Wow.  The Feds sure know how to celebrate Independence Day.  I went out for a couple of hours and four more banks were seized bringing the grand total to seven for the day and 52 on the year.
Here are all the FDIC seizures for today. Six were in Illinois and one in Texas.
First State Bank [...]

This is the press release from the FDIC.  Deposits of only $75 million.  Small banks are seized, big banks get bailed out, of course.
Rock River Bank, Oregon, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation, Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect [...]

Another tiny little bank. Deposits of $34 million.
The First State Bank of Winchester, Winchester, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation, Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with The [...]

This is number 46 this year. Very small.  Why not wait?  Holiday weekend?
The John Warner Bank, Clinton, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation, Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption [...]

This is number 40 (earlier the headline read First National Bank of Kansas, but has since been corrected).
First National Bank of Anthony, Anthony, Kansas was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a [...]

Here are the press releases (emphasis added). This makes 39 institutions this year.
First, Cooperative:
Cooperative Bank, Wilmington, North Carolina was closed today by the North Carolina Office of Commissioner of Banks, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First [...]

Bank of Lincolnwood in Illinois is FDIC casualty number 37 this year. It is not very big.  Below is the FDIC press release:
Bank of Lincolnwood, Lincolnwood, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation, Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the [...]

Kyle, a long-time reader, recently asked why I think mark-to-market accounting actually matters.  After alI, savvy investors know that accounting does not necessarily change cash flows.  I think his question has a lot to do with not just accounting, but also with the stress tests.
Kyle writes:
My point is that it has really NOT changed, and [...]

Strategic Capital and Morton Community Bank were seized by the FDIC tonight.  Below are the FDIC announcements on the matter. The FDIC estimates a cost to taxpayers of $173 million (nearly 30% of assets) for Strategic Capital and $106 million for Citizens, for a total of $279 million.
Here is the Strategic Capital FDIC e-mail:
Strategic [...]

I was heading to dinner with Marshall Auerback when the news of the BankUnited bust came into my inbox. I see this as fairly big new for what it represents. We are witnessing a sea change in how FDIC seizures are done here with private equity companies ready to get in on the profits. Let [...]