You are browsing the archives of 2010 January.

Six More Banking Failures Bring Year’s Total To 15
Regulators closed six banks today in Florida, Minnesota, California, Washington and two in Georgia.  The six failed banks had total assets of $5.5  billion and total deposits of $4.9 billion.  The total cost to the FDIC Deposit Insurance Fund for the six failed banks is estimated at [...]

Regulators closed five banks today in Florida, Missouri, New Mexico, Washington and Oregon.  The five failed banks had total assets of $3.2 billion and total deposits of $2.6 billion.  The total cost to the FDIC Deposit Insurance Fund for the five failed banks is estimated at $531.7 million or 17% of total assets.  The cost [...]

Financial Meltdown Fueled By Misguided Fed Policies
In an appearance before the Financial Crisis Inquiry Commission, FDIC Chairman Bair testified on behalf of the FDIC on the causes of the worst financial crisis since the Great Depression.  Since the financial meltdown of 2008, many financial analysts and government officials have given eloquent after the fact explanations [...]

Depositor Losses At Barnes Banking Unknown
On Friday, January 15, 2010, Barnes Banking Company was closed by the Utah Department of Financial Institutions which appointed the FDIC as receiver.  Since no other institution could be found to assume the assets or deposits of failed Barnes Banking, the FDIC set up a Deposit Insurance National Bank (DINB) [...]

January 15, 2010 - Regulators Close 3 Banks
Regulators closed three banks today in Utah, Minnesota and Illinois.  The three failed banks had total assets of $922.1 million and total deposits of $877.3.  The total cost to the FDIC Deposit Insurance Fund for the three failed banks is estimated at $296.3 million or 32% of total [...]

Private Investors Make Very Leveraged Bet On Asset Value Recovery
The FDIC currently holds approximately $30 billion in failed bank assets from banks that have failed in the past 18 months.  The assets held by the FDIC were of such dubious quality that the FDIC was unable to entice acquiring banks to purchase them, despite the [...]

2010’s First Banking Failure Reveals That Almost Half Of Failed Horizon Bank’s Assets Were Worthless
After a holiday rest of three weeks since the last banking failures on December 18, 2009, regulators announced the first banking failure of 2010.   The honor of the first failed bank of 2010 belongs to Horizon Bank of Bellingham, WA. [...]