bank failure friday

Bank Failure Friday - up to 94, two more in the Midwest

Yet another Economic Populist series is Bank Failure Friday. Unfortunately we didn't plan this one.

This week's failures are Louisville, Ky.-based Irwin Union Bank FSB and Columbus, Ind.-based Irwin Union Bank and Trust Co.

Irwin Bank FSB had $493 million in assets and $441 million in deposits, while Irwin Union Bank and Trust had $2.7 billion in assets and $2.1 billion in deposits.

Looks like these found a buyer.

both bank's deposits will be assumed by First Financial Bank in Hamilton, Ohio.

First Financial also agreed to purchase essentially all of the two banks' assets. The FDIC and First Financial Bank reached a loss-share agreement covering about $2.5 billion of the two banks' combined assets.

Bank Failure Friday - Death Toll Rises to 84

The latest causalities of 2009:

Affinity Bank, which had total assets of $1 billion, deposits of $922 million and 10 branches in Northern and Southern California as of July 10, will be taken over by San Diego-based Pacific Western Bank, the FDIC announced.

Affinity Bank cost - $254 million

Bradford Bank, the second bank to fail in Maryland this year, had $452 million in assets and $383 million in deposits as of June 30

Bradford cost - $97 million.

ainstreet Bank had $459 million in assets and $434 million in deposits as of June 30, the FDIC reported.

Mainstreet Bank (isn't this title apropos since mainstreet is being told to go to hell generally?) cost $95 million.

Bank Failure Friday: Another southern-fried edition

ebank from Atlanta, Georgia
First Coweta from Newnan, Georgia
CapitalSouth Bank from Birmingham, Alabama

And the grandaddy of the week, Guaranty Bank of Austin, Texas

As of June 30, 2009, Guaranty Bank had total assets of approximately $13 billion and total deposits of approximately $12 billion. ...
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $3 billion. ... Guaranty Bank is the 81st FDIC-insured institution to fail in the nation this year, and the second in Texas.

Guaranty Bank will cost the FDIC nearly as much as Colonial did last week.

Place Yer Bets for Bank Failure Friday & Existing Home Sales

Calculated Risk has a sortable table of troubled banks on their website. This is not official, but from public sources. It's massive and appears to be a unique list to CR, so I just give the link for you to check it out.

So now we can place bets on which banks will be seized on our reoccuring series, Bank Failure Friday, which announced this week's bank failures almost like Pizza night.

Then, on home sales. The National Association of Realtors has released their monthly statistics.

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