Bank Failure Friday - August 20

[joe_momma]

SilverArt has won two consecutive weeks - this was "unexpected" by the economists!

He shares his victory last week with StakerKen - Well done both!

So far this year we've seen ~110 banks get closed, with a trending for the failed banks to actually be broken-up (control taken by the FDIC) when no banks were willing to assume control - even though the FDIC would guarantee up to 80% of the book value - in short, even the solvent banks cannot absorb any more risk.

How many will go down this week? For the Ruprick tiebreaker, choose one state which will be honored - choices of GA and FL (consistent performers) are handicapped by half to encourage diversity in Rupricks.

Get your choices in by Friday 5 pm EDT.

Good luck!

One can follow along at:

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

[Apparition]

3-4 bank failures is my prediction.

[joe_momma]

5 with California!

[MNeagle]

Most of their summer vacation time should be over, so they'll have staff to close 7-8 this week.

IL for the Ruprick.

[platinumdude]

7-8 with NY

[BabushkaLady]

3-4 this week, NC for the powerball

[BrewTech]

1-2 and NV...

[1970 silver art]

The FDIC goons are on an extended vacation. Everybody knows that gov't people like long vacations and with that said, There will be 1-2 banks failures for Friday (August 20, 2010). The powerball will be Georgia. There is really nothing to see here.

[StackerKen]

Im going with Art again this week and guessing 2 and Ca.

[Liquid]

Im going with Art again this week and guessing 2 and Ca.


I'll see Ken's bet and raise a bank.

3, and CA.

[Apparition]

3 bank failures so far:

Imperial Savings and Loan Association Martinsville, VA
Independent National Bank Ocala, FL
Community National Bank at Bartow Bartow. FL

[1970 silver art]

Bummer........My Bank Failure winning streak is over. :'(

[1970 silver art]

4 bank failures now......

ShoreBank Chicago IL
Imperial Savings and Loan Association Martinsville VA
Independent National Bank Ocala FL
Community National Bank at Bartow Bartow FL

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

[joe_momma]

Zorch - 4 so far!.

(edit)

Holy F*ck! We're up to 8!

Sonoma Valley Bank Sonoma CA
Los Padres Bank Solvang CA
Butte Community Bank Chico CA
Pacific State Bank Stockton CA
ShoreBank Chicago IL 15640
Imperial Savings and Loan Association Martinsville VA
Independent National Bank Ocala FL
Community National Bank at Bartow Bartow FL

(metaphor deleted for good taste)

[joe_momma]

MNEagle takes the gold! Correctly identifying the impact of a morning bran muffin.

Crushing the opposition with the correct pick of 8 - MNEagle wins!

Well done!

(BTW - this was terribly close to the Canadian Primate "WHOOPSIE"! Next week could be interesting!)

[StackerKen]

WOW!

Good job MNeagle

I knew Ca. was due.

[platinumdude]

I should of picked CA for the win.

[beefsteak]

IF there was a category for "Most Interesting Failure" on that list, it would have to be the SHORE BANK...the reported private clearing house of the Bushies and Clintons cabal.

And the assets were gobbled up by a syndicate of GS Cap N Trade exchange cabal which is Chicago based. Who saw THAT coming??? :oo-->

Check out ZERO HEDGE analysis and comments last night for more details on the 11 company syndicate now owning the cap and trade/bush/clinton/obama money machine.

beefsteak

[Phoenix]

Pacific State Bank Stockton CA


Drove by their headquarters often, years ago, and I remember when they opened their doors (I was 16). The collapse of RE in San Joaquin County probably took them to the bottom. New owner is a Dutch bank, Rabobank, with US headquarters in El Centro (WTF? - I guess they're catering to Mexicans).

[MNeagle]

I read that Shore Bank had 15 branches affected. So, would that make it a 'whoopsie'? Or don't we count branches?

[Phoenix]

I read that Shore Bank had 15 branches affected. So, would that make it a 'whoopsie'? Or don't we count branches?


No, bank as a single institution. Otherwise, WaMu would have been offscale high! ;D

Although I think that divisions of a single bank holding company should probably be counted as one.

[Liquid]

WOW!

Good job MNeagle

I knew Ca. was due.


Yeah, great job MNeagle! I knew Cali would buckle eventually too. The weight gets overbearing.

I was a week off. Last week, for Friday the 13, I bet either 8 or 9 banks (can't remember) and California.

Crazy it actually happened, that's a lot of banks!

[gunDriller]

(metaphor deleted for good taste)


oh come on man, we want to hear the metaphor ! ;D