6 more banks bite the dust

[pscot]

http://www.nytimes.com/reuters/2010/07/23/business/business-us-usa-banks-failures.html?src=busln

WASHINGTON (Reuters) - U.S. bank failures reached 102 so far in 2010 on Friday as regulators seized six small banks, a faster pace of closures than last year when the century mark was not reached until October. Bank failures are expected to peak this quarter, with the industry slowly recovering from large portfolios of bad loans, many tied to commercial real estate.

The banks seized on Friday were Sterling Bank of Lantana, Florida; Crescent Bank and Trust Company of Jasper, Georgia; Williamsburg First National Bank of Kingstree, South Carolina; Thunder Bank of Sylvan Grove, Kansas; Community Security Bank, New Prague, Minnesota and SouthwestUSA Bank of Las Vegas, Nevada, according to the Federal Deposit Insurance Corp.

The largest of the six banks was Crescent Bank and Trust with 11 branches and about $1.01 billion in total assets and $965.7 million in total deposits. The smallest was Thunder Bank with two branches and just $32.6 million in total assets and $28.5 million in deposits.

The FDIC estimated the six failures would add about $394 million to the tab for its deposit insurance fund. The FDIC late last month gave an update on the overall health of the bank industry, saying it sees improvements, but economic threats are still lurking.

[Name removed]

1. Deleted message

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[golfguru]

2. It is beginning to look a lot like Christmas..err

The Great Depression.

[Hydra]

3. DON'T SAY THAT WORD!

Dealing with reality could cause a crash!

...oh, wait...

[girl gone mad]

4. I think it was 7 total for the night..

Bank Failure #103: South Valley Bank & Trust, Klamath Falls, Oregon, Assumes All of the Deposits of Home Valley Bank, Cave Junction, Oregon.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $37.1 million.

Bank Failure #102: Plaza Bank, Irvine, California, Assumes All of the Deposits of SouthwestUSA Bank, Las Vegas, Nevada
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $74.1 million.

Bank Failure #101: Roundbank, Waseca, Minnesota, Assumes All of the Deposits of Community Security Bank, New Prague, Minnesota
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $18.6 million.

Bank Failure #100: The Bennington State Bank, Salina, Kansas, Assumes All of the Deposits of Thunder Bank (LOL!), Sylvan Grove, Kansas
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $4.5 million.

Bank Failure #99: First Citizens Bank and Trust Company, Inc., Columbia, South Carolina, Assumes All of the Deposits of Williamsburg First National Bank, Kingstree, South Carolina
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $8.8 million.

Bank Failure #98: Renasant Bank, Tupelo, Mississippi, Assumes All of the Deposits of Crescent Bank and Trust Company, Jasper, Georgia
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $242.4 million.

Bank Failure #97: From the FDIC: IBERIABANK, Lafayette, Louisiana, Assumes All of the Deposits of Sterling Bank, Lantana, Florida
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $45.5 million.

...pretty soon you're talking real money..


ETA: the NYT missed the biggest one. Hmmm.

UPDATE: looks like they've corrected the piece now.

[pscot]

5. It's hard to keep up

:popcorn: