2009 Bank Failures

[mayday]

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.

 

[mayday]

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".

 

[James48843]

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

• 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]

 

[Show-me]

Damn, credit unions? I think that is a first. That is bad news.

 

[phil]

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.

 

[Show-me]

To busy chasing massive health care bill. They took their eye's off the ball big time.

 

[James48843]

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.

 

[OBGibby]

Go see the new Michael Moore movie- you will then understand what the bank implosions are all about.

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.

 

[phil]

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.

 

[James48843]

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.

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.

 

[James48843]

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.

 

[Show-me]

LOL, FDIC has friends at the Treasury.:laugh: They are just like ammunition manufactures, working three shifts seven days a week. :laugh:

 

[Show-me]

Bank failure Friday! It was a push last week, any bets on this week?

 

[Show-me]

Citizens Business Bank, Ontario, California, Assumes All of the Deposits of San Joaquin Bank, Bakersfield, California

FOR IMMEDIATE RELEASE
October 16, 2009

San Joaquin Bank, Bakersfield, California, was closed today by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Citizens Business Bank, Ontario, California, to assume all of the deposits of San Joaquin Bank.

The five branches of San Joaquin Bank will reopen on Monday as branches of Citizens Business Bank. Depositors of San Joaquin Bank will automatically become depositors of Citizens Business 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 branch until they receive notice from Citizens Business Bank that it has completed systems changes to allow other Citizens Business Bank branches to process their accounts as well.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $103 million. Citizens Business Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. San Joaquin Bank is the 99th FDIC-insured institution to fail in the nation this year, and the tenth in California. The last FDIC-insured institution closed in the state was Affinity Bank, Ventura, on August 28, 2009.

 

[James48843]

Well, only one.

I guess one in two weeks is an improvement, eh?

 

[Frixxxx]

For a fair and balanced look at the MASSIVE amount of failures this year:

http://money.cnn.com/2009/10/23/news/economy/bank_failure/index.htm

http://www.foxnews.com/politics/2009/10/23/th-bank-fails-year/?test=latestnews

Well folks, 2 1/2 months left:blink:

 

[nnuut]

For a fair and balanced look at the MASSIVE amount of failures this year:

http://money.cnn.com/2009/10/23/news/economy/bank_failure/index.htm

http://www.foxnews.com/politics/2009/10/23/th-bank-fails-year/?test=latestnews

Well folks, 2 1/2 months left:blink:

Let the count down begin!!! SHORT!!

 

[James48843]

It's FRIDAY!!!


BANK FAILURE DAY.

Today, SEVEN BANKS bite the dust:

First DuPage Bank- Westmont, IL
Riverview Community Bank, Otsego MN
Bank fo Elmwood, Racine, WI
Flagship National Bank, Bradenton, FL
Hillcrest Bank Florida, Naples, FL
American United Bank, Lawrenceville, GA
Partners Bank, Naples, FL


http://www.fdic.gov/bank/individual/failed/banklist.html

​

 

[James48843]

And one credit union today:

First Delta Federal Credit Union Placed Into Conservatorship

The credit union is open, operating and serving its members


October 23, 2009 Alexandria, Va. – The National Credit Union Administration (NCUA) today assumed control of operations at First Delta Federal Credit Union of Marks, Mississippi. NCUA’s goal is to continue credit union service to the members and ensure safe and sound credit union operations.



http://www.ncua.gov/news/press_releases/2009/MR09-1023.htm

 

[Buster]

This is something, that makes me go Hmmmmmmmmmm!