I just received notice that the FDIC Board has approved the phase out of the Temporary Liquidity Guarantee Program (TLGP) in a first clear sign that the U.S. Federal Government has started policy normalisation.
The FDIC Board today adopted a Notice of Proposed Rulemaking (NPR) that reaffirms the expiration of the debt guarantee component of the [...]

There is an effort underway to install the Federal Reserve as super-regulator for all banks and financial institutions, concentrating power in one institution. I find these efforts one of the most disturbing outgrowths of the financial crisis we have been witnessing. Such a system is sure to increase the power of too big to fail [...]

The FDIC has just released a press statement outlining the second quarter results for the fund and the financial institutions it regulates.  What was particularly notable in the statement was the decrease in funds available to deal with failed institutions and the increase in the number of problem institutions to 416. This surely indicates that [...]

With the Federal Deposit Insurance Corporation (FDIC) about to release its latest figures for banks it regulates and its own financial condition, now is a good time to review its role in this crisis. This post is about the FDIC’s role in the credit crisis, how it seizes banks and why I believe this matters.
In [...]

It’s official: Guaranty Bank is the second-largest bank seized by the FDIC in 2009. BBVA, through its American subsidiary Compass, is increasing its profile in the US. And now it can do so, not only through merger, but through FDIC asset seizure too. Here is the announcement that was leaked just yesterday:
Guaranty Bank, Austin, TX [...]

I count three already.  Here they are:
ebank, Atlanta, GA

Stearns Bank, National Association, St. Cloud, Minnesota, Assumes All of the Deposits of ebank Atlanta, Georgia

CapitalSouth Bank, Birmingham, Alabama

IBERIABANK, Lafayette, Louisiana, Assumes All of the Deposits of CapitalSouth Bank, Birmingham, Alabama

First Coweta, Newnan, Georgia

United Bank, Zebulon, Georgia, Assumes All of the Deposits of First Coweta, Newnan, Georgia

More [...]

Here are the latest FDIC seizures:
First State Bank of Altus, Altus, Oklahoma

Total assets of $103.4 million and deposits of approximately $98.2 million
Estimated cost to the Deposit Insurance Fund (DIF): $25.2 million.

Integrity Bank, Jupiter, Florida

Total assets of $119 million and total deposits of approximately $102 million.
Stonegate Bank paid a premium of 0.20 percent to acquire the [...]

In truth this is really two failures, but one had six subsidiaries so it counts as seven.  Here are the failures:
The first bank is in New York. Waterford Village Bank, Clarence, New York, was closed by the New York State Banking Department, with the Federal Deposit Insurance Corporation (FDIC) as receiver. Evans Bank, N.A., Angola, [...]

These two seizures are going to be costly. The first one here, Vineyard Bank in California  is going to cost the taxpayer an estimated $579 million.  The second, Temecula Valley Bank in North Carolina, is estimated to cost $391 million.
Here’s the first press release.
Vineyard Bank, National Association, Rancho Cucamonga, California, was closed today by the [...]

The first bank failure is in Georgia, a state where many FDIC seizures have taken place.
On Friday, July 17, 2009, First Piedmont Bank, Winder, GA was closed by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.

First Piedmont had $115 million in deposits. The cost to the [...]