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It is now a ritual. Every Friday night the FDIC announces which banks have been playing fast and loose with our money and need to be shut down. This week, there are two banks, Security Pacific of Los Angeles and Franklin of Houston. Franklin is the bank run by Lewis Ranieri, of [...]

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This past weekend, the FDIC closed yet another bank, Freedom Bank of Bradenton, Florida. The bank had total assets of $287 million and total deposits of $254 million. Super regional Fifth Third, based in Cincinnati, Ohio will take over the insured deposits of the institution and all Freedom branches have opened today as [...]

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PNC, down only 13% this year-to-date, very good for a bank stock, is acquiring beleaguered Ohio bank NCC for $5.5 billion. The price represents a huge discount to the prevailing market price before open today and NCC was down 34% in early trading. PNC is issuing $7.7 billion in stock and warrants to the [...]

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They did it again. The FDIC closed down two banks on Friday night after the market had closed. The two bans in question are Meridian Bank of Eldred, Illinois and Main Street Bank of Northville, Michigan. As always seems the case for the FDIC, the two banks in question were relatively small — [...]

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The deal everyone first expected to happen is now likely to proceed. Wells Fargo is set to buy Wachovia. Earlier this week, we heard that Wachovia was to be acquired by Citigroup, the beleaguered corporate behemoth that has written down over $50 billion during this credit crisis. What’s more is that Citigroup [...]

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The FDIC has a chronology of the Savings and Loan crisis on its website. I think they do a pretty good job of highlighting all the key points without slanting things for political purposes. See the link at the end of the post for the chronology.
The S&L crisis bears keeping in mind as [...]

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Wachovia Corporation has agreed to be bought out by Citigroup in a deal supported by the U.S. government. Exact terms of the deal are still forthcoming, but this could be seen as a best case scenario for a bank which was increasingly under stress due to the global credit crisis.
In 2006 Wachovia’s shares changed [...]

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JP Morgan Chase has taken over the deposit taking subsidiary of Washington Mutual. The transaction is effective immediately, meaning it has closed. This is the biggest deal in FDIC activity yet.
Note: I originally heard this story just before 9PM ET and Yves Smith at naked capitalism has her take on the news.
Obviously, this is [...]

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Today, after the markets closed, in another Friday Night Special, the FDIC announced the failure of Ameribank. This represents the 12th bank failure this year and the 14th since the credit crisis began last August.
See my list of Bankrupt global financial institutions for major bankruptcies and my Credit Crisis Timeline for all bank writedown [...]

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I am not a certified financial planner and therefore, do not give financial advice or investment advice. Anyone looking for financial advice is advised to see a independent certified financial planner to help them with their investments.
The Certified Financial Planner (CFP) designation is a certification mark for financial planners conferred by the Certified Financial Planner [...]