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2010 Bank Failures
- Thread starter Show-me
- Start date
Show-me
TSP Legend
- Reaction score
- 104
Show-me
TSP Legend
- Reaction score
- 104
Calif. regulators order small credit union closed
Calif. credit union ordered liquidated -- among first financial institutions to fail in 2010
On Saturday January 9, 2010, 3:24 pm EST
SAN FRANCISCO (AP) -- California banking regulators have ordered the liquidation of a small Central Valley credit union -- the first U.S. credit union to fail in 2010.
The California Department of Financial Institutions says that it ordered the closure of the Kern Central Credit Union in Bakersfield -- a three-branch institution that had $34.9 million in assets and 8,400 members -- because the credit union had inadequate funds.
The National Credit Union Administration was appointed as the credit union's liquidating agent, and has arranged the transfer of Kern Central's accounts to the Self Help Federal Credit Union, the California regulators said in a statement Friday.
Also Friday, the Federal Deposit Insurance Corp. said regulators had shut Horizon Bank, in Bellingham, Wash., the first U.S. bank to fail in 2010. Seattle-based Washington Federal Savings and Loan Association will assume the deposits of Horizon bank, which had assets of $1.3 billion and $1.1 billion in deposits as of Sept. 30.
The FDIC closed 140 banks last year.
Calif. credit union ordered liquidated -- among first financial institutions to fail in 2010
On Saturday January 9, 2010, 3:24 pm EST
SAN FRANCISCO (AP) -- California banking regulators have ordered the liquidation of a small Central Valley credit union -- the first U.S. credit union to fail in 2010.
The California Department of Financial Institutions says that it ordered the closure of the Kern Central Credit Union in Bakersfield -- a three-branch institution that had $34.9 million in assets and 8,400 members -- because the credit union had inadequate funds.
The National Credit Union Administration was appointed as the credit union's liquidating agent, and has arranged the transfer of Kern Central's accounts to the Self Help Federal Credit Union, the California regulators said in a statement Friday.
Also Friday, the Federal Deposit Insurance Corp. said regulators had shut Horizon Bank, in Bellingham, Wash., the first U.S. bank to fail in 2010. Seattle-based Washington Federal Savings and Loan Association will assume the deposits of Horizon bank, which had assets of $1.3 billion and $1.1 billion in deposits as of Sept. 30.
The FDIC closed 140 banks last year.
Show-me
TSP Legend
- Reaction score
- 104
Much worse, Alt-A loans and prolonged high unemployment.
Also, the honest folks that have worked hard to hang in there are getting weary and weak. It is easier to just quit making the payment, even if you can, pocket the payment and wait for the midterm election crowd to step up and extend benefits again and order Fred and Fannie to buy more crap loans.
If that happens it might look better than it is but we will be digging a bigger hole for the future generations.
Also, have the Fed., who does not answer to anyone, can buy what ever toxic assets they want without approval from Congress. Fire up the press.
All hinges on whether Congress has the stomach for more missteps in the form of taxpayer funded bailouts. Congress is getting weak in the knee's at this point and the Obama administration is loosing it election capital quickly.
Also, the honest folks that have worked hard to hang in there are getting weary and weak. It is easier to just quit making the payment, even if you can, pocket the payment and wait for the midterm election crowd to step up and extend benefits again and order Fred and Fannie to buy more crap loans.
If that happens it might look better than it is but we will be digging a bigger hole for the future generations.
Also, have the Fed., who does not answer to anyone, can buy what ever toxic assets they want without approval from Congress. Fire up the press.
All hinges on whether Congress has the stomach for more missteps in the form of taxpayer funded bailouts. Congress is getting weak in the knee's at this point and the Obama administration is loosing it election capital quickly.
grandma
Market Veteran
- Reaction score
- 38
Is there a possibility of State Banking Regulators making judgement calls on the smaller financial institutions,
that could just as easily be given the benefit of any doubt?
....where there is no doubt the funds available are not meeting needs & expected needs is one thing, but if they are saying institutions have to be of an absolute mark that does not reflect that bank's/credit union's goals, then are they marching to state legislatures drums? :suspicious:
that could just as easily be given the benefit of any doubt?
....where there is no doubt the funds available are not meeting needs & expected needs is one thing, but if they are saying institutions have to be of an absolute mark that does not reflect that bank's/credit union's goals, then are they marching to state legislatures drums? :suspicious:
Show-me
TSP Legend
- Reaction score
- 104
Two different power and the Federal Government has absolute power over the bank. What they say goes.
Show-me
TSP Legend
- Reaction score
- 104
Banks in Ill., Minn., Utah are shuttered
Regulators shut down banks in Illinois, Minnesota, Utah, making 4 bank failures this year
http://finance.yahoo.com/news/Banks...15.html?x=0&sec=topStories&pos=7&asset=&ccode=
Regulators shut down banks in Illinois, Minnesota, Utah, making 4 bank failures this year
http://finance.yahoo.com/news/Banks...15.html?x=0&sec=topStories&pos=7&asset=&ccode=
James48843
TSP Talk Royalty
- Reaction score
- 905
Bank Closing Information - January 15, 2010
These links contain useful information for the customers and vendors of these closed banks.
Barnes Banking Company, Kaysville, UT
St. Stephen State Bank, Saint Stephen, MN
Town Community Bank & Trust, Antioch, IL
These links contain useful information for the customers and vendors of these closed banks.
Barnes Banking Company, Kaysville, UT
St. Stephen State Bank, Saint Stephen, MN
Town Community Bank & Trust, Antioch, IL
James48843
TSP Talk Royalty
- Reaction score
- 905
Bank Closing Information - January 15, 2010
These links contain useful information for the customers and vendors of these closed banks.
Barnes Banking Company, Kaysville, UT
St. Stephen State Bank, Saint Stephen, MN
Town Community Bank & Trust, Antioch, IL
These links contain useful information for the customers and vendors of these closed banks.
Barnes Banking Company, Kaysville, UT
St. Stephen State Bank, Saint Stephen, MN
Town Community Bank & Trust, Antioch, IL
James48843
TSP Talk Royalty
- Reaction score
- 905
BANK FAILURE FRIDAY ! ! !
TWO THIS WEEK ! ! !
Bank Closing Information - January 22, 2010
These links contain useful information for the customers and vendors of these closed banks.
Bank of Leeton, Leeton, MO
Premier American Bank, Miami, FL
TWO THIS WEEK ! ! !
Bank Closing Information - January 22, 2010
These links contain useful information for the customers and vendors of these closed banks.
Bank of Leeton, Leeton, MO
Premier American Bank, Miami, FL
Nordic
TSP Analyst
- Reaction score
- 17
- AutoTracker
Burntankle
"Ben Bernanke's nomination for a second term as U.S. Federal Reserve chairman, once seen as a sure thing, appeared in jeopardy on Friday after two more Senate Democrats said they would vote against it."
http://www.msnbc.msn.com/id/35012027/ns/business-stocks_and_economy
"Ben Bernanke's nomination for a second term as U.S. Federal Reserve chairman, once seen as a sure thing, appeared in jeopardy on Friday after two more Senate Democrats said they would vote against it."
http://www.msnbc.msn.com/id/35012027/ns/business-stocks_and_economy
Viva_La_Migra
Market Veteran
- Reaction score
- 56
Re: Burntankle
"Our next Federal Reserve chairman must represent a clean break from the failed policies of the past," Boxer said. "It is time for Main Street to have a champion at the Fed."
Who would she put in there from "Main Street" that has any clue as to monetary policy?
Sounds like code for another Van Jones type of self described communist, IMO.
"Our next Federal Reserve chairman must represent a clean break from the failed policies of the past," Boxer said. "It is time for Main Street to have a champion at the Fed."
Who would she put in there from "Main Street" that has any clue as to monetary policy?
Sounds like code for another Van Jones type of self described communist, IMO.
Show-me
TSP Legend
- Reaction score
- 104
Banks shut in Fla., Mo., NM, Ore., Wash.
Federal regulators shutter banks in Fla., Mo., NM, Ore., Wash., making 9 bank failures in 2010
http://finance.yahoo.com/news/Banks...html?x=0&sec=topStories&pos=main&asset=&ccode=
Federal regulators shutter banks in Fla., Mo., NM, Ore., Wash., making 9 bank failures in 2010
http://finance.yahoo.com/news/Banks...html?x=0&sec=topStories&pos=main&asset=&ccode=
James48843
TSP Talk Royalty
- Reaction score
- 905
What the hay?
They only listed two as of 7:42 pm. tonight eastern time. I intentionally waited until after 7 p.m., because they usually list them at about 7 p.m. (4 pm west coast time).
This time they added to the list AFTER I posted that only two failed this week.
Now we're at FIVE today:
------------------------------------------------------
Bank Closing Information - January 22, 2010
These links contain useful information for the customers and vendors of these closed banks.
Columbia River Bank, The Dalles, OR
Evergreen Bank, Seattle, WA
Charter Bank, Santa Fe, NM
Bank of Leeton, Leeton, MO
Premier American Bank, Miami, FL
They only listed two as of 7:42 pm. tonight eastern time. I intentionally waited until after 7 p.m., because they usually list them at about 7 p.m. (4 pm west coast time).
This time they added to the list AFTER I posted that only two failed this week.
Now we're at FIVE today:
------------------------------------------------------
Bank Closing Information - January 22, 2010
These links contain useful information for the customers and vendors of these closed banks.
Columbia River Bank, The Dalles, OR
Evergreen Bank, Seattle, WA
Charter Bank, Santa Fe, NM
Bank of Leeton, Leeton, MO
Premier American Bank, Miami, FL
Show-me
TSP Legend
- Reaction score
- 104
Six down the tubes.
American Marine Bank, Bainbridge Island, WA with approximately $373.2 million in assets and approximately $308.5 million in deposits was closed. Columbia State Bank, Tacoma, WA has agreed to assume all deposits, excluding certain brokered deposits. (PR-027-2010)
First Regional Bank, Los Angeles, CA with approximately $2.18 billion in assets and approximately $1.87 billion in deposits was closed. First-Citizens Bank & Trust Company, Raleigh, NC has agreed to assume all deposits, excluding certain brokered deposits. (PR-026-2010)
Community Bank and Trust, Cornelia, GA with approximately $1.2 billion in assets and approximately $1.1 billion in deposits was closed. SCBT National Association, Orangeburg, SC has agreed to assume all deposits, excluding certain brokered deposits. (PR-025-2010)
Marshall Bank, N.A., Hallock, MN with approximately $59.9 million in assets and approximately $54.7 million in deposits was closed. United Valley Bank, Cavalier, ND has agreed to assume all deposits. (PR-024-2010)
Florida Community Bank, Immokalee, FL with approximately $875.5 million in assets and approximately $795.5 million in deposits was closed. Premier American Bank, N.A., Miami, FL has agreed to assume all deposits, excluding certain brokered deposits. (PR-023-2010)
First National Bank of Georgia, Carrollton, GA with approximately $832.6 million in assets and approximately $757.9 million in deposits was closed. Community and Southern Bank, Carrollton, GA has agreed to assume all deposits, excluding certain brokered deposits. (PR-022-2010)
American Marine Bank, Bainbridge Island, WA with approximately $373.2 million in assets and approximately $308.5 million in deposits was closed. Columbia State Bank, Tacoma, WA has agreed to assume all deposits, excluding certain brokered deposits. (PR-027-2010)
First Regional Bank, Los Angeles, CA with approximately $2.18 billion in assets and approximately $1.87 billion in deposits was closed. First-Citizens Bank & Trust Company, Raleigh, NC has agreed to assume all deposits, excluding certain brokered deposits. (PR-026-2010)
Community Bank and Trust, Cornelia, GA with approximately $1.2 billion in assets and approximately $1.1 billion in deposits was closed. SCBT National Association, Orangeburg, SC has agreed to assume all deposits, excluding certain brokered deposits. (PR-025-2010)
Marshall Bank, N.A., Hallock, MN with approximately $59.9 million in assets and approximately $54.7 million in deposits was closed. United Valley Bank, Cavalier, ND has agreed to assume all deposits. (PR-024-2010)
Florida Community Bank, Immokalee, FL with approximately $875.5 million in assets and approximately $795.5 million in deposits was closed. Premier American Bank, N.A., Miami, FL has agreed to assume all deposits, excluding certain brokered deposits. (PR-023-2010)
First National Bank of Georgia, Carrollton, GA with approximately $832.6 million in assets and approximately $757.9 million in deposits was closed. Community and Southern Bank, Carrollton, GA has agreed to assume all deposits, excluding certain brokered deposits. (PR-022-2010)
Joseph Stiglitz, Nobel Prize winning economist talking about the banks and the states.
http://www.youtube.com/watch?v=I4yv7dD6xQE
http://www.youtube.com/watch?v=I4yv7dD6xQE
Show-me
TSP Legend
- Reaction score
- 104
1st American State Bank of Minnesota, Hancock, MN with approximately $18.2 million in assets and approximately $16.3 million in deposits was closed. Community Development Bank, FSB, Ogema, MN has agreed to assume all deposits. (PR-030-2010)
James48843
TSP Talk Royalty
- Reaction score
- 905
Only one this week?
Must have been because of the snow this week. I figured they were snowed under in D.C.- and next week it's a short work week too.
Maybe we can prevent more bank failures simply by closing the federal government for four days at a time...
Must have been because of the snow this week. I figured they were snowed under in D.C.- and next week it's a short work week too.
Maybe we can prevent more bank failures simply by closing the federal government for four days at a time...
James48843
TSP Talk Royalty
- Reaction score
- 905
FAILURE FRIDAY REPORT:
FOUR THIS WEEK.
Bank Closing Information - February 19, 2010
These links contain useful information for the customers and vendors of these closed banks.
La Jolla Bank, FSB, La Jolla, CA
George Washington Savings Bank, Orland Park, IL
The La Coste National Bank, La Coste, TX
Marco Community Bank, Marco Island, FL
FOUR THIS WEEK.
Bank Closing Information - February 19, 2010
These links contain useful information for the customers and vendors of these closed banks.
La Jolla Bank, FSB, La Jolla, CA
George Washington Savings Bank, Orland Park, IL
The La Coste National Bank, La Coste, TX
Marco Community Bank, Marco Island, FL
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