Posts Tagged ‘Illinois’

“Georgia’s Banks Continue To Fail”

Unbelievably, two more banks fail in Georgia!

On Friday, five more banks failed and were taken over bringing the year’s total to 38 closures by the FDIC.

The five closed last Friday brought July’s total to seven equalling June’s total. This is only the second time in 2012 that five banks were seized in a single week.

But the big news was the loss of two more Georgia banks, the seventh and eighth this year and the 83rd failure in Georgia since the crisis began in 2008.

Georgia’s the worst, but others are not far behind.

Read the rest of this entry »

Tags: , , , , , , ,
Posted in Economy, FDIC Foreclosures | Comments Off

“Over 400 Banks Have Fallen”

Since 2008 over 400 banks have been closed by the FDIC!

On Friday, another Georgia Bank was shuttered by the Federal Deposit Insurance Corporation along with three others, including another in Illinois.

What began with the closure of Douglass National Bank in Kansas City, Missouri on January 25th of 2008 has now spread to over 40 states and 402 banks.

The 400th bank to be seized was Blue Ridge Savings Bank in Asheville, North Carolina. It was also the 78th of the 80 closed this year. Country Bank in Aledo, Illinois was the 80th and the 41st in Illinois since the crisis began.

Read the rest of this entry »

Tags: , , , , , ,
Posted in FDIC Foreclosures | Comments Off

“Bank Foreclosures On the Rise!”

Foreclosures have been benign for the last two months.

On Friday the FDIC took over three more banks including another in Illinois. Two banks were also closed in Colorado bringing the 2011 total to 51.

In May and June only 9 banks were taken over by the FDIC.

But during that time Georgia lost four more banks, the 10th through the 13th this year and 65 since the crisis began. Florida also lost two, its 5th and 6th of the year and 51st since January of 2008.

The two months only cost the Deposit Insurance Fund $523.5 million which was great news compared to the weekly numbers over the last few years.

So, is the increase in July a sign that things are reversing? The three banks seized on Friday will cost the DIF $590.4 million—we’re back to half-a-billion dollars again. More than the total of the previous two months.

Despite the two good months, banks are still in jeopardy given the fragility of the economy and the markets. A downturn in the markets, increased unemployment, problems in China or Europe, or more devastating natural disasters could have an adverse effect on the banking system.

So banks are still something we should watch and be concerned about.

Tags: , , , , , , ,
Posted in Economy, FDIC Foreclosures | Comments Off

“Eight Banks Fail in April”

After a mild March six banks were closed on Friday!

Only three banks were closed by the FDIC in March, but the wind changed in April and bank closures increased dramatically. Eight banks have been seized by the FDIC in April with two Friday’s remaining in the month.

Georgia lost two more banks—the 7th and 8th of the year—and has now lost 59 banks since the crisis began. Illinois lost one in February, one in March, and now one in April for its 43rd lost bank, just 4 away from Florida with 47.

Are bank foreclosures, again, going to be a problem?

Read the rest of this entry »

Tags: , , , , , , , , ,
Posted in FDIC Foreclosures | Comments Off

“Four More Banks Fail on Friday”

Two more Georgia and two more California banks are taken over.

Georgia lost their 5th and 6th banks this year—California their 2nd and 3rd in 2011.

Since the bank crisis began in 2008 Georgia has now lost 57 banks. Though still fourth, California extended its total to 35 with the loss of the two this week, but remains behind both Florida and Illinois in bank foreclosures.

Another $267.6 million was drained from the DIF for the four losses on Friday and the loss-share is a heavy $670.5 million. The FDIC is also going to retain $28.5 million in assets from Charter Oak Bank in Napa for later disposition.

The ‘problem bank’ list for last quarter should be released this week and will indicate the direction the banking crisis is heading.

Anything over last quarter’s 860 troubled institutions would be a negative and not bode well for the nation’s banking system.

An interesting and important point has resurfaced in the banking debate that should be aggressively discussed with renewed interest and action.

Hundreds of banksters were indicted and incarcerated for their parts in the Savings & Loan crisis. To date, not one—not a single executive—has gone to prison as a result of this banking crisis.

It appears Shiela Bair and the FDIC are too weak or lack the desire to bring these criminals to justice.

Is it the Department of Justice’s obligation to bring charges against these criminals?

Are they doing their job? Or is this just another failure of another weak administration?

Tags: , , , , , , , , , ,
Posted in FDIC Foreclosures | Comments Off

“The Contagion In Georgia Spreads!”

Two more Georgia banks were seized by the FDIC on Friday!

American Trust Bank in Roswell and North Georgia Bank in Watkinsville were the third and fourth taken-over by the Georgia Department of Banking and turned over to the FDIC this year.

North Georgia Bank was the 55th Georgian bank closed since the crisis began. Illinois also lost its 40th this week. Community First Bank, Chicago was the 14th bank closed in 2011.

With the three foreclosures in Georgia and Illinois the big four, which includes Florida and California, account for 52% of the 333 banks closed since the crisis began. The four states have lost 174 banks in the three years and one month.

The banking crisis shows little sign of slowing as banks continue to have problems with their balance sheets and capital requirements after years of ignoring the fundamentals of finance or suffering from the downturn caused by the Big Banks that were bailed out by the Treasury Department.

As a result the Deposit Insurance Fund of the FDIC continues to be stretched, with expenses outpacing the inputs from member banks.

Read the rest of this entry »

Tags: , , , , , , , , , , , ,
Posted in FDIC Foreclosures | Comments Off

“Georgia Loses 21 Banks This Year!”

Georgia has now lost 51 banks in the crisis which began in ’08.

Chart of Bank Failures

Three Years of the Bank Crisis

On Friday, Georgia lost three more banks and has seen no let up in the foreclosure process. Georgia has suffered the most of any state during the crisis.

Three other states have also struggled over the last three years. Florida (45), Illinois (39), California (33), and Georgia (51) account for 52% of all the FDIC foreclosures since the banking crisis began. Georgia lost 21 banks this year, but Florida lost 29 in 2010. The four states have lost 168 banks of the 322 seized by the FDIC since the beginning of 2008.

The six banks closed this past Friday will cost the Deposit Insurance Fund (DIF) $267 million. Weekly losses have declined from the billion dollar levels in mid-year, but are still significant hits to the Fund.

For the 4th quarter foreclosures will total 30 after a loss of only 21 last quarter.

What will be interesting to observe is the ‘watch list’ which grew to 860 last quarter. Another increase could determine the direction we’re headed in 2011, the 4th year of the crisis.

Despite the recovery 2011 could be accelerating for the FDIC.

Tags: , , , , , , , , , ,
Posted in FDIC Foreclosures | Comments Off

“Bank Foreclosures on the Decline!”

That was the positive banking headline until Friday!

Only 14 banks had been seized since eight succumbed to the failing economy on August 20th. That was until Friday when 7 banks became victims.

As I wrote this article on Wednesday, then tried to finish it on Thursday, I asked: “Is this a trend we can get excited about?”

Foreclosures accelerated in April, May and July and with the exception of one week in August and one in September, had been incredibly benign. With only 14 banks taken over in the last nine weeks the total for 2010 climbed slowly to 132 for the year; just eight away from the 140 shuttered and barred last year. Including the seven from Friday we’re now just one away from last year.

Has the banking landscape really changed so much that the number of failing banks would decline so dramatically?

Read the rest of this entry »

Tags: , , , , , , , , , , , , , ,
Posted in FDIC Foreclosures | Comments Off

“Only 8 Banks Fail in June!”

Is a great month for the FDIC a great sign for the economy?

Only 8 banks were taken over by the FDIC in June at a cost of $835 million to the Deposit Insurance Fund (DIF).

Of the big four, Georgia, Illinois, and Florida lost one bank each increasing their losses since 2008 to 39, 34, and 30 respectively. California did not lose a bank in June and remains 4th at 27.

Peninsula Bank in Englewood, Florida cost the DIF $195 million, but Tier One Bank in Lincoln, Nebraska was the largest drain on the Fund at nearly $300 million.

June was a great month for the FDIC, but we lost four banks on Friday in Maryland, New York, and Oklahoma. The four banks brought the total to 90 for the year. The cost to the DIF for the first losses in July amount to $342 million.

The number of lost banks accelerated in the last half of 2009 as it did in 2008. At the end of June last year we had lost only 48 banks.

Hopefully, that trend won’t continue in 2010.

Tags: , , , , , , ,
Posted in FDIC Foreclosures | Comments Off

“Small Banks Reel, While Big Banks Steal”

Congress battles over financial reform while four more banks fail!

Congress, in its infinite wisdom, is allowing Big Banks to steal from ‘the people’ while regional and community banks fail at an accelerated rate.

Four more banks were closed by the FDIC last Friday bringing the total lost in the first two weeks of May to 8 and the 2010 total has increased to 72 bank failures.

As bank foreclosures edge closer to costing the taxpayers huge amounts of money, Senators like Judd Gregg, Mark Warner, and Bob Corker help ‘Too Big to Fail’ institutions slide their hands into customer’s pockets to steal their hard-earned cash.

The Big Banks, JP Morgan Chase, Bank of America, Citigroup, and several others borrow money from the Fed at 0%, buy America’s debt from The Treasury earning the spread in interest rates, making easy money at the expense of taxpayers. In return they give their customers very little interest on their savings and charge them outrageous fees after creating bogus, thieving rules designed only to extract money from their customers.

In other times in our history these actions were unethical and even criminal.

Yet our Congressional representatives are reluctant to pass laws to keep the banksters out of our pockets.

Read the rest of this entry »

Tags: , , , , , , , , , ,
Posted in Banking, Economy, Too Big to Bail | Comments Off