Bank failures slips past 100 for 2009

[D-Mack]

Partners Bank of Naples, Fla., and American United Bank of Lawrenceville, Ga., were shuttered. The closures will cost the FDIC an estimated $72.6 million, placing further pressure on strained funds.

NEW YORK (CNNMoney.com) -- The tally of bank failures broke past the No. 100 milestone on Friday night, with regulators announcing the year's 101st bank closure.
That's more than four times the number that were closed in 2008, and the highest total since 1992, when 181 banks failed.
Earlier on Friday evening the dubious honor of the 100th failure went to Partners Bank, of Naples, Fla., which had $65.5 million in assets, according to the Federal Deposit Insurance Corp.





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http://money.cnn.com/2009/10/23/news...ion=2009102318

congrats

[goadam1]

Re: Bank failures slips past 100 for 2009

Awesome. I had 101 in the over under before Halloween pool.

Now I just need to be right about the world ending in 2012.

[goadam1]

Re: Bank failures slips past 100 for 2009

Partners Bank of Naples, Fla., and American United Bank of Lawrenceville, Ga., were shuttered. The closures will cost the FDIC an estimated $72.6 million, placing further pressure on strained funds.

NEW YORK (CNNMoney.com) -- The tally of bank failures broke past the No. 100 milestone on Friday night, with regulators announcing the year's 101st bank closure.
That's more than four times the number that were closed in 2008, and the highest total since 1992, when 181 banks failed.
Earlier on Friday evening the dubious honor of the 100th failure went to Partners Bank, of Naples, Fla., which had $65.5 million in assets, according to the Federal Deposit Insurance Corp.





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http://money.cnn.com/2009/10/23/news...ion=2009102318

congrats

Just in 102 and 103

[Chomsky]

Re: Bank failures slips past 100 for 2009

Just in 102 and 103

and 104 and 105.

Man, six today.

[metalman]

Re: Bank failures slips past 100 for 2009

and 104 and 105.

Man, six today.

bull market in bank failures!

msm spin... 'bank closures are a trailing indicator...'

[Jam]

Re: Bank failures slips past 100 for 2009

...
That's more than four times the number that were closed in 2008, and the highest total since 1992, when 181 banks failed.

...
http://money.cnn.com/2009/10/23/news...ion=2009102318

congrats

There are still two months left in this year. Are we going to top that 181 record of 1992? Gentlemen, place your bets.

[Chomsky]

Re: Bank failures slips past 100 for 2009

There are still two months left in this year. Are we going to top that 181 record of 1992? Gentlemen, place your bets.

There are ten more weeks in 2009.

182-105 = 77

7.7 closures per week for the rest of the year?

I'll take the under.

[WDCRob]

Re: Bank failures slips past 100 for 2009

Make it seven today.

[thunderdownunder]

Re: Bank failures slips past 100 for 2009

msm spin... 'bank closures are a trailing indicator...'

Trailing as in the oil spill you get when you detonate a motor.:rolleyes:

Seriously the FIDC must be having a hell of a time finding Sound Banks to assume deposits. They just need GS, JPM, Citi, Morgan Chase, Wells Fargo and BoA to put up their hands to take over all the pesky little ones and the Jobs Done. You can call it the SIX PILLARS of Capitalism.
http://charactercounts.org/sixpillars.html

Altogether now - 99 bankers standing on the Wall, 99 Bankers standing on the Wall and if one small Banker should accidentally fall, there'd be 98 Bankers standing on the Wall.

[Quincy K]

Re: Bank failures slips past 100 for 2009

Trailing as in the oil spill you get when you detonate a motor.:rolleyes:

Seriously the FIDC must be having a hell of a time finding Sound Banks to assume deposits. They just need GS, JPM, Citi, Morgan Chase, Wells Fargo and BoA to put up their hands to take over all the pesky little ones and the Jobs Done. You can call it the SIX PILLARS of Capitalism.
http://charactercounts.org/sixpillars.html

Altogether now - 99 bankers standing on the Wall, 99 Bankers standing on the Wall and if one small Banker should accidentally fall, there'd be 98 Bankers standing on the Wall.

GS, JPM, Citi, Morgan Stanley, Wells Fargo and BoA are the FDIC.

[GRG55]

Re: Bank failures slips past 100 for 2009

Now up to 130. But that's okay...the unemployment rate dropped to 10% today, so what's not to like about this economic recovery...

Regulators close six more banks in U.S.

WASHINGTON (Reuters) - Regulators seized six more U.S. banks on Friday, bringing the tally of failures to 130 this year as the bank industry continues to suffer under the weight of deteriorating loans...

...Small banks are expected to continue to fail at an elevated pace through next year. The Federal Deposit Insurance Corp, which protects bank accounts, has said the banking industry's recovery will lag behind the general economy...

...The six failures are expected to cost the FDIC's insurance fund a total of more than $2.3 billion...

[GRG55]

Re: Bank failures slips past 100 for 2009

Now up to 130. But that's okay...the unemployment rate dropped to 10% today, so what's not to like about this economic recovery...

Seven this week...140 and counting...:eek:

[rj1]

Re: Bank failures slips past 100 for 2009

If the FDIC take next Friday off for Christmas, I have on record:

140 failed banks
Assets of failed banks: approx. $173.3 billion
Estimated losses to Deposit Insurance Fund: approx. $36.4 billion
Estimated percentage losses: 21.0%