The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today approved a $4.0 billion Corporate Operating Budget for 2010. The Board also revised the current 2009 budget to $2.6 billion (FDIC.gov)
‘The 2010 budget is a prudent and measured response to current conditions in the banking industry,’ said FDIC Chairman Sheila Bair. ‘It will [...]
One thing Matt Williams would like to make clear is that a struggling economy has not treated all bankers badly.
“Many banks are in trouble but a lot of news articles lump all banks together and include investment bankers and mortgage brokers which are clearly not banks,” said Williams, president and chairman of Gothenburg State Bank [...]
RockBridge Commercial Bank, Atlanta, GA, with approximately $294.0 million in assets and approximately $291.7 million in deposits was approved for payout by the FDIC Board of Directors. (PR-233-2009)
Peoples First Community Bank, Panama City, FL with approximately $1.8 billion in assets and approximately $1.7 billion in deposits was closed. Hancock Bank, Gulfport, MS has agreed to assume all deposits, excluding certain brokered deposits. (PR-234-2009)
Citizens State Bank, New Baltimore, MI, with approximately $168.6 million in assets and $157.1 million in deposits was closed. Deposit Insurance National Bank of New Baltimore, New Baltimore, MI has agreed to assume insured deposits. (PR-235-2009)
New South Federal Savings Bank, Irondale, AL with approximately $1.5 billion in assets and approximately $1.2 billion in deposits was closed. Beal Bank, Plano, TX has agreed to assume all deposits. (PR-236-2009)
Independent Bankers’ Bank, Springfield, IL, with approximately $585.5 million in assets and $511.5 million in deposits was closed. The FDIC created a bridge bank, Independent Bankers’ Bank Bridge Bank (IBB Bridge Bank, N.A.), to take over operations. (PR-237-2009)
Imperial Capital Bank, La Jolla, CA with approximately $4.0 billion in assets and approximately $2.8 billion in deposits was closed. City National Bank, Los Angeles, CA has agreed to assume all deposits, excluding certain brokered deposits. (PR-238-2009)
First Federal Bank of California, F.S.B., Santa Monica, CA with approximately $6.1 billion in assets and approximately $4.5 billion in deposits was closed. OneWest Bank, Pasadena, CA has agreed to assume all deposits. (PR-239-2009)
Yesterday’s bank closings (three total) evidence a continuation of the worrisome trends we have been seeing over the past several months. Based on an article on CommodityOnLine, These are:
(1) It is costing the FDIC a great deal more than it has historically to protect depositors in the failed banks.
(2) In other words, these banks are [...]
