Bank Failure #29 & #30: Florida and Louisiana
From the FDIC: Centennial Bank, Conway, Arkansas, Assumes All of the Deposits of Old Southern Bank, Orlando, Florida
Old Southern Bank, Orlando, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. …
As of December 31, 2009, Old Southern Bank had approximately $315.6 million in total assets and $319.7 million in total deposits. …
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $94.6 million. … Old Southern Bank is the 29th FDIC-insured institution to fail in the nation this year, and the fourth in Florida. The last FDIC-insured institution closed in the state was Marco Community Bank, Marco Island, February 19, 2010.
From the FDIC: Home Bank, Lafayette, Louisiana, Assumes All of the Deposits of Statewide Bank, Covington, Louisiana
Statewide Bank, Covington, Louisiana, was closed today by the Louisiana Office of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. …
As of December 31, 2009, Statewide Bank had approximately $243.2 million in total assets and $208.8 million in total deposits. …
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $38.1 million. … Statewide Bank is the 30th FDIC-insured institution to fail in the nation this year, and the first in Louisiana. The last FDIC-insured institution closed in the state was The Farmers Bank & Trust of Cheneyville, Cheneyville, December 17, 2002.
Louisiana makes an appearance …
via Calculated Risk: Bank Failure #29 & #30: Florida and Louisiana.
You know, 20 years ago, we didn't need Straight Talk in the mortgage world. Everyone did the right thing and everything moved along......
Now we do. Would you like to work with a lender who will tell it to you straight? Would you like to have someone looking out for what's best for you?
Would you like to work with a lender who has to blog under a pen name - because their bank doesn't like what they are saying?
If so, call us at 330-536-3623 or send an e-mail to info@straighttalkaboutmortgages.com and we'll have one of our team of lenders get back to you, typically within 4 hours during normal week days.
Kenny H.
Bank Failure #28: Park Avenue Bank, New York, New York
From the FDIC: Valley National Bank, Wayne, New Jersey, Assumes All of the Deposits of the Park Avenue Bank, New York, New YorkThe Park Avenue Bank, New York, New York, was closed today by the New York State Banking Department, which appointed the Federal Deposit Insurance Corporation FDIC as receiver. ..As of December 31, 2009, The Park Avenue Bank had approximately $520.1 million in total assets and $494.5 million in total deposits. …The FDIC estimates that the cost to the Deposit Insurance Fund DIF will be $50.7 million. …. The Park Avenue Bank is the 28th FDIC-insured institution to fail in the nation this year, and the second in New York. The last FDIC-insured institution closed in the state was LibertyPointe Bank, New, York, New York, on March 11, 2010.OK, now it is Friday.
via Calculated Risk: Bank Failure #28: Park Avenue Bank, New York, New York.
You know, 20 years ago, we didn't need Straight Talk in the mortgage world. Everyone did the right thing and everything moved along......
Now we do. Would you like to work with a lender who will tell it to you straight? Would you like to have someone looking out for what's best for you?
Would you like to work with a lender who has to blog under a pen name - because their bank doesn't like what they are saying?
If so, call us at 330-536-3623 or send an e-mail to info@straighttalkaboutmortgages.com and we'll have one of our team of lenders get back to you, typically within 4 hours during normal week days.
Kenny H.
Bank Failure #27: LibertyPointe Bank, New York – and it wasn’t even Friday!
From the FDIC: Valley National Bank, Wayne, New Jersey, Assumes All of the Deposits of LibertyPointe Bank, New York, New York
LibertyPointe Bank, New York, New York, was closed today by the New York State Banking Department, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver….
As of December 31, 2009, LibertyPointe Bank had approximately $209.7 million in total assets and $209.5 million in total deposits. …
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $24.8 million. … LibertyPointe Bank is the 27th FDIC-insured institution to fail in the nation this year, and the first in New York. The last FDIC-insured institution closed in the state was Waterford Village Bank, Williamsville, July 24, 2009.
Is it Friday?
via Calculated Risk: Bank Failure #27: LibertyPointe Bank, New York, New York.
A couple of thoughts here…..
- I don’t know whether it’s because the FDIC was short staffed or because they have a LOT of banks that they are going to close today, but it’s highly unusual that they would close a bank on a Thursday.
- If you look at the estimated cost and the assets vs. deposits, it doesn’t sound to me like it’s a huge loss (relatively speaking) so I think there’s probably more going on than meets the eye.
Stay tuned…….
You know, 20 years ago, we didn't need Straight Talk in the mortgage world. Everyone did the right thing and everything moved along......
Now we do. Would you like to work with a lender who will tell it to you straight? Would you like to have someone looking out for what's best for you?
Would you like to work with a lender who has to blog under a pen name - because their bank doesn't like what they are saying?
If so, call us at 330-536-3623 or send an e-mail to info@straighttalkaboutmortgages.com and we'll have one of our team of lenders get back to you, typically within 4 hours during normal week days.
Kenny H.
7 This Week…..
Do you think that they closed more this week because the next two weekends are holidays?
Tom Vanderwell
Calculated Risk: Bank Failure #140: First Federal Bank of California, Santa Monica, California
From the FDIC: OneWest Bank, FSB, Pasadena, California, Assumes All of the Deposits of First Federal Bank of California, Santa Monica, CaliforniaFirst Federal Bank of California, a Federal Savings Bank, Santa Monica, California, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver….
As of September 30, 2009, First Federal Bank of California had approximately $6.1 billion in total assets and $4.5 billion in total deposits. …
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $146.3 million. … First Federal Bank of California is the 140th FDIC-insured institution to fail in the nation this year, and the seventeenth in California. The last FDIC-insured institution to be closed in the state was Imperial Capital Bank, La Jolla, earlier today.
That makes seven today …
Technorati Tags: Bank Failures
No One Wants This One? FDIC Friday Failures
This is not a good situation – No one wants to buy this bank, at any price? Oh, and it had over $2 million that wasn’t covered by the FDIC. Now relatively speaking, $2 million isn’t as big as many of the bank failures, but the fact that they mentioned it says to me that it’s a larger percentage than normal.
Stay tuned, a lot more coming tonight…..
Tom Vanderwell
Calculated Risk: Bank Failure #134: Rockbridge Commercial Bank, Atlanta, Georgia
From the FDIC: FDIC Approves the Payout of the Insured Deposits of Rockbridge Commercial Bank, Atlanta, GeorgiaThe Federal Deposit Insurance Corporation (FDIC) approved the payout of the insured deposits of RockBridge Commercial Bank, Atlanta, Georgia. …
The FDIC was unable to find another financial institution to take over the banking operations of RockBridge Commercial Bank. …
As of September 30, 2009, RockBridge Commercial Bank had approximately $294.0 million in total assets and $291.7 million in total deposits. At the time of closing, the bank had an estimated $2.1 million in uninsured funds. …
RockBridge Commercial Bank is the 134th FDIC-insured institution to fail this year and the twenty-fifth in Georgia since The Buckhead Community Bank, Atlanta, was closed on December 4, 2009. The FDIC estimates the cost of the failure to its Deposit Insurance Fund to be approximately $124.2 million.
No buyers – a bad sign. And $2.1 million uninsured?
Technorati Tags: FDIC, Rockbridge Commercial Bank
Four More for the FDIC – and Three that NO One Wanted?
Ouch, a busy day for the FDIC…..
Calculated Risk: Bank Failures #135 to 138: Four More
From the FDIC: Hancock Bank, Gulfport, Mississippi, Assumes All of the Deposits of Peoples First Community Bank, Panama City, FloridaPeoples First Community Bank, Panama City, Florida, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver….
As of September 30, 2009, Peoples First Community Bank had approximately $1.8 billion in total assets and $1.7 billion in total deposits. …
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $556.7 million. … Peoples First Community Bank is the 135th FDIC-insured institution to fail in the nation this year, and the fourteenth in Florida. The last FDIC-insured institution closed in the state was Republic Federal Bank, N.A., Miami, on December 11, 2009.
From the FDIC: FDIC Creates a Deposit Insurance National Bank to Facilitate the Resolution of Citizens State Bank, New Baltimore, Michigan
Citizens State Bank, New Baltimore, Michigan, was closed today by the Michigan Office of Financial and Insurance Regulation, which then appointed Federal Deposit Insurance Corporation (FDIC) as receiver. …
As of September 30, 2009, Citizens State Bank had $168.6 million in total assets and $157.1 million in total deposits. …
The cost to the FDIC’s Deposit Insurance Fund is estimated to be $76.6 million. Citizens State Bank is the 136th bank to fail this year and the fourth in Michigan. The last FDIC-insured institution closed in the state was Home Federal Savings Bank, Detroit, on November 6, 2009
From the FDIC: Beal Bank, Plano, Texas, Assumes All of the Deposits of New South Federal Savings Bank, Irondale, Alabama
New South Federal Savings Bank, Irondale, Alabama, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. …
As of September 30, 2009, New South Federal Savings Bank had approximately $1.5 billion in total assets and $1.2 billion in total deposits. …
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $212.3 million. … New South Federal Savings Bank is the 137th FDIC-insured institution to fail in the nation this year, and the third in Alabama. The last FDIC-insured institution closed in the state was CapitalSouth Bank, Birmingham, on August 21, 2009.
From the FDIC: FDIC Creates Bridge Bank to Take Over Operations of Independent Bankers’ Bank, Springfield, Illinois
The Federal Deposit Insurance Corporation (FDIC) created a bridge bank to take over the operations of Independent Bankers’ Bank, Springfield, Illinois, after the bank was closed today by the Illinois Department of Financial and Professional Regulation—Division of Banking, which appointed the FDIC as receiver. …
As of September 30, 2009, Independent Bankers’ Bank had approximately $585.5 million in assets and $511.5 in deposits. At the time of closing, the bank had an estimated $269,000 in uninsured funds. …
The FDIC estimates that the cost to the Deposit Insurance Fund will be $68.4 million. Independent Bankers’ Bank is the 138th bank to fail in the nation this year and the twenty-first in Illinois. The last FDIC-insured institution to fail in the state was Benchmark Bank, Aurora, on December 4, 2009.
Three banks today with no buyer!
Technorati Tags: FDIC, Bank Closures
Friday Night Failures
Yep, I’m putting this up on Saturday morning – dinner with my wife and then my daughter’s orchestra concert kept me from putting it up last night. Good reason in my book…..
This was a relatively small bank failure – only $122.6 million. Like I said, relatively small.
More later,
Tom Vanderwell
Calculated Risk: Bank Failure #131: Republic Federal Bank, National Association, Miami, Florida
From the FDIC: 1st United Bank, Boca Raton, Florida, Assumes All of the Deposits of Republic Federal Bank, National Association, Miami, FloridaRepublic Federal Bank, National Association, Miami, Florida, was closed today by the Office of the Comptroller of the Currency (OCC), which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. …
As of September 30, 2009, Republic Federal Bank, N.A. had total assets of approximately $433.0 million and total deposits of approximately $352.7 million. …
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $122.6 million. … Republic Federal Bank, N.A. is the 131st FDIC-insured institution to fail in the nation this year, and the 13th in Florida. The last FDIC-insured institution closed in the state was Commerce Bank of Southwest Florida, Fort Myers, on November 20, 2009.
Technorati Tags: FDIC, Bank Failures
4 F’s – Fannie, Freddie, FHA and FDIC
I don’t know about you, but it gives new meaning to the letter grade “F.”
Fannie and Freddie have been taken over by the government and are hemorrhaging billions of dollars every month.
FHA is very close to running out of money and, as we discussed earlier this week, looking at a variety of was to improve performance including tighter restrictions, larger downpayments, higher PMI costs etc.
and the FDIC?
As this chart shows and in light of the AmTrust seizure last night, they are doing fine. Nothing to see here, move along, move along……
That’s right, as of September, the balance in the FDIC deposit insurance fund, based on anticipated losses (if they seize control fo a bank, they don’t actually take the losses until they sell assets) through September. And take a look at the blue line. It keeps climbing and climbing……
Yeah, we’re done with all of this. Sure we are……
Tom Vanderwell
Technorati Tags: FDIC
FDIC Friday…..
$270 Million in cost to the taxpayers for these two…..
Calculated Risk: Bank Failures #125 & 126: Two more in Georgia
From the FDIC: State Bank and Trust Company, Macon, Georgia, Assumes All of the Deposits of the Buckhead Community Bank, Atlanta, GeorgiaThe Buckhead Community Bank, Atlanta, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. …
As of November 6, 2009, The Buckhead Community Bank had total assets of approximately $874.0 million and total deposits of approximately $838.0 million. …
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $241.4 million. … The Buckhead Community Bank is the 125th FDIC-insured institution to fail in the nation this year, and the 22nd in Georgia. The last FDIC-insured institution closed in the state was United Security Bank, Sparta, on November 6, 2009.
From the FDIC: State Bank and Trust Company, Macon, Georgia, Assumes All of the Deposits of First Security National Bank, Norcross, Georgia
First Security National Bank, Norcross, Georgia, was closed today by the Office of the Comptroller of the Currency (OCC), which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver….
As of September 30, 2009, First Security National Bank had total assets of approximately $128.0 million and total deposits of approximately $123.0 million. …
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $30.1 million. … First Security National Bank is the 126th FDIC-insured institution to fail in the nation this year, and the 23rd in Georgia. The last FDIC-insured institution closed in the state was The Buckhead Community Bank, Atlanta, earlier today.
Technorati Tags: FDIC, Bank Failures
Negative $8.2 Billion – that’s going to hurt….
Okay, let’s take a look at this a minute:
- The FDIC is continuing to close banks. There have only been 6 weeks where they haven’t closed a bank yet this year.
- Every time that they close a bank (and the chart was before the bank closure last Friday), they have to set aside money based on what they anticipate they are going to lose on that particular bank.
Based on those numbers, they are currently $8.2 Billion in the hole. That means that all of the money that all of the banks have paid in for FDIC insurance isn’t enough and they need more money.
So let’s recap:
- Fannie Mae is out of money and needs capital infusions on a monthly basis.
- Freddie Mac is out of money and needs capital.
- FHA is essentially out of money but say they don’t need any additional money from Uncle Sam.
- FDIC is out of money and says that they are going to get the money by asking the banks to pay their next three years worth of dues early. (SO WHAT ARE THEY GOING TO USE TO KEEP AFLOAT FOR THE NEXT THREE YEARS?)
Yep, all is well, nothing to be concerned about, the economy is on the mend. Move along, nothing to see here, move along……
Tom Vanderwell
FDIC Insurance Fund Falls to Negative $8.2 Billion – Financials * US * News * Story – CNBC.com
The U.S. government insurance fund used to safeguard bank deposits dropped to a balance of negative $8.2 billion in the third quarter, the first time since 1992 that it had a negative balance, the Federal Deposit Insurance Corp said on Tuesday.The FDIC’s balance was negative in the third quarter for the first time since 1992.
However, the FDIC has access to cash through a plan to have the banking industry prepay three years of assessments, and also has the option to tap a $500 billion line of credit with the Treasury Department.
The agency said in its quarterly banking report the decline in the insurance fund was due to an additional $21.7 billion the FDIC set aside in the third quarter for expected bank failures.
At the end of the second quarter, the FDIC’s insurance fund had $10.4 billion.
The number of banks on the FDIC’s “problem list” rose 33 percent during the third quarter to 552, the highest level since 1993. The U.S. banking industry as a whole managed to post a profit for the quarter of $2.8 billion due to growth in operating revenues and a rebound in securities values. Last quarter, the industry lost $4.3 billion.
