Losses on 7 Banking Failures Total $7.3 Billion Regulators turned their attention this week to Puerto Rico whose banking industry has been devastated by collapsing property values, poor lending decisions and a depressionary economy.   The basic facts on this week’s banking failures in Puerto Rico all indicate a banking system failure of epic proportions.  The three failed [...]

Illinois Rocked By 7 Banking Failures – Coincidence or FDIC Strategy? Regulators focused on Illinois this week as seven failed banks in that state were closed.  An FDIC spokesman suggested that multiple bank closings in one particular state enhanced the bidding process for the failed banks, thus reducing FDIC losses.  Whether or not this explanation makes sense remains to [...]

8 Bank Failures – Loss To FDIC Insurance Fund Almost $1 Billion Regulators closed eight more failed banks in 5 states today resulting in an  estimated cost to the FDIC Insurance Deposit Fund (DIF) of $984.7 million.  The eight failed banks for April 16, 2010 had total assets of $6.25  billion and total deposits of $5.18 billion.  The cost to the FDIC DIF for the 50 [...]

Myrtle Beach Bank Failure Results In Fast Profits For Insiders South Carolina saw its first banking failure since 1999 as regulators closed the failed Beach First National Bank of  Myrtle Beach.  The failed bank had total assets of $585.1 million and total deposits of $516.0  million.  The cost to the FDIC Deposit Insurance Fund (DIF) for this latest banking failures  is [...]