9 More Bank Failures
Nice:
“The Federal Deposit Insurance Corporation (FDIC) entered into a purchase and assumption agreement with U.S. Bank, NA, of Minneapolis, Minnesota, a wholly-owned subsidiary of U.S. Bancorp, to assume all of the deposits and essentially all of the assets of nine failed banks. The nine banks were closed this evening by federal and state bank regulators, which appointed the FDIC as receiver.
The nine banks involved in today’s transaction are: Bank USA, National Association, Phoenix, Arizona; California National Bank, Los Angeles, California; San Diego National Bank, San Diego, California; Pacific National Bank, San Francisco, California; Park National Bank, Chicago, Illinois; Community Bank of Lemont, Lemont, Illinois; North Houston Bank, Houston, Texas; Madisonville State Bank, Madisonville, Texas; and Citizens National Bank, Teague, Texas. As of September 30, 2009, the banks had combined assets of $19.4 billion and deposits of $15.4 billion. (emphasis added)
The nine banks had 153 offices, which will reopen as branches of U.S. Bank beginning tomorrow during their normal business hours…”
And:
“U.S. authorities seized nine failed banks on Friday, the most in a single day since the financial crisis began and the latest stark sign that substantial parts of the nation’s banking industry are being crippled by bad loans.
The move brought the total number of failed banks in 2009 to 115 — their highest annual level since 1992 — with analysts expecting more to come. Among the lenders seized Friday was Los Angeles-based California National Bank, in what was the fourth-largest U.S. bank failure this year.
The largest institution to fail in the current financial crisis was Washington Mutual, which boasted $307 billion in assets when it was shuttered in September 2008.”
Nothing to see here, move along . . .
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Source:
U.S. Bank, NA, of Minneapolis, Minnesota, Assumes All of the Deposits of Nine Failed Banks in Arizona, California, Illinois and Texas
FDIC, October 30, 2009
http://www.fdic.gov/news/news/press/2009/pr09195.html
Nine U.S. banks seized in largest one-day haul
Sam Mircovich and Edwin Chan
Reuters, October 30, 2009.
http://finance.yahoo.com/news/Nine-US-banks-seized-in-rb-2593260864.html
October 31st, 2009 at 4:27 pm
Considering the number of banks that failed in the S+L crisis/1990-1 recession, this *is* nothing. Let’s not forget that the Great Depression was just a regular depression until Hoover applied the consensus economics of his day by cutting government spending and protecting a “strong” dollar.
If we had had a Roosevelt/Eccles in 1929, we never would have had the Great Depression or the accompanying bank panic of 1933. We have Obama/Bernanke today, and there will be no bank panic on their watch.
October 31st, 2009 at 7:14 pm
franklin411 goes with: “…was just a regular depression until Hoover applied the consensus economics of his day by cutting government spending and protecting a “strong” dollar….”
Do we know what complete, and unadulterated, B******T is?
If we don’t, now, thanks to f411, we should. http://clusty.com/search?input-form=clusty-simple&v%3Asources=webplus&query=Hoover+increased+Federal+Spending
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also, “In the United States Senate, one of the things I observed in the early days – and it’s still used – and that is that you take someone’s argument and then you misrepresent it and misstate and disagree with it. And it’s very effective. I’ve done it myself a number of times. But eventually, eventually people catch on.” -Sen. Edward M. Kennedy, speaking at the National Press Club in Washington
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“… the community organizer … must first rub raw the resentments of the people; fan the latent hostilities to the point of overt expression.’ — Saul Alinsky, Rules for Radicals
http://clusty.com/search?input-form=clusty-simple&v%3Asources=webplus&query=Saul+Alinsky+Barack+Obama+Rules+for+Radicals
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past that, Rain is cutting into the usual # of Halloween minstrels..
October 31st, 2009 at 9:27 pm
Check all the failed bank list and snapshot at
http://portalseven.com/banks/index.jsp
November 1st, 2009 at 1:48 am
When is my bank going to be on that list?
November 1st, 2009 at 7:18 am
[...] 9 more banks failures (Big Picture) [...]
November 1st, 2009 at 11:01 am
Park National Bank applied for TARP funds and was denied. It was a well run regional bank that got caught with fannie and freddie losses.
We gave billions to GS and other big banks, but couldn’t spare a 500 million for this bank? We are the losers in a coup.
November 2nd, 2009 at 3:03 am
Why is there an add for kitty litter above this post on the main site page? A subliminal connection to banks in the toilet? A reminder to stockpile litter in case your own bank goes under?