Bank Closures

[Skydaemon]

FDIC closes ANB Financial; Bank in Arkansas with $2B in assets, $1.8B in deposits
- http -> www.anbfinancial.com Banks states itself as AR's first internet bank - Assets will be transferred to Pulaski Bank & Trust as of Monday.
- FDIC states it will need to expense about $215M in Federal Insurance costs to depositors (12% of total deposits) This is the third bank shut by the FDIC in 2008.

Just a thread to watch/keep track.

[Skydaemon]

first-integrity-bank-na-staples into receivership

[Skydaemon]

fdic seizes indymac

One thing to watch is a potential crisis with FDIC developing. FDIC insures all the deposits in banks, brokerages etc up to I think it is $100k per account or something along those lines. It's supposed to be the reason we don't have bank runs anymore because deposits are insured this way.

Well they said they will probably use $4-8 billion of their total $53 billion in assets to cover just the indymac failure.

At some point if failures continue they might get to a point where fdic can no longer cover future failures.

[sg1efc]

Very interesting info, Thanks Skydaemon.

I remember many years ago I used to have an account at a bank that had some sort of financial problem. When I heard about it, I closed my account to get my money. The bank staff tried to assure me that everything was fine and that my deposit was covered by the FDIC. However, since I had worked for the Fed. Gov't. and was in the military before, I knew just how long it could take (possibly years maybe, knowing how the gov't. works at times) before I ever got my money.

[Skydaemon]

First National Bank of Nevada and First Heritage Bank NA of California closed by FDIC

That's another $862 million in expenses for the fdic.

[Skydaemon]

First Priority Bank of Bradenton, Fla. bites the dust

[Ciao]

there is some problem here as well .. specialy in the UK

Royal Bank of Scotland will this week post the biggest loss in British banking history when it reveals that the £5.9bn of writedowns taken against its "toxic" credit market assets have pushed it about £1.3bn into the red for the six months to June, compared with £5bn profit last year.

Royal Bank of Scotland to post big loss - Telegraph

[sg1efc]

Originally Posted by Ciao

there is some problem here as well .. specialy in the UK



Royal Bank of Scotland to post big loss - Telegraph

That's not good at all.

[Grizzums]

Thanks for keeping this thread up Sky...I have a feeling this thread may last awhile with the CRE market preparing to take down a few more regionals, imho. Sorry no specifics.....Im lazy, or busy, take yur pick.

[TNTrader]

Originally Posted by Grizzums

Thanks for keeping this thread up Sky...I have a feeling this thread may last awhile with the CRE market preparing to take down a few more regionals, imho. Sorry no specifics.....Im lazy, or busy, take yur pick.

Take your time.


This mess hasnt even warmed up yet.


Citigroup and Merrill to buy back auction-rate debt: Reuters Business News - MSN Money

http://www.marketwatch.com/News/Story/bank-america-subpoenaed-over-auction-rate/story.aspx?guid={06477A4B-8B04-4172-9490-6CD76BDB694E}&siteid=msn