Not a Friday goes by without a bank failure......

[marmar]

Deliberate slow-motion collapse? Things that make you go "hmmmmm"? :think:


Oregon bank is 14th failure of 2009
By MarketWatch

SAN FRANCISCO (MarketWatch) -- Silver Falls Bank, of Silverton, Ore., was closed Friday by state regulators and the Federal Deposit Insurance Corporation.

It was the 14th bank to fail so far this year and the 39th since the beginning of the current credit crisis.

Citizens Bank, of Corvallis, Ore. will assume all of the deposits of Silver Falls Bank, the FDIC said. Silver Falls Bank had three branches, all of which will reopen Monday as branches of Citizens Bank.

As of Feb. 9, the bank had total assets of approximately $131.4 million and total deposits of $116.3 million. Citizens Bank did not pay a premium to acquire the deposits of Silver Falls Bank, according to the FDIC.

In addition to acquiring all of the failed banks deposits, including those from brokers, Citizens Bank agreed to purchase approximately $13 million in assets comprised of cash, cash equivalents, securities, overdraft loans, and deposit secured loans. The FDIC will retain any remaining assets for later disposition.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $50 million.


http://www.marketwatch.com/news/story/Oregons-Silver-Falls-Bank-seized/story.aspx?guid=%7BFB1C7C2E%2DB9B8%2D4D1D%2DBA36%2D38BCE2C2F889%7D

[ColbertWatcher]

1. You found it.

I saw a few threads yesterday wondering about this week's bank failure.

I didn't see any links at the time or a name.

But, sure enough someone on DU would find it.

[TahitiNut]

2. "Failed Bank List"

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

[madrchsod]

3. the board of directors did`t have a clue about what was going on in their bank

one loan officer was responsible for hundreds of bad mortgage loans. the bank was heavy into construction loans that tanked. the only thing that will change is name on the door..

my well run s&l had three branches in a 40 mile radius and last year were bought by a bigger regional s&l. my original s&l did`t have the ability to expand their market share and could`t compete with other institutions. they probably would have failed this year because of the inability to borrow money to loan and the foreclosures. there`s going to be more smaller s&l`s and banks that will be taken over this year due to the mortgage problems and the inability to borrow money. this is`t necessarily a bad thing.