people and events that he brings to light are real people and real events. Yes, they're presented in a certain light, that goes without question. But his movies all bring us solid nuggets of uncomfortable truth about America.
This new movie really should make people uncomfortable. It's what makes it a great movie.
The newest idea behind our system has been to privatize profit and socialize loss. The taxpayer picks up the check for bank losses.
The people and events that he brings to light are real people and real events. Yes, they're presented in a certain light, that goes without question. But his movies all bring us solid nuggets of uncomfortable truth about America.
This new movie really should make people uncomfortable. It's what makes it a great movie.
Riiiiiiggggghhhhtttt. I'm sure Michael Moore will be as truthful about capitalism as he was about GM, the U.S. healthcare system, guns, and 9/11. Moore is a crackpot who speaks truth only to those that want to believe what he is saying is the truth. He lives in a fantasy land, as do many of his fans.
James48843
Well-known member
Go see the new Michael Moore movie- you will then understand what the bank implosions are all about.
Credit Unions? Yes- we have had a number of credit unions go down in this cycle- the three more today are just a part of it too.
Credit Unions? Yes- we have had a number of credit unions go down in this cycle- the three more today are just a part of it too.
The question remains as to what new banking regulations have been created to make sure that this financial implosion doesn't happen again. The answer, right now, is that there are no new regulations. The banking industry has carefully fought any new regulatory mechanisms that would ensure this doesn't happen again.
I guess, after the huge taxpayer bailout, that they just don't need any restrictions?
Get ready to pay more.
I guess, after the huge taxpayer bailout, that they just don't need any restrictions?
Get ready to pay more.
James48843
Well-known member
It's FRIDAY.....
BANK IMPLODE DAY........
Today....THREE BANKS, THREE CREDIT UNIONS GO DOWN.
See http://bankimplode.com
More:
Top Banking Bust News Network Pickups
BANK IMPLODE DAY........
Today....THREE BANKS, THREE CREDIT UNIONS GO DOWN.
See http://bankimplode.com
More:
Top Banking Bust News Network Pickups
- Imploded: Southern Colorado National Bank, Pueblo, Colorado [2009-10-02] [SIZE=-1]- The FDIC closed Jennings State Bank, Spring Grove, Minnesota, making it the 98th failed bank of the year. Read our full coverage...[/SIZE]
- Imploded: West Texas Credit Union of El Paso, Texas [2009-10-02] [SIZE=-1]- "The National Credit Union Administration (NCUA) announces today that Security Service Federal Credit Union, of San Antonio, Tex...[/SIZE]
- Imploded: The Members’ Own Federal Credit Union of Victorville, California, [2009-10-02] [SIZE=-1]- "The National Credit Union Administration (NCUA) today accepted appointment as liquidating agent of Clearstar Financial Credit U...[/SIZE]
- Imploded: Clearstar Financial Credit Union [2009-10-02] [SIZE=-1]- "The National Credit Union Administration (NCUA) today accepted appointment as liquidating agent of Clearstar Financial Credit U...[/SIZE]
- Imploded: Jennings State Bank, Spring Grove, Minnesota [2009-10-02] [SIZE=-1]- The FDIC closed Jennings State Bank, Spring Grove, Minnesota, making it the 97th failed bank of the year. Read our full coverage...[/SIZE]
- Imploded: Warren Bank, Warren Michigan - [SIZE=-2][2009-10-02][/SIZE]
mayday
Active member
The FDIC Is Broke
The Federal Deposit Insurance Corporation went broke today, admitting that its reserves are exhausted for paying bank depositors at failed banks. That's the bad news. But, Zero Hedge had a suggestion for preventing a run on the banks:
Zero Hedge wishes Ms. Bair all the luck in the world in returning the DIF to its statutory minimum requirement of 1.15% of all insured deposits (a shortfall of a mere hundred billion or so). Maybe she can convert the FDIC to a REIT and have Merrill Lynch do a concurrent IPO and follow-on offering (while Goldman raises it to a Conviction Buy which incorporates the firm's expectations for 10% GDP growth in 2010 coupled with projections for $1,000 per barrel of crude)?
The FDIC is going to be demanding that healthy banks pay three years' worth of fees to replenish the fund. That would be 2010, 2011 and 2012. Next year, they can demand three more years' worth of fees---that would take care of 2013, 2014 and 2015. It sounds like one California county which retroactively raised taxes---then promptly assessed a late payment fee on "overdue taxes".
The Federal Deposit Insurance Corporation went broke today, admitting that its reserves are exhausted for paying bank depositors at failed banks. That's the bad news. But, Zero Hedge had a suggestion for preventing a run on the banks:
Zero Hedge wishes Ms. Bair all the luck in the world in returning the DIF to its statutory minimum requirement of 1.15% of all insured deposits (a shortfall of a mere hundred billion or so). Maybe she can convert the FDIC to a REIT and have Merrill Lynch do a concurrent IPO and follow-on offering (while Goldman raises it to a Conviction Buy which incorporates the firm's expectations for 10% GDP growth in 2010 coupled with projections for $1,000 per barrel of crude)?
The FDIC is going to be demanding that healthy banks pay three years' worth of fees to replenish the fund. That would be 2010, 2011 and 2012. Next year, they can demand three more years' worth of fees---that would take care of 2013, 2014 and 2015. It sounds like one California county which retroactively raised taxes---then promptly assessed a late payment fee on "overdue taxes".
mayday
Active member
Burn, Baby, Burn
Recession Over; Get Ready For The Next One
Well, the worst recession since the Great Depression is over now, aren't you glad? Now that you feel so much better, we have to admit that was the good news. The bad news is that the next recession is warming up. Government stimulus spending should keep the next recession from starting before about the middle of next year. Why? Simple. The next recession is inevitable to anyone who can do the math. But, the timing is based upon simple politics. Congressional Elections are coming next year and it's never good for the incumbent President's party to actually lose their majority in Congress. So, look for additional government spending over the next nine months to paint lipstick on this pig of an economy. Once the Election returns are in, pull the plug, the party's over. And, the next recession is very likely to be much worse than the last one.
Recession Over; Get Ready For The Next One
Well, the worst recession since the Great Depression is over now, aren't you glad? Now that you feel so much better, we have to admit that was the good news. The bad news is that the next recession is warming up. Government stimulus spending should keep the next recession from starting before about the middle of next year. Why? Simple. The next recession is inevitable to anyone who can do the math. But, the timing is based upon simple politics. Congressional Elections are coming next year and it's never good for the incumbent President's party to actually lose their majority in Congress. So, look for additional government spending over the next nine months to paint lipstick on this pig of an economy. Once the Election returns are in, pull the plug, the party's over. And, the next recession is very likely to be much worse than the last one.
mayday
Active member
"I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale."
--Thomas Jefferson (letter to John Taylor in 1816)
--Thomas Jefferson (letter to John Taylor in 1816)
Show-me
Well-known member
Just remember, prime loan failure have exceeded subprime loan failure. Banks are hold off on foreclosures because they don't want to dilute the housing market more. The Fed is going to cut back on buying Treasuries which will make the yield go up and the mortgage rates go up. First time home buyer tax credit expires soon.
There are thing going on in the shadows and now we will start to see if the economy can stand without the taxpayer crutch.
There are thing going on in the shadows and now we will start to see if the economy can stand without the taxpayer crutch.
James48843
Well-known member
By the way- the "Unofficial troubled bank list" has expended significantly over the last two months.
It's a list of banks that have "Tier 1" effective leverage ratio's of less than 6%. It's not an official list, but rather more of a watch list to see
how they are fairing in general. Those in the "red" zone are at the most risk, and need to raise reserves.
Here's the list:
http://bankimplode.com/list/troubledbanks.htm
It's a list of banks that have "Tier 1" effective leverage ratio's of less than 6%. It's not an official list, but rather more of a watch list to see
how they are fairing in general. Those in the "red" zone are at the most risk, and need to raise reserves.
Here's the list:
http://bankimplode.com/list/troubledbanks.htm
James48843
Well-known member
It's FRIDAY!
BANK CLOSING DAY!
===================================================
[FONT=arial, helvetica, sans-serif] First Citizens Bank and Trust Company, Incorporated, Columbia, South Carolina, Assumes All of the Deposits of Georgian Bank, Atlanta, Georgia
FOR IMMEDIATE RELEASE
September 25, 2009
[/FONT][FONT=arial, helvetica, sans-serif]Georgian Bank, Atlanta, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First Citizens Bank and Trust Company, Inc., Columbia, South Carolina, to assume all of the deposits of Georgian Bank.[/FONT]
[FONT=arial, helvetica, sans-serif]The five branches of Georgian Bank will reopen on Monday as branches of First Citizens Bank. Depositors of Georgian Bank will automatically become depositors of First Citizens Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branches until First Citizens Bank can fully integrate the deposit records of Georgian Bank.[/FONT]
[FONT=arial, helvetica, sans-serif]This evening and over the weekend, depositors of Georgian Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.[/FONT]
[FONT=arial, helvetica, sans-serif]As of July 24, 2009, Georgian Bank had total assets of $2 billion and total deposits of approximately $2 billion. In addition to assuming all of the deposits of the failed bank, First Citizens Bank agreed to purchase essentially all of the assets.[/FONT]
[FONT=arial, helvetica, sans-serif]
The FDIC and First Citizens Bank entered into a loss-share transaction on approximately $2 billion of Georgian Bank's assets. First Citizens Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-sharing arrangement is projected to maximize returns on the assets covered by keeping them in the private sector. The agreement also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.[/FONT]
[FONT=arial, helvetica, sans-serif]Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-405-1498. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT. Interested parties can also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/georgian.html.[/FONT]
[FONT=arial, helvetica, sans-serif]The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $892 million. First Citizens Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. Georgian Bank is the 95th FDIC-insured institution to fail in the nation this year, and the nineteenth in Georgia. The last FDIC-insured institution closed in the state was First Coweta, Newnan, on August 21, 2009.[/FONT]
Source: The FDIC: http://www.fdic.gov/news/news/press/2009/pr09177.html
BANK CLOSING DAY!
===================================================
[FONT=arial, helvetica, sans-serif] First Citizens Bank and Trust Company, Incorporated, Columbia, South Carolina, Assumes All of the Deposits of Georgian Bank, Atlanta, Georgia
FOR IMMEDIATE RELEASE
September 25, 2009
Media Contact:
LaJuan Williams-Dickerson
Office (202) 898-3876
Email: lwilliams-dickerson@fdic.gov
LaJuan Williams-Dickerson
Office (202) 898-3876
Email: lwilliams-dickerson@fdic.gov
[/FONT][FONT=arial, helvetica, sans-serif]Georgian Bank, Atlanta, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First Citizens Bank and Trust Company, Inc., Columbia, South Carolina, to assume all of the deposits of Georgian Bank.[/FONT]
[FONT=arial, helvetica, sans-serif]The five branches of Georgian Bank will reopen on Monday as branches of First Citizens Bank. Depositors of Georgian Bank will automatically become depositors of First Citizens Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branches until First Citizens Bank can fully integrate the deposit records of Georgian Bank.[/FONT]
[FONT=arial, helvetica, sans-serif]This evening and over the weekend, depositors of Georgian Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.[/FONT]
[FONT=arial, helvetica, sans-serif]As of July 24, 2009, Georgian Bank had total assets of $2 billion and total deposits of approximately $2 billion. In addition to assuming all of the deposits of the failed bank, First Citizens Bank agreed to purchase essentially all of the assets.[/FONT]
[FONT=arial, helvetica, sans-serif]
The FDIC and First Citizens Bank entered into a loss-share transaction on approximately $2 billion of Georgian Bank's assets. First Citizens Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-sharing arrangement is projected to maximize returns on the assets covered by keeping them in the private sector. The agreement also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.[/FONT]
[FONT=arial, helvetica, sans-serif]Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-405-1498. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT. Interested parties can also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/georgian.html.[/FONT]
[FONT=arial, helvetica, sans-serif]The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $892 million. First Citizens Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. Georgian Bank is the 95th FDIC-insured institution to fail in the nation this year, and the nineteenth in Georgia. The last FDIC-insured institution closed in the state was First Coweta, Newnan, on August 21, 2009.[/FONT]
[FONT=arial, helvetica, sans-serif]# # #[/FONT]
[FONT=arial, helvetica, sans-serif]
[/FONT]
[FONT=arial, helvetica, sans-serif]
[/FONT]
Source: The FDIC: http://www.fdic.gov/news/news/press/2009/pr09177.html
Show-me
Well-known member
While you were sleeping, one more bit the dust.
Sept. 11, 2009, 11:41 p.m. EDT
3 more bank failures bring 2009 total to 92
Explore related topics
By John Letzing, MarketWatch
SAN FRANCISCO (MarketWatch) -- Regulators closed three more banks Friday, bringing the 2009 total to 92.
Closings announced by the Federal Deposit Insurance Corp.:
John Letzing is a MarketWatch reporter based in San Francisco.
http://www.marketwatch.com/story/corus-minn-busts-bring-09-bank-failures-to-91-2009-09-11
Sept. 11, 2009, 11:41 p.m. EDT
3 more bank failures bring 2009 total to 92
Explore related topics
By John Letzing, MarketWatch
SAN FRANCISCO (MarketWatch) -- Regulators closed three more banks Friday, bringing the 2009 total to 92.
Closings announced by the Federal Deposit Insurance Corp.:
- Chicago-based Corus Bank, /quotes/comstock/15*!cors/quotes/nls/cors (CORS 0.26, -0.07, -21.26%) which had $7 billion in assets and $7 billion in deposits as of June 30, the FDIC said. The bank's deposits have been assumed by MB Financial Bank, the FDIC added. MB Financial /quotes/comstock/15*!mbfi/quotes/nls/mbfi (MBFI 17.03, +0.52, +3.15%) will pay the FDIC a premium of 0.2% to assume all of the failed bank's deposits, and has agreed to purchase roughly $3 billion of its assets, "comprised mainly of cash and marketable securities," the regulator said. Reports of Corus Bank's failure had surfaced earlier Friday. The Corus failure will cost the federal deposit-insurance fund $1.7 billion.
- Venture Bank, Lacey, Wash., which as of July 28 had total assets of $970 million and total deposits of $903 million according to the FDIC. The FDIC said First-Citizens Bank & Trust Co., Raleigh, N.C., will assume all of the deposits of Venture Bank; will buy $874 million of the assets and entered into a share-loss transaction for $715 million of the assets. The FDIC said it will retain the remaining assets for later disposition. It estimated the cost to the deposit insurance fund at $298 million. Venture Bank, based in an Olympia suburb, is the third in Washington to fail this year and the first since Westsound Bank in Bremerton on May 8.
- Brickwell Community Bank, Woodbury, Minn., which had $72 million in assets and $63 million in deposits as of July 24, according to the FDIC. Its deposits have been assumed by Mitchell, S.D.-based CorTrust Bank. Brickwell, based in a Minneapolis-St. Paul suburb, is the third bank to fail in Minnesota this year and will cost the deposit-insurance fund $22 million.
John Letzing is a MarketWatch reporter based in San Francisco.
http://www.marketwatch.com/story/corus-minn-busts-bring-09-bank-failures-to-91-2009-09-11
Show-me
Well-known member
Regulators seize construction lender Corus Bank
Regulators close major Chicago-based commercial real estate lender; 91 bank failures this year
http://finance.yahoo.com/q/h?s=mbfi
CHARLOTTE, North Carolina (AP) -- Federal regulators on Friday said they seized Corus Bancshares Inc., a major Chicago-based lender to condominium, office and hotel projects, adding it to the long list of banks that have succumbed this year to the recession and waves of loan defaults.
The Federal Deposit Insurance Corp. took over Corus Bank, which had $7 billion in total assets, and its deposits. The deposits will be assumed by MB Financial Inc., which is also based in Chicago.
Corus Bank's 11 branches will open on their next normally scheduled business day as branches of MB Financial Bank. Regular deposit accounts are insured up to $250,000.
The closure of Corus Bank, one of the largest banks to fail this year, will cost the FDIC $1.7 billion.
more at link............
http://finance.yahoo.com/news/Regul...html?x=0&sec=topStories&pos=main&asset=&ccode=
Regulators close major Chicago-based commercial real estate lender; 91 bank failures this year
http://finance.yahoo.com/q/h?s=mbfi
CHARLOTTE, North Carolina (AP) -- Federal regulators on Friday said they seized Corus Bancshares Inc., a major Chicago-based lender to condominium, office and hotel projects, adding it to the long list of banks that have succumbed this year to the recession and waves of loan defaults.
The Federal Deposit Insurance Corp. took over Corus Bank, which had $7 billion in total assets, and its deposits. The deposits will be assumed by MB Financial Inc., which is also based in Chicago.
Corus Bank's 11 branches will open on their next normally scheduled business day as branches of MB Financial Bank. Regular deposit accounts are insured up to $250,000.
The closure of Corus Bank, one of the largest banks to fail this year, will cost the FDIC $1.7 billion.
more at link............
http://finance.yahoo.com/news/Regul...html?x=0&sec=topStories&pos=main&asset=&ccode=