[eXpat]

4 today
La Jolla Bank, FSB La Jolla CA
George Washington Savings Bank Orland Park IL
The La Coste National Bank
Marco Community Bank Marco Island FL 57586
http://www.fdic.gov/bank/individual/failed/banklist.html

[MathMurderer]

According to the FDIC press releases the toal cost to the Deposit Insurance Fund (DIF) for these four banks will be 1.06 Billion USD, with the lion's share coming from the bank in California at 882.3 million.

[kmann]

Running total cost to DIF: $4.3 billion

[pablonite]

http://finance.yahoo.com/news/Banks-in- ... ?x=0&.v=12

The 140 bank failures last year were the highest annual tally since 1992, at the height of the savings and loan crisis. They cost the insurance fund more than $30 billion. There were 25 bank failures in 2008 and just three in 2007.

The FDIC expects the cost of resolving failed banks to grow to about $100 billion over the next four years.

The agency mandated banks prepay about $45 billion in premiums last year, for 2010 through 2012, to replenish the insurance fund.

Depositors' money -- insured up to $250,000 per account -- is not at risk, with the FDIC backed by the government.

And what backs the government besides the international banksters printing press? If they decide to shut that off and start calling in the debt the governments will be the first to go bankrupt making the FDIC irrelevant. With all this shuffling of paperwork I would be surprised if the banks will be able to sort out what properties they can foreclose on - it should be quite a mess!

Also, these banks look like small potatoes in the grand scheme of things no? More concentration of wealth is all for now.

Marco Community Bank had about $119.6 million in assets and $117.1 million in deposits. Mutual of Omaha Bank, a division of the big insurance company Mutual of Omaha, agreed to assume the assets and deposits of Marco Community Bank.

More like Mutual of Omaha, agreed to consume the assets and deposits of Marco Community Bank.

[Daniel_Plainview]

FDIC: Number of troubled banks rises to 702
Feb. 23, 2010, 10:00 a.m. EST

WASHINGTON (MarketWatch) - The number of distressed banks in the U.S. rose to 702 in the fourth quarter, the highest level in sixteen years, according to a report released by the Federal Deposit Insurance Corp. Tuesday. That number is up from 552 at the end of September and 416 at the end of June. This is the largest number of banks on its "problem list" since June 1993. Banks insured by the FDIC dropped to a total quarterly profit of $914 million in the fourth quarter, compared with $2.8 billion in the third quarter. However, the result was significantly better than the $37.8 billion loss for insured institutions during the fourth quarter of 2008. Insured deposits reported full-year net income of $12.5 billion. The FDIC reported that its Deposit Insurance Fund dropped further into negative territory, reporting a $20.9 billion loss in the fourth quarter, worse than its $8.2 billion loss in the third quarter. The agency hopes to make up that loss through advance payments by banks of $45 billion in fees.

Karl Denninger: "the $20.9 billion loss in the deposit fund, after losing $8.2 billion last quarter, is beyond bad and well into the psychotropic medication range. Remember that the Deposit Insurance Fund went negative last quarter. Now it has lost another $20.9 billion."

[AirlinePilot]

Beat me too it Daniel!

[kmann]

Rainier Pacific Bank, Tacoma, WA
Carson River Community Bank, Reno, NV

Two banks, $100 million cost to DIF, ytd: $4.4Billion
After two months, annual rate of cost to DIF about 26 billion.

[eXpat]

4 Today
Centennial Bank Ogden UT
Waterfield Bank Germantown
Bank of Illinois Normal IL
Sun American Bank Boca Raton

The largest of the four was Sun American Bank of Boca Raton, Florida, which had approximately $535.7 million in total assets and $443.5 million in total deposits, the Federal Deposit Insurance Corp (FDIC) said.

Regulators also closed Centennial Bank of Odgen, Utah, Waterfield Bank of Germantown, Maryland, and Bank of Illinois of Normal, Illinois.

FDIC Chairman Sheila Bair has said she expects bank failures to remain high through 2010, even as the economy improves, because the bank industry is continuing to recognize loan losses and clean up their balance sheets.

http://www.reuters.com/article/idUSTRE6250DO20100306

[kmann]

Todays cost to the DIF, about $400 million.
Year to date: $4.8 billion.

[Daniel_Plainview]

Denninger -- Banks' Assets Overvalued by at least 20% Due to Accounting Fraud

...You can go through more than a year's worth of FDIC bank seizure information and in essentially every single case you will find that overvaluations of somewhere from 20-50% have in fact occurred, yet not one indictment for book-cooking has issued....

...We can look at the FDIC's own published bank closing statements, and derive from them a pattern stretching back more than a year now that has disclosed that in essentially each and every case the banks in question have overvalued their assets by anywhere from 20-40%, and that as of the day of the seizure such an overvaluation was in fact a continuing and ongoing practice.

... We have now learned, a year into this "experiment" with mark-to-model promulgated at gunpoint by Congress that:

1. The banks indeed have been lying about asset valuation and the proof comes in the form of the FDIC seizures, which in essentially case have documented massive and outrageous overvaluation of assets on bank balance sheets.

2.The claimed "mark to model" losses, which were tiny compared to the market-price losses, were in fact fictions, to the point that the poster child of the "mark to model" argument is now suing the purveyors of the instruments supposedly not to be marked to the market for losses that exceed what the market-based loss was back in March of 2009.

If you wish to argue that the economy and banking system are recovering their health, you must deal with this. If indeed large bank balance sheets are concealing a deficiency of somewhere between $1.5 and $3 trillion in losses not only will the economy and lending environment not recover it can't as the large banks all know the truth.

[kmann]

I don't take denninger seriously. I've read him enough times that I don't even bother reading the links any more when they're posted. He occasionally has little bits of facts but then blows them completly out of proportion. There's already a denninger thread, it's best to keep it sequestered there, IMO.

[GoghGoner]

Interesting, the FDIC lost track of what day it is. Either that or they know nothing can spook the market anymore.

Regulators shut LibertyPointe Bank in NYC

The Federal Deposit Insurance Corp. on Thursday took over LibertyPointe, with three branches, $209.7 million in assets and $209.5 million in deposits. Valley National Bank, based in Wayne, N.J., agreed to assume the assets and deposits of the failed bank.

[the48thronin]

The bank was closed by New York state's banking regulators and the FDIC appointed as receiver on Thursday, rather than on Friday as is customary for bank shutdowns because of the Jewish Sabbath falling at sundown Friday into Saturday.

Many of LibertyPointe's employees are observant Orthodox Jews who don't work on the Sabbath; the FDIC's process for failed banks requires bank employees to work with agency staff in the days following the closure to facilitate the transition.
from the link

if they waited till friday vening, they would have found no one at the bank...

[centralstump]

Ignore.

[eXpat]

4 This week
Statewide Bank, Covington, LA
Old Southern Bank, Orlando, FL
The Park Avenue Bank, New York , NY
LibertyPointe Bank, New York, NY

WASHINGTON (Reuters) - The Park Avenue Bank, a New York City-based institution, was among three banks seized by regulators on Friday, and is the second area bank to fail in two days.

The other banks seized on Friday were small institutions in Florida and Louisiana, and brought the total number of failures so far this year to 30.

The Federal Deposit Insurance Corp found buyers for the deposits of all three banks.

Community banks across the nation are continuing to fail at a steady pace.

The FDIC said on Friday that The Park Avenue Bank of New York City; Old Southern Bank of Orlando, Fla.; and Statewide Bank of Covington, Louisiana were closed. The FDIC did not disclose why they failed.

The Park Avenue Bank was the largest of the three, with about $520 million in assets and four branches.

http://abcnews.go.com/Business/wirestory?id=10089516&page=2

[pedalling_faster]

4 This week
Statewide Bank, Covington, LA
Old Southern Bank, Orlando, FL
The Park Avenue Bank, New York , NY
LibertyPointe Bank, New York, NY

13th Friday of the year. New Year's day was on Friday ... nothing happened then.

anyway, 30 closures spread over 12 weeks. a rate of 2 1/2 per week.

they're closing banks at the rate of 125 per year (rounding off to 50 weeks).

that's a lot of banks !

how many banks were closed in 2009 & 2008 ?

[mcgowanjm]

4 This week
Statewide Bank, Covington, LA
Old Southern Bank, Orlando, FL
The Park Avenue Bank, New York , NY
LibertyPointe Bank, New York, NY

13th Friday of the year. New Year's day was on Friday ... nothing happened then.

anyway, 30 closures spread over 12 weeks. a rate of 2 1/2 per week.

they're closing banks at the rate of 125 per year (rounding off to 50 weeks).

that's a lot of banks !

how many banks were closed in 2009 & 2008 ?

Some point in the next 4/5 weeks/months the FDIC will
have to start selling the Garbage from these Fails that
it's been trying desperately to hold off the Market.

We then get a price point. Then we get the Mark Downs
across the 8000 banks.

[kmann]

Cost to the DIF this week: $200 million give or take
YTD cost to the DIF: $5 billion

[topcat]

how many banks were closed in 2009 & 2008 ?

I believe it was right at 140, with a cost of around $30 billion.

Edit: That was for 2009, no idea for 2008.

[mcgowanjm]

I've been waiting for the terminology that would replace
'Watergate'. Every major RICO crime being given Whatever-
Gate.

We now have Banks and Repo 105.

Maybe RepoLand?

And of course this is a lie:

"Goldman says it never used Repo105's."

The entire banking system is insolvent.