More banks go bye-bye......

[marmar]

Four More U.S. Banks Are Shut, Bringing Total for Year to 13
By Margaret Chadbourn


Feb. 14 (Bloomberg) -- Banks in Florida, Illinois, Nebraska and Oregon were shut by state regulators, boosting the toll of failed institutions to 13, as a worsening economy and slumping housing market pushes home foreclosures to records.

Riverside Bank of the Gulf Coast in Cape Coral, Florida; Sherman County Bank in Loup City, Nebraska; Corn Belt Bank and Trust Co. of Pittsfield, Illinois; and Pinnacle Bank of Beaverton, Oregon were closed by state regulators yesterday. The Federal Deposit Insurance Corp. was named receiver.

TIB Bank of Naples, Florida, will buy Riverside’s $424 million in deposits, except $142.6 million in brokered deposits, for a 1.3 percent premium. Heritage Bank of Wood River, Nebraska, will pay a 6 percent premium for Sherman County’s $85.1 million in deposits. Carlinville National Bank of Carlinville, Illinois, will assume Corn Belt’s $234.4 million deposits for a 1.75 percent premium. Washington Trust Bank of Spokane, Washington, assumed Pinnacle’s $64 million of deposits, the FDIC said.

Regulators seized six banks in January, the highest monthly toll since 1993. State and federal agencies shuttered 25 banks last year, matching the combined total for 2001-2007, as home foreclosures soared and bank profits tumbled.

The Obama administration is seeking to jolt the economy with a bank rescue using $350 billion from the Troubled Asset Relief Program, a $787 billion stimulus package and a plan to stem foreclosures. The U.S. will subsidize interest-rate reductions to help borrowers avoid losing their home, said a person briefed on the proposal, costing $50 billion. ........(more)

The complete piece is at: http://www.bloomberg.com/apps/news?pid=20601087&sid=aIWdoV2ckATQ&refer=home

[Xicano]

1. Making way for the NWO

"Problem, Reaction, Solution" works every time.

:puke: