Bank Failure Friday - A Hat Trick

By
Real Estate Agent with San Diego Homes

The nine most terrifying words in the English language are, 'I'm from the government and I'm here to help.'

Ronald Reagan 40th president of US (1911 - 2004)

 

If you are a bank and its Friday, its only four words: "I'm from the government".

The suits struck again today, adding banks 70, 71, and 72 to the list of siezed banks.


From Reuters:

Friday's closures were:

* First State, Florida, which had $463 million in assets and $387 million in deposits. The failure is expected to cost the deposit insurance fund an estimated $116 million.

The FDIC said Stearns Bank, National Association, agreed to assume the insured deposits of First State, whose nine branches will reopen on Monday as branches of Stearns Bank, N.A.

* Community National Bank, Florida, which had $97 million in assets and $93 million in deposits. The failure is expected to cost the deposit insurance fund an estimated $24 million.

The FDIC said Stearns Bank, National Association, will assume the insured deposits of the failed bank, whose four branches will reopen on Saturday as branches of Stearns Bank, N.A.

*Community First Bank, Oregon, which had $209 million in assets and $182 million in deposits. The failure is expected to cost the deposit insurance fund $45 million. The FDIC said Home Federal Bank, Idaho, will assume the insured deposits of the failed bank, whose eight branches will reopen on Monday as branches of Home Federal Bank.

 
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Rainer
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Henry Pailles
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great mini blog

October 06, 2010 08:28 PM
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