Yippee! Yea, it's.....Bank Failure Friday. Oops, I guess that's nothing to cheer about, our weekly news report of the latest banking demise.
Let's get to it. Orion Bank Fails.
Naples, Fla.-based Orion Bank, which had $2.7 billion in assets as of last month, was closed by regulators Friday -- one of a trio of failures that will cost the federal deposit insurance fund just over $1 billion.
- Orion Bank, Florida - FDIC cost $615 million
- Century Bank, Florida - FDIC cost $344 million
- Pacific Coast National Bank, California - FDIC cost $27.4 million
Meanwhile the FDIC is requiring banks to prepay 3 years of fees to raise $45 billion.
So here we have banks falling like flies and the FDIC puts more pressure on them with the prepayment of fees.
I guess it's good to be too big to fail.
Believe this or not, bank failures are projected to accelerate in 2010.
Also note, while we coined the phrase Bank Failure Friday months ago, it's now becoming the standard phrase in many media reports. That's cool.