Posts Tagged ‘South Carolina’

“The South Will Fall Again”

There is something inherently wrong in the South.

And it’s not the slow southern living, or the laziness in their southern drawl, or the languid summer days. And it isn’t the sweet, enticing taste of Southern Comfort, or Sloe Gin Fizzes!

Many in the southern states still have a sordid belief that the South will rise again — believe there’s something noble in that. But there would be nothing grand about returning to the ideals or bigotry that permeates southern thinking, dulls the senses and numbs the brain.

So, what’s wrong with the South?

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Posted in Politics, Republicans, States | Comments Off

“Sequestration or Secession?”

Is sequestration a fête accompli?

It’s looking more like it everyday.

We’re facing yet another incomprehensible battle in Congress, another unnecessary deadline which could have grave consequences for the nation and the global economy.

Despite being firmly established in a previous economic battle, sequestration — automatic cuts to the budget, half military and half discretionary — has become a political hot potato with both sides pointing fingers fearful of holding the proverbial spud when the music ends on March One!

So, what’s to fear from sequestration?

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Posted in Economy, On Survcast, Politics, Rebalancing America | Comments Off

The Republican Sanatorium!

The longer they campaign, the crazier things get.

Watching the Republicans battle for the top spot in the nation is, not only comical, but agonizing.

A different leader emerges each week only to be cut down by scrutiny the next.

It was Santorum’s week for a sudden surge, in time to garner a piece of the GOP crown in Iowa. Santorum’s message resonated with Evangelical voters in the Hawkeye state and a tie with Mitt Romney was a victory for Santorum.

But, will New Hampshire voters embrace him?

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Posted in Election 2012, Politics, Republican Hopefuls | Comments Off

”Georgia Still Leading In Foreclosures!”

The FDIC closed four banks on Friday; another in the state of Georgia.

Georgia lost it’s 53rd bank on Friday as the devastation of the Georgia banking system continues unabated. The 52nd Georgian bank was closed just last week.

No buyer was found for Enterprise Banking Company in McDonough so the FDIC closed the bank and created the Deposit Insurance National Bank of McDonough to allow customers access to their insured deposits.

Customers will receive all of their insured funds from the DINB. This allows depositors continuing access to their accounts during the transition.

Enterprise is estimated to cost the Deposit Insurance Fund $39.6 million.

The Carolinas’ each lost a bank last Friday and the fourth take-over was United Western Bank in Denver, Colorado. Neither Colorado nor North Carolina lost banks in 2010 and prior to Friday had only lost three and two respectively since the crisis began back in 2008. South Carolina has now lost five during the crisis.

United Western was the 7th foreclosure this year and the 329th since January, 2008. There were 9 foreclosures at this time last year. It was the largest of the four banks and will cost the DIF $312.8 million of the $454.9 million hit to the Fund this week.

The loss-share story continued with agreements between the FDIC and the three assuming banks totaling nearly $1.5 billion with the Denver agreement over $1.1 billion of that total.

The 2011 foreclosures are on track with last year which had 157 banks seized by the FDIC, 17 more than 2009.

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“One-Hundred Banks Fail This Year!”

103 Banks have been taken over by the FDIC already this year!

Seven banks were consumed by the FDIC on Friday surpassing 100 lost banks 3 months earlier than last year. This week the foreclosures occurred in seven different states, but Florida lost its fourth in two weeks and South Carolina lost another which was its 3rd in two weeks. Georgia lost its 40th bank since the beginning of 2008 and Florida is now tied with Illinois in second with 34 banks closed by the FDIC in that time.

The DIF will take a hit of $431 million this week with a loss-share provision between the FDIC and the acquiring banks totaling $1.5 billion. Crescent Bank and Trust Company, Jasper, Georgia was the most costly of the banks to the Fund at $242.4 million and the most costly loss-share at $617 million.

The significant change may be that the FDIC appears to be reducing the direct cost to the Deposit Insurance Fund and increasing the loss-share portion with the banks which may lead to larger losses pushed later in the cycle.

We’re only 37 away from the 140 that were closed last year and last year’s total could be surpassed in the next 8 weeks. With the commercial real estate market struggling there could still be an acceleration to toward the end of the year causing more pain for the banking system.

Now’s the time to pay attention!

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Posted in FDIC Foreclosures | 1 Comment »

“Florida Loses Three More Banks!”

The FDIC takes over six banks on Friday: 96th in 2010!

Bank Failures, Mid July

Failures thru Mid-July

Not only did Florida increase its total banks lost to 33 since 2008, but South Carolina lost its 2nd and 3rd banks this year.

South Carolina hadn’t lost a bank since the FDIC started listing failures in 2000, until it lost Beach First National Bank in Myrtle Beach on April 9th. The bank was seized by the Office of the Comptroller of the Currency and assigned to the FDIC as receiver. They immediately entered into a purchase and assignment agreement with the Bank of North Carolina in Thomasville.

The loss-share agreement with BNC was for $500,000,000 and the DIF estimated a loss of $130 million to the Fund. All three South Carolina Banks cost the Fund $320 million. The loss-share with the receiving banks is an incredible $1.3 billion.

The six banks that failed on Friday will cost the Deposit Insurance Fund $335 million. Combined with the 4 banks that closed last week, July has already drained $677 million from the Fund.

The question is, as always, how many banks will fail in the second half of the year?

And…how much is it going to cost the taxpayers?

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Posted in FDIC Foreclosures | Comments Off