Post Tagged with: "FDIC"
FDIC Friday Night Special: Lincolnwood
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
What the stress tests reveal about Obama’s thinking on banks
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
Bank seizures 35 and 36 by the FDIC
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:
BankUnited goes bust and is replaced by BankUnited
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
Sheila Bair talking to Bloomberg’s Al Hunt
Yesterday, I mentioned an e-mail from the FDIC clarifying statements on replacing bank executives by Chairperson Sheila Bair on Bloomberg’s “Political Capital with Al Hunt”. Below is the video which will allow you to see exactly what Sheila Bair has to say. The video starts automatically. Enjoy. Sources Bair Says Some Bank Chiefs Will Be
Westsound Bank seized by FDIC
The loss rate here is about 30%, $100 million on $334 million in assets. Here is the FDIC press release: Westsound Bank, Bremerton, Washington, was closed today by the Washington Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and
Last bankruptcy tonight: America West Bank
This is FDIC seizure number 32 (more details here): Cache Valley Bank, Logan, Utah, Assumes All of the Deposits of America West Bank, Layton, Utah America West Bank, Layton, Utah, was closed today by the Utah Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the
Citizens Community Bank goes under
This is number 31 by the FDIC this year. “The FDIC estimates that the cost to the Deposit Insurance Fund will be $18.1 million.” (See link for further details): North Jersey Community Bank, Englewood Cliffs, New Jersey, Assumes All of the Deposits of Citizens Community Bank, Ridgewood, New Jersey Citizens Community Bank, Ridgewood, New Jersey,
FDIC Friday Night: Silverton Bank is seized
Here is the press release from the FDIC for failure number 30 I believe (so many I lose count). Notice the eye-popping losses of $1.3 billion (link here): FDIC Creates Bridge Bank to Take Over Operations of Silverton Bank, National Association, Atlanta, Georgia The Federal Deposit Insurance Corporation (FDIC) created a bridge bank to take
Sheila Bair speaks out to CNBC
CNBC’s Trish Regan talks about banks and the economy with FDIC Chair Sheila Bair
Florida credit union put into conservatorship
The National Credit Union Administration (NCUA) has put Eastern Financial Florida Credit Union into conservatorship, an institution with $1.6 billion in assets. This looks to be the busiest day for regulators since the crisis began. 4 banks and 1 credit union have been shut this Friday. The NCUA Eastern Financial press release reads as follows:
Another Friday Night Special in Idaho
There is another bust in Idaho, the fourth today, at a cost of nearly $200 million on assets of only $488.9 million. Ouch. This is the 29th FDIC seizure in 2009. The FDIC issued the following press release about First Bank of Idaho: First Bank of Idaho, FSB, Ketchum, Idaho, was closed today by the