Bank Failure Friday - 4 more, 2010 toll now 20

Bank Failure Friday is a little late but like clockwork, the latest announcements are not, although last week, we got a reprieve. I guess even the FDIC needs a vacation.

With further ado, this week's failures, with their FDIC estimated costs are:

  • La Jolla Bank, FSB, CA - $882.3 million
  • George Washington Savings Bank, IL - $141.4 million
  • Marco Community Bank, FL - $38.1
  • La Coste National Bank, TX - $3.7 million

I've been to Macro Island in the past. At the time it was presented as the ultimate place to live, a tropical paradise. Now Florida is looking more like buying real estate in a Brazilian slum.

It is expected to see more bank failures this year than the 140 from 2008. The reason is Commercial Real Estate holdings are disproportionate in smaller financial institutions.

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"OneWest bank profit: $1.6

"OneWest bank profit: $1.6 billion
As IndyMac, it sold last year for less than that. Investors win, but the FDIC could still lose nearly $11 billion on bad loans that the Pasadena institution made before its sale."
http://articles.latimes.com/2010/feb/20/business/la-fi-onewest20-2010feb...

*imho*

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