[Daniel_Plainview]

Banks failing to pay TARP dividends skyrockets from 55 to 82

by CalculatedRisk on 3/18/2010 09:24:00 AM

From Binyamin Appelbaum and David Cho at the WaPo: Small banks lag in repaying Treasury for bailout funds

[H]undreds of community banks have yet to return their bailouts. More than 10 percent of the 700 banks that got federal bailouts and are still holding the money even failed to pay the government a quarterly dividend in February. The list of 82 delinquent banks is significantly longer than the 55 banks that failed to make payments in November, according to an analysis by Linus Wilson, a finance professor at the University of Louisiana at Lafayette. ... Many of the community banks still holding aid from the Troubled Assets Relief Program are struggling with losses on real estate development loans.

[jbrovont]

"Epic fail"

Banks failing to pay TARP dividends skyrockets from 55 to 82

by CalculatedRisk on 3/18/2010 09:24:00 AM

From Binyamin Appelbaum and David Cho at the WaPo: Small banks lag in repaying Treasury for bailout funds

[H]undreds of community banks have yet to return their bailouts. More than 10 percent of the 700 banks that got federal bailouts and are still holding the money even failed to pay the government a quarterly dividend in February. The list of 82 delinquent banks is significantly longer than the 55 banks that failed to make payments in November, according to an analysis by Linus Wilson, a finance professor at the University of Louisiana at Lafayette. ... Many of the community banks still holding aid from the Troubled Assets Relief Program are struggling with losses on real estate development loans.

[kmann]

After a couple of relatively quiet weeks we have a busy day.
State Bank of Aurora, Aurora, MN
First Lowndes Bank, Fort Deposit, AL
Bank of Hiawassee, Hiawassee, GA
Appalachian Community Bank, Ellijay, GA
Advanta Bank Corp., Draper, UT
Century Security Bank, Duluth, GA
American National Bank, Parma, OH

Today's cost to the DIF: about $1.2 billion
Year to date: $6.2 billion

[MathMurderer]

Bank Closing Information - March 26, 2010

Desert Hills Bank, Phoenix, AZ
Unity National Bank, Cartersville, GA
Key West Bank, Key West, FL
McIntosh Commercial Bank, Carrolton, GA

Total cost to the DIF: US$ 320 Million.

[kmann]

Cost to the DIF year to date: $6.5 billion
1st quarter gone, annual rate cost to DIF is still about $26 billion, close to the same as last year. Nothing unusual yet.

[mcgowanjm]

Something bad is happening in Georgia.

They're way over avg in bad banks, but never seem to hit any
of the 'usual' states in trouble.

[kmann]

The FDIC opened a temporary office in Georgia last fall. At that time it seemed no worse than any other state. They probably saw the trouble coming. Could be a lot of exposure to the Florida real estate market?

[jdmartin]

Bank Closing Information - March 26, 2010

Desert Hills Bank, Phoenix, AZ
Unity National Bank, Cartersville, GA
Key West Bank, Key West, FL
McIntosh Commercial Bank, Carrolton, GA

Total cost to the DIF: US$ 320 Million.

You know what cracks me up the most about those 4 banks?

The six branches of Desert Hills Bank will reopen on Monday as branches of New York Community Bank.

They couldn't even find a local bank in Arizona to take over these guys - "New York Community Bank" is going to look pretty damn funny in the desert.

[mcgowanjm]

The FDIC opened a temporary office in Georgia last fall. At that time it seemed no worse than any other state. They probably saw the trouble coming. Could be a lot of exposure to the Florida real estate market?

Yes. Exposure to Florida. And this:

Consider this: At the end of 2008, Georgia had 334 banks -- more than California, four times larger than Georgia's population, and more than Florida, which has twice as many people. Only five states — Texas, Illinois, Minnesota, Iowa and Kansas — have more banks than Georgia, according to the FDIC.

And Atlanta grew too fast. Growth never pays for itself and all these
news banks are/were( ) competing in the Atlanta Metro.

[Cloud9]

I'll do a little happy dance if Sun Trust tanks.

[IslandCrow]

It is not Friday, and it is not USA, but one small new bank here in Finland had failed. I suppose starting a bank in January 2009 was not the best of timing

The Financial Supervisory Authority (FIN-FSA) has withdrawn Sofia Bank Plc’s deposit bank authorisation with effect from 28 March 2010, resulting in the suspension of the Bank’s operations. Sofia Bank commenced operations in January 2009 and was unable to become profitable enough to continue banking operations.

http://www.finanssivalvonta.fi/en/publications/Press_releases/pages/1_2010.aspx

[eXpat]

Beach First National Bank is 42nd failure of 2010

SAN FRANCISCO (MarketWatch) -- Regulators on Friday closed Beach First National Bank of Myrtle Beach, S.C., bringing the total number of failed banks so far this year to 42. Beach First National had about $585.1 million in assets and $516 million in deposits as of Dec. 31. Bank of North Carolina in Thomasville, N.C. will assume all of its deposits and assets

http://www.marketwatch.com/story/beach-first-national-bank-is-42nd-failure-of-2010-2010-04-09

[kmann]

Cost to the DIF this week: $0.1 billion
Year to date: $6.6 billion
nothing to worry about yet

[kmann]

City Bank, Lynnwood, WA
Tamalpais Bank, San Rafael, CA
Innovative Bank, Oakland, CA
Butler Bank, Lowell, MA
Riverside National Bank of Florida, Fort Pierce, FL
AmericanFirst Bank, Clermont, FL
First Federal Bank of North Florida, Palatka, FL
Lakeside Community Bank, Sterling MI

Woow, busy day!
Cost to the DIF for these seven, no eight banks: $900 million
year to date: $7.5 billion

[VMarcHart]

Just adding my name to this thread.

[jdmartin]

City Bank, Lynnwood, WA
Tamalpais Bank, San Rafael, CA
Innovative Bank, Oakland, CA
Butler Bank, Lowell, MA
Riverside National Bank of Florida, Fort Pierce, FL
AmericanFirst Bank, Clermont, FL
First Federal Bank of North Florida, Palatka, FL
Lakeside Community Bank, Sterling MI

Woow, busy day!
Cost to the DIF for these seven, no eight banks: $900 million
year to date: $7.5 billion

And nowhere did I see where that made any kind of news, anywhere. I'm thankful for the PO board, where I can always figure out WTHGO.

[VMarcHart]

And nowhere did I see where that made any kind of news, anywhere.

You see, JD, in order to make the news, it has to be sexy, shocking, etc. Bank failure is too commonplace. How sad, isn't it?

[eXpat]

4 today
-New Century Bank Chicago IL
-Citizens Bank and Trust Company of Chicago Chicago IL
-Broadway Bank Chicago IL
-Amcore Bank, National Association Rockford

FDIC Shuts Down 4 Banks in Illinois

Regulators have shut down four banks in Illinois, putting the number of U.S. bank failures this year at 54.

The Federal Deposit Insurance Corp. says it took over three banks in Chicago: New Century Bank, with $485.6 million in assets; Citizens Bank&Trust Company, with $77.3 million in assets; and Broadway Bank, with $1.2 billion in assets. The FDIC also closed Amcore Bank of Rockford, which had $3.8 billion in assets.

MB Financial Bank agreed to acquire the deposits of both Broadway Bank and New Century Bank. Republic Bank of Chicago agreed to assume Citizens' deposits, while Chicago-based Harris National Association agreed to acquire Amcore Bank's deposits.

http://abcnews.go.com/Business/wireStory?id=10463323

[GoghGoner]

Seven this week. Couple of bigger banks in there.

Regulators shut down seven Illinois banks in biggest one-state sweep since 1992.

Friday's actions marked the greatest number of closings in a single state on a single day since Oct. 30, 1992, when 20 Texas banks were seized.

[kmann]

Cost to the DIF this week: $1.3 billion
YTD: $8.8 billion
Through 16 weeks about $0.55 billion per week or $28.6 billion annual rate