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Re: How I learned to love the economic crisis: 2010 edition
Four this week - Did not even make it to the list of news articles on Yahoo Finance... Who cares? 'nother week 'nother round of bank closures...
Maryland, New York, Oklahoma Banks Shuttered as Failures Hit 90
http://www.businessweek.com/news/201...es-hit-90.html
Four this week - Did not even make it to the list of news articles on Yahoo Finance... Who cares? 'nother week 'nother round of bank closures...
Maryland, New York, Oklahoma Banks Shuttered as Failures Hit 90
July 10 (Bloomberg) -- Regulators shut four banks with $1.13 billion in combined assets, sending the number of U.S. failures this year to 90.
Home National Bank of Blackwell, Oklahoma, was the largest bank to be seized, with $644.5 million of assets, according to statements on the Federal Deposit Insurance Corp.’s website. The closures cost the FDIC deposit-insurance fund $159.9 million.
Georgia, Illinois and Florida are among the states hardest hit by the banking crisis. More than 27 lenders have failed in each of those states since the beginning of 2009, according to the FDIC. Three banks each in Maryland and New York have been closed this year.
“The remaining shakeout will be geographically concentrated and much more restricted to smaller institutions,” said Steve Reider, president of Bancography, a consulting firm based in Birmingham, Alabama. “I continue to think that geography is destiny.”
In an interview yesterday, FDIC Chairman Sheila Bair reiterated the agency’s forecast that 2010 will be the peak year for bank failures after more than 230 closures since 2009 pushed the agency’s deposit insurance fund into a deficit for the first time since the 1990s. Bair spoke in an interview for Bloomberg Television’s “Political Capital with Al Hunt.”
The FDIC included 775 banks with $431 billion in assets on the confidential list of problem lenders as of March 31, an increase from 702 banks with $402.8 billion at the end of the fourth quarter, the agency said in its quarterly banking report.
Bank Closures
Home National’s deposits were sold to Claremore, Oklahoma- based RCB Bank for a 0.22 percent premium, the FDIC said. RCB picked up 15 branches and $560.7 million in deposits.
Baltimore’s Bay National Bank and its two branches were shut, and will open as offices of Lutherville, Maryland-based Bay Bank, the FDIC said. At the end of March, Bay National had about $276 million in deposits and $282 million in assets. Regulators also closed Baltimore-based Ideal Federal Savings Bank and transferred accounts to M&T Bank Corp., which is acting as paying agent, the FDIC said.
Home National Bank of Blackwell, Oklahoma, was the largest bank to be seized, with $644.5 million of assets, according to statements on the Federal Deposit Insurance Corp.’s website. The closures cost the FDIC deposit-insurance fund $159.9 million.
Georgia, Illinois and Florida are among the states hardest hit by the banking crisis. More than 27 lenders have failed in each of those states since the beginning of 2009, according to the FDIC. Three banks each in Maryland and New York have been closed this year.
“The remaining shakeout will be geographically concentrated and much more restricted to smaller institutions,” said Steve Reider, president of Bancography, a consulting firm based in Birmingham, Alabama. “I continue to think that geography is destiny.”
In an interview yesterday, FDIC Chairman Sheila Bair reiterated the agency’s forecast that 2010 will be the peak year for bank failures after more than 230 closures since 2009 pushed the agency’s deposit insurance fund into a deficit for the first time since the 1990s. Bair spoke in an interview for Bloomberg Television’s “Political Capital with Al Hunt.”
The FDIC included 775 banks with $431 billion in assets on the confidential list of problem lenders as of March 31, an increase from 702 banks with $402.8 billion at the end of the fourth quarter, the agency said in its quarterly banking report.
Bank Closures
Home National’s deposits were sold to Claremore, Oklahoma- based RCB Bank for a 0.22 percent premium, the FDIC said. RCB picked up 15 branches and $560.7 million in deposits.
Baltimore’s Bay National Bank and its two branches were shut, and will open as offices of Lutherville, Maryland-based Bay Bank, the FDIC said. At the end of March, Bay National had about $276 million in deposits and $282 million in assets. Regulators also closed Baltimore-based Ideal Federal Savings Bank and transferred accounts to M&T Bank Corp., which is acting as paying agent, the FDIC said.
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