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Tilted Cat Head
Administrator
Location: Manhattan, NY
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And another one down...Bank Crisis Round 3
splitting off from this thread... http://www.tfproject.org/tfp/tilted-...ml#post2537712
We're up to 15 bank closures this year to date, we're not into February which is when a this same time last year it hit 6 by Jan 30, 2009. It was 16 by end of Feb.
Remind me again how this is not a scheme of smoke and mirrors with the DOW up and unemployment at 10%.
I still think that the banks are going to keep up the record pace of failure because things like Tishman Stuyvesant Town collapse is still something that is going to continue. The commercial loans still are in place and have the same bubble that hit the consumer market.
Quote:
View: Six more regional banks fail, bringing U.S. tally for 2010 to 15
Source: Marketwatch
posted with the TFP thread generator
Six more regional banks fail, bringing U.S. tally for 2010 to 15
Six more regional banks fail, bringing U.S. tally for 2010 to 15
By John Letzing & Kate Gibson, MarketWatch
NEW YORK (MarketWatch) -- U.S. regulators have closed down another half-dozen banks, including a large one in California, bringing to 15 the count of bank failures already this year, as the credit crisis continued to take its toll.
The closures announced late Friday will cost federal deposit insurance fund nearly $1.9 billion, regulators said, and come in the wake of 140 bank failures in 2009, when the melt down in the real estate market was at its height. There were 25 bank failures in 2008 and only three the prior year.
The latest failures include Los Angeles-based First Regional Bank, which held $1.87 billion in deposits as of Sept. 30, and is expected to cost the federal deposit insurance fund $825.5 million.
The Federal Deposit Insurance Corp. also said it assumed control of Immokalee, Fla.-based Florida Community Bank, which held $795.5 million in deposits as of Sept. 30; First National Bank of Georgia, based in Carrollton, Ga., with $757.9 million in deposits; Marshall Bank of Hallock, Minn., with $54.7 million in deposits; Cornelia, Ga.-based Community Bank & Trust, with $1.11 billion in deposits; and American Marine Bank of Bainbridge Island, Wash., with $308.5 million in deposits.
The FDIC has said that commercial real-estate losses are to blame for most bank failures so far this year. Read story about vulnerability of regional banks.
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