3 more banks close today - 6 in January. 75 run rate for 2009?

[Slimprofits]

Re: 3 more banks close today - 6 in January. 75 run rate for 2009?

The FDIC closed two more on Friday.

http://www.fdic.gov/bank/individual/.../banklist.html

According to the Associated Press:

The FDIC sold Cape Fear Bank to First Federal Savings & Loan Assn. of Charleston, S.C. The agency failed to sell New Frontier, and will keep it open for 30 days so customers can open accounts elsewhere. The failures will cost the deposit insurance fund a total of $800 million, the FDIC estimated.

http://www.latimes.com/business/la-f...,5700560.story

[strittmatter]

Re: 3 more banks close today - 6 in January. 75 run rate for 2009?

Our information is that the FDIC is prepared for 1,000 banks to close over the next three years, primarily due to over-exposure to commercial real estate.

Fred,

Do you have additional context/data that you can share on this?

Thanks.

[pwcmba]

Re: 3 more banks close today - 6 in January. 75 run rate for 2009?

And 2 credit unions-

http://www.bloomberg.com/apps/news?p...qrI&refer=home

[FRED]

Re: 3 more banks close today - 6 in January. 75 run rate for 2009?

FDIC shuts 3 more banks for total of 20 this year

http://www3.signonsandiego.com/stori.../?zIndex=70504

Those closed were FirstCity Bank of Stockbridge, Ga.; Colorado National Bank of Colorado Springs, Colo.; and Teambank N.A. of Paola, Kan..

The FDIC estimates that the cost to the deposit insurance fund from the closings of the three banks will be about $207 million.

http://www.fdic.gov/bank/individual/.../banklist.html

Our information is that the FDIC is prepared for 1,000 banks to close over the next three years, primarily due to over-exposure to commercial real estate.

[Slimprofits]

Re: 3 more banks close today - 6 in January. 75 run rate for 2009?

FDIC shuts 3 more banks for total of 20 this year

http://www3.signonsandiego.com/stori.../?zIndex=70504

Those closed were FirstCity Bank of Stockbridge, Ga.; Colorado National Bank of Colorado Springs, Colo.; and Teambank N.A. of Paola, Kan..

The FDIC estimates that the cost to the deposit insurance fund from the closings of the three banks will be about $207 million.

http://www.fdic.gov/bank/individual/.../banklist.html

[WDCRob]

Re: 3 more banks close today - 6 in January. 75 run rate for 2009?

I'll take the over @ 75

[c1ue]

3 today to add to the 3 previously in January. That's a run rate of 1.5 per week. 75 closed banks in 2009?

http://money.cnn.com/2009/01/30/news...ion=2009013019

Suburban Federal Savings Bank in Crofton, Md., was closed by the Office of Thrift Supervision. The FDIC said the failed bank's seven offices will reopen on Saturday as branches of Tappahannock, Va.-based Bank of Essex.

In Florida, the Office of the Comptroller of the Currency shuttered the four locations of Ocala National Bank and entered into a purchase agreement with CenterState Bank in Winter Haven, Fla.
Ocala National Bank had total assets of $223.5 million and total deposits of $205.2 million, while Suburban Federal had total assets of approximately $360 million and total deposits of $302 million.
Taken together, the two failures will cost the FDIC an estimated $225 million.

Separately, the FDIC said it was unable to find another financial institution to take over the banking operations of Salt Lake City-based MagnetBank, which regulators also closed on Friday. As a result, it expects to mail checks to retail depositors for their insured funds Monday morning.
MagnetBank, which is estimated to have no uninsured deposits, had total assets of $292.9 million and total deposits of $282.8 million as of last month, according to the FDIC. It was the first bank to fail in Utah since 2004.