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Failure Friday (Did You Miss Us?)
5 more banks and $1.38 $1.80 billion more into the red for the FDIC. That makes 138 so far, and a good start to Failure Friday.
Independent Bankers Bank, Springfield, IL
New South Federal Savings Bank, Irondale, AL
Citizens State Bank, New Baltimore, MI
Peoples First Community Bank, Panama City, FL
RockBridge Commercial Bank, Atlanta, GA
First Federal Bank of California, Santa Monica, CA
Imperial Capital Bank, La Jolla, CA
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Who's more insolvent now? Your average bank, or the FDIC?
Both.
There was no buyer for Rockbridge, FDIC approved payout of all insured deposits. $291 Mil in deposits as of Sept FFEIC report.
FDIC press release
http://www.fdic.gov/bank/individual/failed/rockbridge.html
Would suck to have auto deposit and bill pay with this bank.
Yes.
Still an eastern timezone and central timezone bias to these.
So, are you saying not a lot of West Coast banks have been on the failure list as of yet?
Yes - this week we got 2 california banks but
in previous weeks there seemed to be a bias
towards east coast. I will have to do a study
on the list of RIP banks and see if thats true.
When I gaze left or right, I see those blasted ads from Ally bank. Where's the little girl on the travel-limited bike.
she hitched a ride on the pony to Dubai to bask under the palm trees while watching the Tiger Woods Harem Classic
All we need is Radio Zero.
Holla
Good, one of the best parts about Friday! The Weekly Walk of Shame! Though must confess I'm waiting for the FDIC to officially make this walk to :)
Atlanta has a s**tload of banks.
Well, they had a s**tload of banks.
Agreed Chet. They had door-to-door refi guys carpeting the area with an appraiser in tow. They'd present the home owner with a slick glossy presentation with a photo of their home on the cover.
They would identify the equity in the home and the appraiser would verify the `current market value`. In the glossy presentation they would outline what the home owner could be doing with the equity in their home.
You can buy an Cadillac Escalade with rims. You can improve your home and get even more free money. You can buy stocks and triple your money in 3 months. You can take a trip to Vegas and play the slots with this free money...
Long live The Squid's securitization industry!
Redefining predators.
Yeah, this whole real estate cycle (i.e. bubble, i.e. fraud) has really redefined sleaziness.
It almost makes old-school sleazeballs seem kind of quaint by comparison.
YAWN!! We have gone through this so many times that its becoming the norm....I guess more fuel for the rally to continue next week since its been like this for the last 8 months now?
Markets are up 10 months in row, it happens every 100 years or so ( no big deal! ).
Let the good times roll, we are in the sweet spot baby.
FDIC Bank Watch List
Just a little list of troubled banks and closures so far this year.
I love bank-failure-Friday. Polish brandy and Guiness.
Ah.. Let me be clear
Time for talk'in is over
Now that we are on the road to recovery...
I say FUBO
Spare a thought for those at Christmas without access to ATM's for daily needs, For those who had payroll a/c's that are not insured and are lost (and the fallout),For those that now must wait for a paper payment in the mail and deposit it and wait for clearance before they can Eat. Spare a thought for those who will have automatic deductions bounced and the subsequent fallout with credit ratings.
3 Banks without buyers will create a whirlwind of pain, hunger and frustration. No one has ever lost a cent in a bank failure when deposits are insured by the FDIC - NO - they only meekly crawled to their quite places and cried as they were cut loose to fend without means.
Merry Christmas to all Bankers, may you wake up one day naked and undefended in the midst of milling and starving masses
PutBuyer... why on earth would you polish brandy?
Oh... never mind.
Thankfully, like the Abu Ghraib perps, these banks represent the few bad apples in an otherwise healthy, honest and well-capitalised system that is NOT designed to rape taxpayers while giving each of them and their progeny a great big Dirty Sanchez.
(That's what Ben said - and he's never been wrong, remember: he saw the crisis coming, warned everyone about it, and then took immediate action and stopped it before it even got started. Y'know, like Greenspan, Rubin and Summers in 1999... and Nasty Uncle Adolf in 1938).
Seriously - is TIME mag worse than Moodys/S&P/Fitch? (Is it possible to be worse than those three gutless bags of fail?).
Please, Santa, let Moody's have the guts to drop Greece a couple of notches... I want to make sure that Blair and Sarkozy the Goblin Runt-King (and saviour of high-profile paedophiles) can't ever be in charge of Germany.
Cheerio
GT
It's cheap and sooooo tasty. yummy! I will be stocking up on it when I live in my New Hampshire cabin - waiting for the shit storm to blow over. Try it brother.
http://www.internetwines.com/mb150744.html
"The Polish people are famed for their blackberry liqueur..."
Yes.....yes they are.....
Thanks - I thought it might be tater brandy at first
3 of these banks had NO BUYERS, hah
Walmart didn't buy another one?
LOL.
All the bad banks went out on a limb hoping the good banks would stay cool and save thier ass and that just didn't happen.
#6
Imperial Capital Bank La Jolla CA
$4.0 billion in total assets and $2.8 billion in total deposits
619 million cost to the DIF.
These are all REALLY big numbers. When I try to explain to people how bad things are, they just get me a dumb response. When I explain it in aircraft carriers, it seems to make more sense to people. The USA ONLY has about 12 aircraft carriers. Aircraft carriers are one of the most expensive items to make, their costs range from $4 billion to $12 billion each, depending on when they were built. If the USA could have 50 aircraft carriers, it would. But it can't because they are soooooooo expensive. All this money that is literally being sucked out of the government, is not buying roads, buildings, jobs, or aircraft carriers. It is just filling in banking pot holes.
I like it...FGB
welldone
The fact is all the too big to fail banks, are broke. You watch, starting next year, and into 2012, the sh*t will finally break the fan. Things will never be the same in the U.S. They're not now. How can anyone, with common sense think otherwise. And for those who always say the U.S. will always come back. I say, you don't know anything, especially history. Let's see, two bogus wars, national debt around 100 Trillion, personal debt out of sight, unemployement will soon be over 30%, based on Shadow Stats, and just about all of the MFGing jobs are gone. Overseas, that is. Just look at the CIA site, and tell me I'm wrong: https://www.cia.gov/library/publications/the-world-factbook/geos/us.html
We are screwed! It's going to be very interesting...
#7 First Federal Bank of California, FSB CA 90401 > $5 billion
saving the best for last?
My first employer in the banking industry - they used to throw good parties. (small tear)
i'm going with zero failures for next friday.
had to get that in before any of you other smart asses.
And zero failures for first Friday of 2010.
its up to 7 banks now can we get a revision of the numbers please
its up to 7 banks now can we get a revision of the numbers please
Hi Marla,
I did miss bank failure Friday! Thanks to ZH for keeping current on this score card as the rest of the MSM seems to have become bored with the subject. Welcome back!
Jack The Trader
No
I just ♥ these depression era quotes!
"I see no reason why 1931 should not be an extremely good year." - Alfred P. Sloan, Jr., General Motors Co, November 1930
Fast forward...
“We are grateful for the support the government has provided us. We look forward to continuing repayments through June 2010, at which time the balances will be paid in full, assuming no downturn in the economy or business,” - Ed Whitacre, GM Chairman, December 2010
HA!
I'm betting zero failures each of the next two Fridays...and, that we top 200 failures next year.
Increased to 7 now for the week.
First Fed was a big one here to bite the dust. Huge ARM lender here in Los Angeles.
Still waiting for my former competitor Preferred Bank to eat it, but so far, not yet....
I used to get beat out by these guys on construction loans all the time.
Looks like they'll be in the barrel next week.
Heh, check this out.
First Fed is to be "absorbed" by OneWest Bank, which is the former carcass of IndyMac.
So the No. 1 writer of Option ARM loans gets to acquire the No. 2 Option ARM loan lender in the state.
Good luck with that.
RT, I figured you to be a math guy. If not, hasn't CAPTCHA reminded you that two negatives equal a positive?
From the FDIC site:
Rockbridge Commercial Bank, Atlanta, GA: The FDIC estimates the cost of the failure to its Deposit Insurance Fund to be approximately $124.2 million
Peoples First Community Bank, Panama City, FL: The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $556.7 million
Citizens State Bank, New Baltimore, MI: The cost to the FDIC's Deposit Insurance Fund is estimated to be $76.6 million.
New South Federal Savings Bank, Irondale, AL: The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $212.3 million.
Independent Bankers' Bank, Springfield, IL: The FDIC estimates that the cost to the Deposit Insurance Fund will be $68.4 million.
Imperial Capital Bank, La Jolla, CA: The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $619.2 million.
First Federal Bank of California, Santa Monica, CA: The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $146.3 million.
Estimated total hit to the DIF: $1.8037 billion
1.8$ bil and add to the fact stated in mish's blog (http://globaleconomicanalysis.blogspot.com/2009/12/seven-banks-fail-140-...) :
So 1/2 of the 2010 budget just bited the dust. On an agency that was already 8 bil in negative. That does not bode well my friend :)
OK
OK
OFF Post
But Where is Zero-Radio Tonight?!?
Need it BAD!!!
OK
OK
OFF Post I know
But - Where is Zero-Radio Tonight?!?
Just Wondering? - I look Forward SO much each week!!!
Happy bank failure friday! All is well!
Today's bank failures (#134 - #140):
RockBridge Commercial Bank, Atlanta GA - $124.2 million
People's First Community Bank, Panama City, FL - $556.7 million
Citizens State Bank, New Baltimore, MI - $76.6 million
New South Federal Savings Bank, Irondale, AL - $212.3 million
Independent Bankers' Bank, Springfield, IL - $68.4 million
Imperial Capital Bank, La Jolla, CA - $619.2 million
First Federal Bank of California, Santa Monica, CA - $146.3 million
TOTAL COST TO DIF (7 BANKS) = $1.804 BILLION
Yes - Lots of bank failures
Yes - Many more to come in 2010
In early 1990 - Savings and Loans
Many failed, The stock market rallied strong, through the 90's.
The dollar amount was smaller then.
But the US Government has a big printing press.
I doubt the world will end.
The rest of the world is in worse shape than the USA.
I do not know.
Has the depression been avoided, or just delayed?
Or will America repeat the Lost Decade, like Japan?
The outcome will be interesting.
A few will be right - Some will be wrong.
The majority of America, can not invest or speculate.
The majortiy - just tries to pay bills and live.
Wild Cards can always be a player.
Israel will not allow Iran to develop nukes
Been almost 10 years since the terrorist attack on 9/11
Hillary could declare martial law. Bitch
Any number of wild cards.
Hope, Greed, and Failure
My guess 10 - 15 years of 10% unemployment
Low consmer demand
wide trading range in the markets and commodities
I'm not sure we can truely repeat the success
of Japan's lost decade because we do not
have a giant export market to dump our
products on. This allowed Japan to flatline
and not go into total meltdown.
If the FDIC is itself insolvent, then where are they getting the cash to pay depositors and close these banks? I thought they used up the last of their cash reserves on 9/30/09. Did they get a loan from the FFB or Treasury? Does anybody know? I don't think the special assessment money is in yet.
Does it matter?
Do you really think the government is actually going tell the FDIC that they can't spend money they don't have? Nobody is really counting here, at least not for the purposes of saying, "hey guys, party is over, we're out of money".
What is a few billion dollars here and there? Nobody cares anymore.
Goodbye FED you tried my patience with those silly short squeezes, but how nice it was before QE when if you got it right the target crashed and burned