bank failures

Bank Faiure Friday for 06-19-09

Three more banks went down the tubes.

The FDIC agreed to have First Bank of Troy, N.C., take over Cooperative Bank's 24 branches and nearly all of its assets. Cooperative Bank had total assets of $970 million and total deposits of $774 million.

United Community Bank of Blairsville, Ga., will assume Southern Community bank's five branches, its $307 million in deposits, and nearly all of its $377 million in assets.

And Bank of Kansas of South Hutchinson, Kan., will acquire First National Bank of Anthony's six branches, its $142.5 million in deposits, and nearly all of its $156.9 million in assets.

There have been 40 banks that have failed in 2009.

Friday Close A Bank NIght - This week it is 3

I love Fridays, especially around 5pm or later for that is when the really bad news is released.

Ya know like 600,000 jobs lost in a month....(and notice how it's rounded down just a tad in most news reports..magically that 5 looks less scary than 6)

For tonight's evening bombshell we have Three U.S. Banks Shut by Regulators as Financial Crisis Deepens :

County Bank of Merced, California, with deposits of $1.3 billion and assets of $1.7 billion, was shut tonight by the state’s Department of Financial Institutions, according to an e-mailed statement from the Federal Deposit Insurance Corp. Westamerica Bancorporation, holding company for Westamerica Bank, acquired all the assets and deposits.


Did the Irish just end Globalization?

Bailout legislation protecting domestic deposits in Irish national banks was signed into law by President Mary McAleese at 3:30 PM (Irish time).

President Mary McAleese has this evening signed legislation giving effect to the Government's €420 billion bank guarantee scheme.

A single-line statement from Áras an Uachtaráin just after 3.30pm said Mrs McAleese had signed the Credit Institutions (Financial Support) Bill 2008 into law.

Unlike the US FDIC or the British Financial Services Compensation Scheme, Ireland has had, until today, a deposit insurance scheme to protect only something like the first €20,000 deposited by individuals into banks.

Bank Failure - Friday Night Surprise

By now we are used to some bombshell news being released on Friday Evening, so we might as well preempt the surprise so we all can enjoy the night. So today we're going to guess at the surprise and I'll just update the predictions if they come true.

Calculated Risk is showing the stocks of Wachovia and National City plummet after the WaMu failure (ssssh! it's a buy out, really!).

Now Citigroup and Wachovia are in some sort of negotiations (like WaMu?). Oops, they are not....ooops, now there are a handful of suitors for a buy out..

oops, someone is resigning to spend more time with their family....ooops...

where have we seen these sound bytes before?

Magic secret decoder ring? Sounds like Wachovia is going down.

Bank Implode - O Meter is a failure watch blog.

Jim Cramer leaks a bank in Ohio will fail soon. National City is in Ohio.

FDIC May Need More Funds

The hits just keep on coming. This is like watching a train wreck. Now FDIC May Need $150 Billion Bailout as More Banks Fail.

By the end of 2009, about 100 U.S. banks with collective assets of more than $800 billion will fail, predicts Christopher Whalen, managing director of Institutional Risk Analytics, a Torrance, California-based firm that sells its analysis of FDIC data to investors