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. […]
Some Interesting Facts On Failed Banks
May 10, 2009 By Leave a Comment
Failed Banks By Decade Here is the historical record on the number of bank failues in the United States since the 1930’s. By Decade Total Bank Failures 2000-2007 32 1990-1999 925 1980-1989 2,036 1970-1979 […]
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 […]
Failed Banks For May 8, 2009
May 8, 2009 By Leave a Comment
Failed Banks: Westsound Bank There was one more failed bank this week on May 8 – Westsound Bank, Bremerton, Washington. 2009 has now seen 8 more failed banks than occurred for all of 2008. The FDIC closure of Westsound Bank brings total banking failures for 2009 to 33 banks. The FDIC estimates that the closure […]
Is Corus Bankshares On The Problem Bank List?
May 8, 2009 By 2 Comments
Corus Bankshares Admits Dim Future Since the FDIC keeps its Problem Bank List secret, we cannot know for sure if Corus Bankshares is listed as a Problem Bank. Based on recent Corus financial disclosures, however, it appears certain that Corus will soon be on the very public Failed Bank List. Corus has been having major […]
Failed Banks for May 1, 2009
May 5, 2009 By Leave a Comment
Failed Banks: America West Bank, Citizens Community Bank, Silverton Bank There were 3 more failed banks on May 1st – America West Bank, Citizens Community Bank and Silverton Bank. 2009 has now seen 7 more failed banks than occurred for all of 2008. The FDIC closure of 3 more banks on May 1st brings total […]
FDIC 2008 Fourth Quarter Report
May 4, 2009 By 1 Comment
On April 22, 2009, the FDIC released their Quarterly Banking Profile for the Fourth Quarter of 2008. Banks insured by the FDIC reported $32.1 billion in net losses for the fourth quarter 2008. This was the first time since 1990 that the banks had a quarterly loss. In the fourth quarter of 2007 the banking […]
FDIC 2008 Third Quarter Report
December 22, 2008 By 1 Comment
On November 25, the FDIC released their Quarterly Banking Profile for the Third Quarter of 2008. Banks reported net income of $1.7 billion for the third quarter of 2008. This represents a decline of 94% from the third quarter of 2007. Banks reported $7.6 billion of losses on sales of securities for the quarter, compared […]