Failed Banks: BankUnited, FSB There was one more failed bank this week on May 21 – BankUnited, FSB, Coral Gables, FL. 2009 has now seen a total of 9 more failed banks than occurred for all of 2008. The FDIC closure of BankUnited brings total banking failures for 2009 to 34 banks. The FDIC estimates […]
Deathwatch At Corus Bankshares
May 18, 2009 By 1 Comment
Corus Management Gives Bleak Assessment The deepening financial difficulties at Corus Bankshares were highlighted in the company’s latest Form 10-Q filed with the SEC today. Corus is required by banking regulators to develop a plan to achieve and maintain minimum regulatory capital levels, but today’s 10-Q filing provided little reason to believe that Corus would […]
FDIC Requests $500 Billion To Cover “Unforeseen Losses” On Failed Banks
May 18, 2009 By 1 Comment
FDIC Insurance Fund Near Empty Last week surprisingly saw no bank failures despite the fact that many banks are tottering on the edge of insolvency, such as Corus Bank. The reason the FDIC did not close more insolvent banks last week may be due to the fact that the FDIC Deposit Insurance Fund (DIF) is […]
The FDIC’s Secret Bank Bailout Program
May 13, 2009 By 1 Comment
From TARP to TLGP The original $750 billion TARP program created last year to bailout the banking industry caused a public uproar. The Treasury, the Federal Reserve and the President all predicted massive banking failures and economic collapse if the TARP bill was not passed. Congress finally passed the TARP legislation against the will of […]
Expert Predicts Up To 500 Failed Banks In 2009 – Is The FDIC Ready?
May 11, 2009 By 2 Comments
Can The FDIC Handle 500 Bank Failures? The former head of the Resolution Trust Company, William Seidman, recently provided commentary on the ability of the FDIC to handle its many critical assignments. According to Mr. Seidman, the successful execution of the FDIC’s new duties is critical to ensuring a recovery of the US financial system. […]
Five Largest Failed Banks – The Biggest One Is Not On The FDIC Failed Bank List
May 10, 2009 By Leave a Comment
Five Biggest Bank Failures Ever As the US banking crisis grew steadily worse during 2008, the largest bank failure as of July 2008 (Indy Mac) ranked only number 3 on the list of the largest bank failures in history. 5 Biggest Bank Failures As Of July 2008 Institution Name Date $Assets Billions Continental Illinois 5/1984 […]