FDIC closes the 100th bank of the year

[Manchy]

Its generally thought that there are 400 more to go before its over. That is excluding of course the mega-banks which are allowed by law to hide their losses with mark to fantasy rules. The FDIC is technically insolvent at this point but as long as the checks from Treasury clear, they can continue their work.


http://www.fdic.gov/news/news/press/2009/pr09186.html

Press Releases
Stonegate Bank, Fort Lauderdale, Florida, Assumes All of the Deposits of Partners Bank, Naples, Florida

FOR IMMEDIATE RELEASE
October 23, 2009
Media Contact:
Andrew Gray
Office: (202) 898-7192
Cell: (202) 494-1049
E-mail: angray@fdic.gov

En Español

Partners Bank, Naples, Florida, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Stonegate Bank, Fort Lauderdale, Florida, to assume all of the deposits of Partners Bank.

The two branches of Partners Bank will reopen on Monday as branches of Stonegate Bank. Depositors of Partners Bank will automatically become depositors of Stonegate 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 Stonegate Bank that it has completed systems changes to allow other Stonegate Bank branches to process their accounts as well.

[Manchy]

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

On Friday, October 23, 2009, American United Bank, Lawrenceville, GA, was closed by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

The FDIC has assembled useful information regarding your relationship with this institution. Besides a checking account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct deposit, and other relationships with the institution. The FDIC has compiled the following information, which should answer many of your questions.

[Manchy]

102

On Friday, October 23, 2009, Hillcrest Bank Florida, Naples, FL was closed by the Florida Office of Financial Regulation, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.


103

On Friday, October 23, 2009, Flagship National Bank, Bradenton, FL was closed by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

The FDIC has assembled useful information regarding your relationship with this institution. Besides a checking account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct deposit, and other relationships with the institution. The FDIC has compiled the following information, which should answer many of your questions.

Stonegate bank loss of $45M on $84M in deposits. 53% loss. That is pretty scary that the bank was that far underwater before they closed it.

[Manchy]

And we haven't even got to the West Coast yet.


105

On Friday, October 23, 2009, Riverview Community Bank, Otsego, MN was closed by the Minnesota Department of Commerce, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

106

On Friday, October 23, 2009, Bank of Elmwood, Racine, WI was closed by the State of Wisconsin Department of Financial Institutions, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

[Manchy]

Another one bites the dust. Now I know why the FDIC hired those 500 bank examiners a few months ago.

On Friday, October 23, 2009, First DuPage Bank, Westmont, IL was closed by the Illinois Department of Financial and Professional Regulation – Division of Banking, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

[hypoxic]

http://www.youtube.com/v/7BxiEJcOoo0&hl=en&fs=1&
















http://www.soedev.info/officerBarbrady.gif

[Manchy]

Having her give that little pep talk is indeed a scary indication that we are totally fucked.

Her scary statement

"We are the government, in short we can not run out of money" :crazy:

I do not know if her statment makes me want to laugh hysterically or make my own personal bank run.

[Manchy]

http://www.youtube.com/v/i5OlolbLXvw&hl=en&fs=1&

[Manchy]

Yes my friends the FDIC closed 9 of them last night. The west coast got a little taste of it this time. Total cost $2.5 billion. Wow the recession must be over.

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


North Houston Bank Houston TX
Madisonville State Bank Madisonville TX
Citizens National Bank Teague TX
Park National Bank Chicago IL
Pacific National Bank San Francisco CA
California National Bank Los Angeles CA
San Diego National Bank San Diego CA
Community Bank of Lemont Lemont IL
Bank USA, N.A. Phoenix AZ

[Manchy]

Yes my friends the FDIC closed 9 of them last night. The west coast got a little taste of it this time. Total cost $2.5 billion. Wow the recession must be over. This brings us up to 116 for the year.

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


North Houston Bank Houston TX
Madisonville State Bank Madisonville TX
Citizens National Bank Teague TX
Park National Bank Chicago IL
Pacific National Bank San Francisco CA
California National Bank Los Angeles CA
San Diego National Bank San Diego CA
Community Bank of Lemont Lemont IL
Bank USA, N.A. Phoenix AZ

[Manchy]

Only 3-400 more to go excluding the too big too fail banks. Those will fail too but it won't be on a Friday. And you won't like the outcome when that happens. So now the magic number for the year is 119

http://money.cnn.com/2009/11/06/news/economy/bank_failures/?postversion=2009110619


NEW YORK (CNNMoney.com) -- Four banks failed late Friday, bringing the 2009 tally to 119.

United Security Bank of Sparta, Ga., closed its doors for the last time on Friday, said the Federal Deposit Insurance Corp. Moultrie, Ga.-based Ameris Bank will assume control of all United Security's deposits.

Home Federal Savings Bank of Detroit, Mich., also failed late friday. New Orleans-based Liberty Bank and Trust Co. will assume control of its deposits.

Prosperan Bank of Oakdale, Minn., failed and will be taken over by Grand Forks, N.D.-based Alerus Financial.

Gateway Bank of St. Louis, Mo., also failed. Central Bank of Kansas City will take over its deposits.

[Manchy]

http://www.bloomberg.com/apps/news?pid=20601087&sid=ayPwsBV1DI3c&pos=3

Nov. 7 (Bloomberg) -- UCBH Holdings Inc.’s United Commercial Bank, a San Francisco-based lender with $11.2 billion in assets, was seized by regulators, becoming the 120th U.S. bank to fail this year.

United Commercial was bought by East West Bancorp of Pasadena, California, the Federal Deposit Insurance Corp. said. United Commercial was the fifth U.S. lender to be seized by regulators yesterday as banks fail at the fastest rate since 1992.

[Manchy]

http://www.fdic.gov/bank/individual/failed/orion-fl.html

On Friday, November 13, 2009, Orion Bank, Naples, FL was closed by the Florida Office of Financial Regulation, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

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

On November 13, 2009, Century Bank, a Federal Savings Bank (Century Bank, F.S.B.), Sarasota, FL, was closed by the Office of Thrift Supervision, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.


Cost so far today to the FDIC is $959,000,000

[Manchy]

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

On Friday, November 13, 2009, Pacific Coast National Bank, San Clemente, CA was closed by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

Total cost to the FDIC from yesterday's closures $986 million

[Manchy]

On Friday, November 20, 2009 Commerce Bank of Southwest Florida, Fort Myers, FL was closed by the Florida Office of Financial Regulation, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

[Manchy]

Well sort of. Anyway the FDIC took some major hits to their reserve fund. Over $2 billion today. The real disaster lies ahead next spring when the Option Arm mortgages begin to reset in large numbers. An interesting stat is that 40% of Option Arm mortgages are 60 days overdue and this is before their interest rates reset. Scary stuff.

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

Greater Atlantic Bank Reston VA
Benchmark Bank Aurora IL 4, 2009
AmTrust Bank Cleveland OH
The Tattnall Bank Reidsville GA
First Security National Bank Norcross GA
The Buckhead Community Bank Atlanta GA

[Manchy]

Bringing us to 133 for the year so far.

Friday's failures of the three banks will cost the FDIC an estimated $252.1 million.

http://www.fdic.gov/bank/individual/failed/banklist.html
Republic Federal Bank, N.A. Miami FL
Valley Capital Bank, N.A. Mesa AZ
SolutionsBank Overland Park KS

[Manchy]

In this case, things were so bad, they could not find a buyer so the FDIC will run it for a while. Estimated cost to the FDIC is $124.2 million.

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

RockBridge Commercial Bank Atlanta GA

[Manchy]

Three of the banks had no buyers so the FDIC will run them. Cost to the FDIC fund $1.8 billion. Up to 140 banks this year.

Peoples First Community Bank, Panama City, FL: The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $556.7 million

Citizens State Bank, New Baltimore, MI: The cost to the FDIC's Deposit Insurance Fund is estimated to be $76.6 million.

New South Federal Savings Bank, Irondale, AL: The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $212.3 million.

Independent Bankers' Bank, Springfield, IL: The FDIC estimates that the cost to the Deposit Insurance Fund will be $68.4 million.

Imperial Capital Bank, La Jolla, CA: The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $619.2 million.

First Federal Bank of California, Santa Monica, CA: The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $146.3 million.

Estimated hit to the DIF: $1.8037 billion

[DDDLisa]

Where do you find this stuff???

[Manchy]

Its all out there on the internet troll.

[DDDLisa]

What's the internet troll?

[Manchy]

This is the place for doom, gloom, conspiracy, and survival

Trolling not allowed in here. Read the sticky

http://www.anothermessageboard.com/showthread.php?t=14461