Banks shut in Fla., Mo., NM, Ore., Wash.

[TwixVoy]

Source: AP

WASHINGTON (AP) -- Regulators have shut down banks in Florida, Missouri, New Mexico, Oregon and Washington, bringing to nine the number of bank failures so far in 2010, following 140 closures last year in the toughest economic environment since the Great Depression.

The Federal Deposit Insurance Corp. on Friday took over the five banks: Charter Bank, based in Santa Fe, N.M., with $1.2 billion in assets and $851.5 million in deposits; Miami-based Premier American Bank, with $350.9 million in assets and $326.3 million in deposits; Bank of Leeton in Leeton, Mo., with $20.1 million in assets and $20.4 million in deposits; Columbia River Bank, based in The Dalles, Ore., with $1.1 billion in assets and $1 billion in deposits; and Seattle-based Evergreen Bank, with $488.5 million in assets and $439.4 million in deposits.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information.

Read more: http://finance.yahoo.com/news/Banks-shut-in-Fla-Mo-NM-Ore-apf-2537354215.html?x=0&sec=topStories&pos=main&asset=&ccode=

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No comment.

[OhioChick]

1. Fifth Bank of 2010 Fails in Florida

Source: Wall Street Journal

JANUARY 22, 2010, 7:36 P.M. ET

Regulators seized a Miami bank on Friday and sold it to an investment group that received a so-called shelf charter last year to acquire failed financial institutions.

The closing of Premier American Bank brings the total number of failures this year to five. The Federal Deposit Insurance Corp. estimated that Premier American's closing will cost the agency's cash-strapped deposit-insurance fund a total of $85 million.

The FDIC sold Premier American's four branches, $326 million in deposits and some of its assets to a subsidiary of Naples, Fla.-based Bond Street Holdings LLC, the group granted a preliminary "shelf charter" in October 2009 to establish a new national bank.

Regulators have been encouraging investors to apply for such charters as a way of expanding the pool of potential buyers, and this is the first time a group was successful in using the tool to pick up a failed institution, according to the Office of the Comptroller of the Currency.

Bond Street Holdings was allowed to keep Premier American's name, and it will reopen on Monday as Premier American Bank NA.

The FDIC and the new owner also agreed to share losses on $300 million of the failed bank's assets.



Read more: http://online.wsj.com/article/SB10001424052748703822404575019681776963858.html?mod=googlenews_wsj

[Jumping John]

2. Yup - It must be Friday Night - Hahahaha

[BumRushDaShow]

3. The Bank of Leeton in MD

also went bye bye.

http://www.fdic.gov/bank/individual/failed/leeton.html

Night is young.

[BumRushDaShow]

4. And another one bites the dust

Charter Bank in NM.

http://www.fdic.gov/bank/individual/failed/charter-nm.html

[LibertyLover]

5. The husband of one of my best friends works for a bank in Florida

She sent me a message yesterday saying that they have heard from a very good source that his bank will be closed next Friday. Suuuuure we're in a recovery.

[DeadEyeDyck]

6. too close to home

[Gamey]

7. Way too close to home....

My step-brother bailed just before the announcement of Charter in NM. He is currently in Las Vegas at a new job in an apartment with a blow up mattress separated from his family who remains, for now, in NM. They will be fine but he saw the writing on the wall way before this announcement.

[LearnedHand]

8. SHIT!!! Charter Bank is my mortgage holder!!!

I haven't heard a single word from them -- of course. OMG OMG OMG OMG!! Are they going to sell my loan to some fucking shark now???

[TwixVoy]

15. Yes

The bank will be turned over to another institution which will likely sell the loan.

[winyanstaz]

9. Like dominos......

[TheWatcher]

10. Viva Recovery!

Where are the apologists with their spin and happy talk to numb us into a heroin high of perception management and message discipline?

Now more than ever, we need to be talked down and assured by them that "everything is going to be OK, and we have turned the corner to a new age of prosperity."

Somebody needs to tell the FDIC that "they have arrived too late. The recession ended six months ago."

Oh wait, that cheerleader died in 1964.

Oh well, Side Issue.

Maybe they are just stunned and in a state of shock that their precious Stock Market Bubble lost all of it's Gains from the past two and half months of Propaganda and Dancing Girls Blitzes in just three short days, or 22 and a half trading hours.

Well, Bubbles based on nothing do tend to burst.

Oh WAIT, that's RIGHT, they don't exist. Neither does the recession, or job loss, or anything that makes us "feel bad."

I know, I know. All I need to do is go find some spin or sound bytes, and everything will be right as rain in the morning.

If John were alive today, he'd show us the way through song.....

"All We Need Is SPIN!!!!!11111....."

We need Vicky to write another memo.

:crazy:

[RubyDuby in GA]

11. I think this is the first Friday in ages that a bank in GA didn't fail

What gives? We're # 1 and don't any of you other states try to take away that dubious distinction!

[Blandocyte]

12. Dark days. n/t

[TexasObserver]

13. It's an average of 3 banks per week, same as last year.

It's small compared to the over 8000 banks in business in the US.

[gratuitous]

14. Eschaton has been saying for months we haven't reached bottom

The "subprime" loans were just the scout party. The rest of the merry band is still just approaching the ridge, and you can't see them yet. Overvalued properties purchased at the height of the market were next. We'll be seeing defaults on the overvalued properties bought just before the height of the market, and the chain reaction that happens from there. Yippie ki yay, mothuh--