2009 Bank Failures

It's FRIDAY!

BANK CLOSING DAY!!

TWO MORE TODAY!!!


Two more down: Bank failure tally hits 91

Regulators close banks in Illinois and Minnesota at a cost of more than $1.72 billion to the FDIC.




By Ben Rooney, CNNMoney.com staff reporter
Last Updated: September 11, 2009: 8:17 PM ET


Where the banks are failing
Bank failures and foreclosures keep mounting View map

DID YOUR BANK FAIL?

  • For more information visit www.fdic.gov
  • Don’t panic – your savings are insured
  • Keep paying your loans – the terms remain the same.
  • The FDIC will notify you by mail about your accounts/loans.
  • Contact the FDIC with any questions until further notice
  • If your bank is purchased, you will be contacted by your new bank.


NEW YORK (CNNMoney.com) -- Regulators closed one large bank in Illinois and one small community bank in Minnesota on Friday, pushing the total number of failures this year to 91, according to the Federal Deposit Insurance Corp.

Customers of the banks, however, are protected. The FDIC, which has insured bank deposits since the Great Depression, covers each customer account up to $250,000.

In Illinois, 16 banks have failed so far this year, including Chicago-based Corus Bank, which was closed by the Office of the Comptroller of the Currency on Friday.

In Minnesota, Brickwell Community Bank, which operated one branch in Woodbury, was closed by the state's Department of Commerce.

More: http://money.cnn.com/2009/09/11/news/economy/bank_failure/?postversion=2009091120
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1930's had the double whammy of the Dust Bowl affecting Agriculture and the Manufacturing and Services sectors affected by the Crash. We don't have people getting in line on a large scale basis for food, going into restaurants and eating the ketchup, and willing to do any job including very dangerous work on dams and ditch digging.

That said, it's not happy day today either.....
 
James48843 said:
And our official rate of unemployment today is 9.7% .

Bad, but still a long way from the 1930's numbers.

Click to expand...


Some claim the real rate is closer to 16% because they, the gov., changed the reporting criteria since then. One item is part time workers are counted a employed. BLS has skewed the numbers over the years.
 
And, we did learn some things from that era and we injected huge taxpayer intervention $$$$ before the "rush" on banks began.
 
Compared to the Great Depression, the current downturn doesn't look so bad for banks--

View attachment 6772

But it is hard to tell. In those days, most of the banks were very small, in one or two towns. Today, the banks cover entire states, and regions, with dozens or hundreds of branches.
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Good morning,

Don't worry James, we the people have your back. :cheesy: :rolleyes: ;) :blink: Along with Social unSecurity, Pension Guarantee Corp., Medicare, SNAP aka. food stamps, HUD, welfare, etc.

The pockets are endless, just ask the elite in Washington and don't think I'm picking on on side. Both sides are elitist and worthless.

I just can wait for the Postal Service to go down and I might get 50% of my pension after they turn it over to the PGC. lol Just kidding, that's another subject.
 
Have you noticed- they always announce the bank failures on Fridays?

I think I'll take my money out on thursday, and put it back in each monday from now on.
 
Regulators shut down banks in Mo, Ill, Iowa

Regulators shut down bank in Mo, Ill, Iowa; makes 87 US bank failures this year

  • By Stephen Bernard, AP Business Writer
  • On Friday September 4, 2009, 7:36 pm EDT
NEW YORK (AP) -- Regulators on Friday shut down banks in Missouri, Illinois and Iowa, pushing to 87 the number of banks that have failed this year under the weight of the soured economy and rising loan defaults.

The Federal Deposit Insurance Corp. took over three banks: First Bank of Kansas City, based in Kansas City, Mo., with $16 million in assets and $15 million in deposits; Oak Forest, Ill.-based InBank, with $212 million in assets and $199 million in deposits; and Sioux City, Iowa-based Vantus Bank with $458 million in assets and $368 million in deposits...........

http://finance.yahoo.com/news/Regul...html?x=0&sec=topStories&pos=main&asset=&ccode=
 
Regulators shut banks in Maryland, Minnesota

Regulators shut small banks in Maryland, Minnesota; makes 83 US bank failures this year

  • <LI class=byline>By Marcy Gordon, AP Business Writer
  • On Friday August 28, 2009, 8:00 pm EDT
WASHINGTON (AP) -- Regulators on Friday shut down small banks in Maryland and Minnesota, pushing to 83 the number of bank failures this year amid the soured economy and rising loan defaults.
The Federal Deposit Insurance Corp. took over Baltimore-based Bradford Bank, with about $452 million in assets and $383 million in deposits. It also seized Mainstreet Bank, based in Forest Lake, Minn., with assets of $459 million and deposits of $434 million.
Manufacturers and Traders Trust Co., based in Buffalo, N.Y., has agreed to assume the deposits and assets of Bradford Bank. The nine branches of Bradford Bank will reopen Saturday as offices of M&T.
Central Bank, based in Stillwater, Minn., is assuming the deposits and assets of Mainstreet Bank, whose eight branches will reopen Saturday as offices of Central Bank.
In addition, the FDIC agreed to share with M&T losses on about $338 million of Bradford Bank's loans and other assets, and struck a similar agreement with Central Bank for around $268 million of Mainstreet Bank's.
The failure of Bradford Bank is expected to cost the deposit insurance fund an estimated $97 million; that of Mainstreet Bank about $95 million, the FDIC said.


http://finance.yahoo.com/news/Regul...37.html?x=0&sec=topStories&pos=1&asset=&ccode=
 
Large Texas bank shut down by federal regulators

Large Texas bank saddled with toxic assets fails and US helps Spanish company take it over

  • <LI class=byline>By Marcy Gordon, AP Business Writer
  • On Saturday August 22, 2009, 5:19 am EDT
WASHINGTON (AP) -- Guaranty Bank became the second-largest U.S. bank to fail this year after the Texas lender was shut down by regulators and most of its operations sold at a loss of billions of dollars for the U.S. government to a major Spanish bank.
The transaction approved by the Federal Deposit Insurance Corp. marked the first time a foreign bank has bought a failed U.S. bank.
The bank failure, the 10th largest in U.S. history, is expected to cost the deposit insurance fund an estimated $3 billion.
The FDIC seized Austin-based Guaranty Bank, with about $13 billion in assets and $12 billion in deposits, and on Friday sold all of its deposits and $12 billion of its assets to BBVA Compass, the U.S. division of Banco Bilbao Vizcaya Argentaria SA, Spain's second-largest bank. In addition, the FDIC agreed to share losses with BBVA on about $11 billion of Guaranty Bank's loans and other assets.
Guaranty Bank, with 162 branches in Texas and California, saw its investments in real estate lending and mortgage-backed securities bought from other banks sour and had been teetering near collapse for weeks. Its parent, Guaranty Financial Group Inc., reaffirmed Monday in a regulatory filing that the company was critically short of capital and didn't believe it could stay in business.
In April, the federal Office of Thrift Supervision said the company had engaged in "unsafe and unsound" banking practices and ordered it to raise fresh capital, find a buyer or face a takeover by the government.

http://finance.yahoo.com/news/Large-Texas-bank-shut-down-by-apf-2967884031.html/print?x=0
 
Failed banks mount; Ga, Ala banks shut

Toll of failed banks mounts as many small banks fall; regulators close banks in Ga, Ala


WASHINGTON (AP) -- The toll of failed banks is mounting, with 80 institutions closed by regulators so far this year -- the most since 1992 at the height of the savings-and-loan crisis.
The latest came Friday with the seizures of two small banks in Georgia and one in Alabama: ebank, located in Atlanta, with $143 million in assets and $130 million in deposits; First Coweta, based in Newnan, Ga., with $167 million in assets and $155 million in deposits; and CapitalSouth Bank, based in Birmingham, Ala., with $617 million in assets and $546 million in deposits.
The Federal Deposit Insurance Corp. was appointed receiver of the failed banks, and approved the sale of some or all of their assets and deposits to other institutions.
In contrast to the big bank failures early in the financial crisis, many of the recently shuttered banks were undone not by exotic mortgage products but by garden-variety loans.
At the same time, a knot of big, complex banks collapsing in recent months is sapping billions from the federal deposit insurance fund that insures regular accounts up to $250,000, spurring regulators to court potential buyers from the world of private investment.
The FDIC last week seized Colonial BancGroup Inc., a big lender in real estate development, and sold its $20 billion in deposits, 346 branches in five states and about $22 billion of its assets to BB&T Corp.
It was the biggest bank failure so far this year, and the sixth-largest in U.S. history, expected to cost the insurance fund $2.8 billion.

http://finance.yahoo.com/news/Failed-banks-mount-Ga-Ala-apf-468075343.html/print?x=0
 
BB&T buys Colonial bank; 4 other banks fail

Southern regional bank Colonial BancGroup sees rival grab its branches and deposits.

By Chris Isidore and Julianne Pepitone, CNNMoney.com writers
Last Updated: August 15, 2009: 12:11 AM ET


chart_bank_failures3.gif



Map


Where the banks are failing
Bank failures and foreclosures keep mounting View map

NEW YORK (CNNMoney.com) -- Troubled Colonial BancGroup will be bought by rival BB&T Friday, the government said after state regulators closed the bank whose assets had been frozen by a federal judge.
The Montgomery, Ala., bank, which has 346 branches spread across Florida, Alabama, Georgia, Nevada, and Texas,is the sixth largest bank failure in U.S. history and by far the largest failure of 2009.
With $25 billion in assets and $20 billion in deposits, Colonial is 100 times larger than the typical bank to have failed this year.
BB&T (BBT, Fortune 500) will buy $22 billion of Colonial's assets, as well as its deposits and branches, leaving the remaining assets in the hands of the Federal Deposit Insurance Corp.
BB&T, based in Winston-Salem, N.C., is also a regional banking power, with 1,500 branches across the Southeast. It is also a major mortgage lender.
Most customers of Colonial should not be affected by the closing. The FDIC, the federal agency that has protected bank deposits since the Great Depression, will guarantee account balances up to $250,000.
But home buyers and those who want to refinance their mortgages could end up paying somewhat higher rates, even if they have never heard of Colonial, said Guy Cecala, publisher of trade publication Inside Mortgage Finance.
Cecala said Colonial was a significant player in the sector of the business known as "mortgage warehouse" lending, which provides financing needed by mortgage brokers and non-bank lenders to make home loans.
 
What did you guys expect? Regional banks were deemed unimportant by The Man over a year ago. New closures will probably be a Friday afternoon tradition for the next few months.
 
We're now up to 131 banks imploding so far since the relative calm of 2007.



See http://bankimplode.com for details.....
 

Regulators shut down banks in five states

Regulators close banks in Fla., NJ, Ohio, Okla., Ill.; 69 US bank failures this year

  • By Marcy Gordon and Ieva M. Augstums, AP Business Writers
  • On Friday July 31, 2009, 8:31 pm EDT
WASHINGTON (AP) -- Regulators on Friday shut down banks in Florida, New Jersey, Ohio, Oklahoma and Illinois, boosting to 69 the number of federally insured banks to fail this year amid the pressures of the weak economy and mounting loan defaults.



The Federal Deposit Insurance Corp. was appointed receiver of the five banks.

more...........

http://finance.yahoo.com/news/Regul...05.html?x=0&sec=topStories&pos=3&asset=&ccode=
 
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