FDIC Takes $455 Million Weekend Hit; 2010 Worst Year For Bank Failures Since '92; CEO 'Shocked' At Western United Closure; Updated 'Problem Banks List'
Several FDIC bank-related links and updates to pass along, and a chart...
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WSJ - Tracking Bank Failures: Regulators Close Banks in Four States
Regulators closed four banks on Friday.
The biggest? The banking subsidiary of United Western Bancorp. Denver-based United Western Bank had about $2.05 billion in total assets and $1.65 billion in total deposits with eight branches as of Sept. 30. First-Citizen Bank & Trust Co. agreed to assume all the deposits and entered a loss-share deal with the FDIC on $1.11 billion of the assets. The acquiring company started in North Carolina but now has 370 branches in the Southeast as well as California, Colorado—where it will now have 11 branches—and Washington state.
http://blogs.wsj.com/deals/2011/01/24/tracking-bank-failures-regulators-close-banks-in-four-states/
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Four Banking Failures In Four States Cost FDIC $455 Million
http://problembanklist.com/four-banking-failures-in-four-states-cost-fdic-million-0291/
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2010 worst year for bank failures since 1992
More banks failed in the United States this year than in any year since 1992, during the savings-and-loan crisis, according to the Federal Deposit Insurance Corp.
Amid high unemployment, a struggling economy and a still-devastated real estate market, the nation is closing out the year with 157 bank failures, up from 140 in 2009. As recently as 2006, before the bubble burst, there were none.
Now, there are more on the horizon.
The FDIC's list of "problem" banks - those whose weaknesses "threaten their continued financial viability"- stood at 860 as of Sept. 30, the highest since 1993. Historically, about a fifth of banks on the watch list end up failing.
Bank failures have left the FDIC insurance fund in the red, but the agency predicts that it will have more than enough money to meet the anticipated cost of failures through 2014.
http://www.washingtonpost.com/wp-dyn/content/article/2010/12/28/AR2010122803649.html
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157 Failures In '10 Highest Since '92 – Why Next Year Will Be Worse
http://problembanklist.com/bank-failures-in-highest-since-why-next-year-will-be-worse-0272/
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Bank Chairman "shocked" at United Western closure
United Western Bancorp chairman Guy Gibson insisted Monday that regulators prematurely pulled the plug on the company's chief holding, United Western Bank.
"We had actually given the regulators in writing the commitments that we had in place," Gibson said. "We don't know why they took this precipitous action. We were shocked."
The company had written commitments from investors for $149 million in capital from a high-profile group that included Lovell Minnick Partners, Oak Hill Capital Management and former First Data chief executive and chairman Ric Duques, he said.
United Western had also received strong indications of interest to provide another $70 million or more, Gibson said.
The Office of Thrift Supervision closed the $2.05 billion bank late Friday afternoon and handed it over to the Federal Deposit Insurance Corp., which had arranged a sale to First-Citizens Bank & Trust Co. of Raleigh, N.C.
http://www.denverpost.com/business/ci_17188017
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FDIC Official Failed Bank List
The FDIC is often appointed as receiver for failed banks. This page contains useful information for the customers and vendors of these banks. This includes information on the acquiring bank (if applicable), how your accounts and loans are affected, and how vendors can file claims against the receivership. Failed Financial Institution Contact Search displays point of contact information related to failed banks.
This list includes banks which have failed since October 1, 2000.
http://www.fdic.gov/bank/individual/failed/banklist.html
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And Calculated Risk's newest unofficial list of problem banks....
Slideshow..
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A photo essay from the bankster ball. Ken Lewis, Vikram Pandit, Jamie Dimon, Lloyd Blankfein and John Mack in all their failed-out, bailed-out, busted-out, bonused-out arrogance.
Start the slideshow - 33 pics...
Jan 25, 2011 at 9:26 PM
Reader Comments (7)
Regulators closed four banks on Friday.
http://blogs.wsj.com/deals/2011/01/24/tracking-bank-failures-regulators-close-banks-in-four-states/
United Western Bancorp chairman Guy Gibson insisted Monday that regulators prematurely pulled the plug on the company's chief holding, United Western Bank.
"We had actually given the regulators in writing the commitments that we had in place," Gibson said. "We don't know why they took this precipitous action. We were shocked."
http://www.denverpost.com/business/ci_17188017
http://problembanklist.com/bank-failures-in-highest-since-why-next-year-will-be-worse-0272/
Failed Bank List
The FDIC is often appointed as receiver for failed banks. This page contains useful information for the customers and vendors of these banks. This includes information on the acquiring bank (if applicable), how your accounts and loans are affected, and how vendors can file claims against the receivership. Failed Financial Institution Contact Search displays point of contact information related to failed banks.
This list includes banks which have failed since October 1, 2000.
More banks failed in the United States this year than in any year since 1992, during the savings-and-loan crisis, according to the Federal Deposit Insurance Corp.
http://www.washingtonpost.com/wp-dyn/content/article/2010/12/28/AR2010122803649.html
http://problembanklist.com/four-banking-failures-in-four-states-cost-fdic-million-0291/