Bank Failure Friday, July 23, 2010

[joe_momma]

Another Friday arrives -

Last week economists were surprised when the FDIC unexpectedly closed 6 insolvent banks. (ed. note: economists appear to be surprised by everything). This led to a 4-way tie for first between BabuskaLady, MNEagle and two anonymous posters, well done.

The FDIC normally makes closure announcements at 5 pm local time on Friday. There are roughly 370 insolvent banks and another 2,700 that are in trouble.

Recently the FDIC ran a press release that they'd "look the other way" and not shutter banks in areas affected by the oil spill (although this did not stop them from hitting3 times FL last week) and thought that the number of bank failures will decrease over the remainder of the year (as "recovery summer" takes effect).

This could mean low numbers of closures, or, for contrarians, unusually prolific output -take your pick.


How many will be shuttered this week?

For the Ruprick - choose at least one state which will be favored by our fine gov't institution.

Please get your choices in by Friday, 5 pm EDT.


Good luck all!
One can follow along at:

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

[1970 silver art]

The FDIC will only put forth a minimal effort. I am calling for a Threesome 3 for Friday (July 23, 2010). I think that there will be only 3 bank failures on Friday. 2 of those bank failures will be in Georgia and the third one will be on California. There is really nothing to see here. Just move on. ;D

[Apparition]

3-4 is my guess.

[StackerKen]

Im gonna guess 5 and FL.

[BrewTech]

The FDIC will only put forth a minimal effort. I am calling for a Threesome 3 for Friday (July 23, 2010). I think that there will be only 3 bank failures on Friday. 2 of those bank failures will be in Georgia and the third one will be on California. There is really nothing to see here. Just move on. ;D




Awww ya bastid... ya took my pick word for word! ;)

(What Josey said)

[Mouse]

I am polling 3 this week:

Florida and Alabama (just for kicks)

Hat trick for Oregon.

[1970 silver art]

The FDIC will only put forth a minimal effort. I am calling for a Threesome 3 for Friday (July 23, 2010). I think that there will be only 3 bank failures on Friday. 2 of those bank failures will be in Georgia and the third one will be on California. There is really nothing to see here. Just move on. ;D




Awww ya bastid... ya took my pick word for word! ;)

(What Josey said)


:ROFL: :ROFL:

Actually it was my gut feeling that told me to pick 3 bank failures. ;D ;) My gut feeling was also telling me that Georgia was on its mind but it did not leave out California. The bank failure score for today will be Georgia 2 California 1. ;D

[platinumdude]

7-8 for me

[joe_momma]

5 and Georgia

[gunny highway]

going with 7-8 closings, not quite a whoopsie. watch the banks in Georgia.

[MNeagle]

7-8 Michigan

[MNeagle]

Up to 6!! Come on, 1-2 more!

[gunDriller]

Up to 6!! Come on, 1-2 more!


still a few hours to go !

maybe it'll be a 9 -er ;D

[joe_momma]

6 so far - Favs (GA/FL) and obscure (SC/MN/KS) - where the heck is KS?


SouthwestUSA Bank Las Vegas NV - Hey Vegas mom
Community Security Bank New Prague MN - Land of Mosquitoes
Thunder Bank Sylvan Grove KS - Umm, is this in Mexico?
Williamsburg First National Bank Kingstree SC - Near West Carolina
Crescent Bank and Trust Company Jasper GA
Sterling Bank Lantana FL

(edit) - CNN is now reporting that KS is Californiastan - details to follow! ;D

[Apparition]

KS = Kansas

[MNeagle]

Bank failure tally passes 100 for the year

NEW YORK (CNNMoney.com) -- A Minnesota bank was closed by government regulators Friday, the Federal Deposit Insurance Corp. said, bringing the total number of failed banks this year past 100.

Community Security Bank of New Prague, Minn., was the 101st in a string of small, regional banks to fail this year. While conditions have improved for many of the nation's largest banks, the lingering effects of the financial crisis continue to take a toll on local lenders across the country.

The FDIC expects the wave of bank failures that started in 2008 to peak sometime this year. Lending activity has picked up in some areas and many troubled firms have found new sources of capital.

FDIC spokesman Andrew Gray said the agency expects the number of failed banks to exceed last year's total of 140, though he added that failures this year will not approach the historic levels seen during the savings and loan crisis. In 1989, a record 534 banks were closed by regulators.

Still, banks have been failing at a rapid pace this year. At this time in 2009, regulators had closed a total of 57 banks.

Analysts expect small banks to remain the most likely to fail. Regional lenders continue to suffer from mounting loan losses, particularly in areas like commercial real estate. Big financial firms, on the other hand, have largely returned to profitability.

Meanwhile, there is evidence to suggest that the banking industry has recovered from the worst of the financial crisis.

The FDIC said in May that the number of firms on its "problem bank list" fell to 775 during the first quarter of this year from 702 in the same period in 2009.

Banks and other institutions insured by the FDIC collectively earned approximately $18 billion during the quarter. That's the highest profit since the first quarter of 2008 and was a more than three-fold increase from a year ago.

As of the first quarter, the fund had a deficit of $20.7 billion. But that's including money the agency has set aside in anticipation of future bank failures. In addition, the fund grew by $145 million during the quarter -- the first increase in two years.

http://money.cnn.com/2010/07/23/news/economy/bank_failures/index.htm?hpt=T2

[joe_momma]

7 went down this week, very impressive for a gov't institution.

gunny highway wins this week with 7 and a winning Ruprick of GA

MNEagle takes second with 7 but an incorrect Ruprick of MI

PlatinumDude makes third with 7 but no Ruprick

Home Valley Bank Cave Junction OR
SouthwestUSA Bank Las Vegas NV
Community Security Bank New Prague MN
Thunder Bank Sylvan Grove KS
Williamsburg First National Bank Kingstree SC
Crescent Bank and Trust Company Jasper GA
Sterling Bank Lantana FL

Well done - see you all next week!

[philo beddoe]

The FDIC said in May that the number of firms on its "problem bank list" fell to 775 during the first quarter of this year from 702 in the same period in 2009.
huh?

[BrewTech]

The FDIC said in May that the number of firms on its "problem bank list" fell to 775 during the first quarter of this year from 702 in the same period in 2009.
huh?


No reason to be alarmed, it's just Bizarro World.

It's like I said in a previous thread, "crazy is the new sane..."

10 years ago, I would have said it was an obvious typo. These days, it's just reality.

[Ponce]

A bank failed in my Micky Mouse one mule of a town...........monday another bank will be oppening monday, that was very fast and very quiet, saw it in the paper today by accident.

LOLLLLLLLLLLL Joe, the bank is in your list............we are now famous hahahahahahahaha.

[StackerKen]

A bank failed in my Micky Mouse one mule of a town...........monday another bank will be oppening monday, that was very fast and very quiet, saw it in the paper today by accident.

LOLLLLLLLLLLL Joe, the bank is in your list............we are now famous hahahahahahahaha.


What did you do ponce? Make huge withdrawal? they had to close?

[gunny highway]

going with 7-8 closings, not quite a whoopsie. watch the banks in Georgia.


ding ding ding! we have a winner! i know, i know... how do you do it gunny? well, it ain't easy being green. (thanks Kermit!)

[Ponce]

No Ken, I only took out some money for lunch........that's how small the bank was.........that's why they tell you that if you want to take out more than one hundred that you should call ahead one week.

[gunDriller]

A bank failed in my Micky Mouse one mule of a town...........monday another bank will be oppening monday, that was very fast and very quiet, saw it in the paper today by accident.

LOLLLLLLLLLLL Joe, the bank is in your list............we are now famous hahahahahahahaha.


Cave Junction is a good town.

ever think about running for Mayor / Alcalde ?

i'd vote for you.

[Ponce]

With the sign outside my home (my avatar) I am glad to to be alive.......by the way, the biggest movie rental place is going out of business.......another one bites the dust.....that makes it five bsinesses in three weeks.