9 more U.S. banks fail; $2.5 billion hit for FDIC - GoFuckYourself.com

Jarmusch · 10-30-2009, 08:35 PM

Quote:

Nine more U.S. banks, all owned by the same Illinois holding company, were closed Friday by regulators, and the Federal Deposit Insurance Corp. said U.S. Bank of Minneapolis would assume their deposits.

The closings brought the 2009 total to 115 in 2009 -- the first year since 1992 that more than 100 banks have gone under.

The banks as of Sept. 30 had combined assets of $19.4 billion and deposits of $15.4 billion, the FDIC said.

The deposit insurance fund will take an estimated $2.5 billion hit, the FDIC said.

Closed banks:

North Houston Bank, Houston, TX
Madisonville State Bank, Madisonville, TX
Citizens National Bank, Teague, TX
Park National Bank, Chicago, IL
Pacific National Bank, San Francisco, CA
California National Bank, Los Angeles, CA
San Diego National Bank, San Diego, CA
Community Bank of Lemont, Lemont, IL
Bank USA, NA, Phoenix, AZ

Sources:

http://www.marketwatch.com/story/9-m...ail-2009-10-30
http://money.cnn.com/2009/10/30/news...ion=2009103022
http://www.fdic.gov/

L-Pink · 10-30-2009, 08:40 PM

LA Bank was the 4th largest failure in US history.

.

Jakez · 10-30-2009, 11:15 PM

Quote:

Originally Posted by L-Pink

LA Bank was the 4th largest failure in US history.

.

Les Grossman · 11-02-2009, 04:47 PM

Some experts say to expect at least 100 more within the next 12 months. A few have even said it could be up to 1000.

Bad, bad news.

Zorgman · 11-02-2009, 05:14 PM

Put your money under your pillow.

BlackCrayon · 11-02-2009, 05:16 PM

Quote:

Originally Posted by Les Grossman

Some experts say to expect at least 100 more within the next 12 months. A few have even said it could be up to 1000.

Bad, bad news.

why are there so many different banks in the states? in canada we have like 4-5.

kane · 11-02-2009, 06:02 PM

While this isn't good, it isn't as bad as during the 80's when every year they averaged around 100 bank failures and from 1989-1992 there were an average of 500 bank failures per year.

The FDIC was created to take hits like this. If they weren't there those banks would fail and the people that had money deposited in them would just lose that money.

Sly · 11-02-2009, 06:06 PM

Quote:

Originally Posted by BlackCrayon

why are there so many different banks in the states? in canada we have like 4-5.

You don't have local, regional, and state/province banks?

We also have a lot more people.

kane · 11-02-2009, 10:16 PM

Quote:

Originally Posted by BlackCrayon

why are there so many different banks in the states? in canada we have like 4-5.

Looks like there are more like 80 or so different banks in canada

http://en.wikipedia.org/wiki/List_of...ions_in_Canada

ztik · 11-02-2009, 10:20 PM

It IS good.. people will have to go some place. New banks will pop up that ACTUALLY WORK not run by people who can't adapt. This is the chance of a lifetime so many opportunities will be coming

ztik · 11-02-2009, 10:20 PM

Quote:

Originally Posted by BlackCrayon

why are there so many different banks in the states? in canada we have like 4-5.

There's alot. I use to send wires all over canada to little podunk banks all the time

96ukssob · 11-02-2009, 10:34 PM

Quote:

Originally Posted by Jarmusch

Closed banks:

North Houston Bank, Houston, TX
Madisonville State Bank, Madisonville, TX
Citizens National Bank, Teague, TX
Park National Bank, Chicago, IL
Pacific National Bank, San Francisco, CA
California National Bank, Los Angeles, CA
San Diego National Bank, San Diego, CA
Community Bank of Lemont, Lemont, IL
Bank USA, NA, Phoenix, AZ

Sources:

http://www.marketwatch.com/story/9-m...ail-2009-10-30
http://money.cnn.com/2009/10/30/news...ion=2009103022
http://www.fdic.gov/

DAMN!

About a year ago I had some sales guy all over me to switch to California national bank. I kept telling him no way I was leaving BofA because they are pretty huge and fearful of the bank closing.

onwebcam · 11-03-2009, 12:39 AM

All this shit is so wrong it's not even funny. All thats going on here is the too big to fail are getting bigger. Here's how they are "saving" the economy. We gave them shitloads of tax payer money to recapitalize their banks. They don;t lend to us or these other smaller banks. The FDIC goes broke shutting the smaller banks down paying off all the bad assets making them nice and clean institutions and hands them off to the bigger banks to increase their capital. Now if that isn't enough. The big banks are now lending likely tax payer money to the FDIC because they are broke so they can close more smaller banks down so they can then snatch them up for pennies on the dollar plus make interest on the whole deal to boot.

seeandsee · 11-03-2009, 06:04 AM

Quote:

Originally Posted by L-Pink

LA Bank was the 4th largest failure in US history.

.

11-02-2009, 05:14 PM	#5
Zorgman Confirmed User Join Date: Aug 2002 Location: Sydney, Australia Posts: 6,103	Put your money under your pillow. __________________ ---

11-02-2009, 10:20 PM	#10
ztik Confirmed User Industry Role: Join Date: Aug 2001 Location: Nomad Posts: 5,196	It IS good.. people will have to go some place. New banks will pop up that ACTUALLY WORK not run by people who can't adapt. This is the chance of a lifetime so many opportunities will be coming __________________ .

11-03-2009, 12:39 AM	#13
onwebcam Fake Nick 1.0 Industry Role: Join Date: Oct 2005 Location: Rent free, your head Posts: 27,679	All this shit is so wrong it's not even funny. All thats going on here is the too big to fail are getting bigger. Here's how they are "saving" the economy. We gave them shitloads of tax payer money to recapitalize their banks. They don;t lend to us or these other smaller banks. The FDIC goes broke shutting the smaller banks down paying off all the bad assets making them nice and clean institutions and hands them off to the bigger banks to increase their capital. Now if that isn't enough. The big banks are now lending likely tax payer money to the FDIC because they are broke so they can close more smaller banks down so they can then snatch them up for pennies on the dollar plus make interest on the whole deal to boot. __________________ PLEASE WAIT WHILE BIDEN ADMIN UNINSTALLS ITSELF..... ██████████████████▒ 99.5% complete. Last edited by onwebcam; 11-03-2009 at 12:43 AM..

10-30-2009, 08:40 PM	#2
L-Pink working on my tan Industry Role: Join Date: Mar 2005 Location: Florida/Kentucky Posts: 39,151	LA Bank was the 4th largest failure in US history. .

11-02-2009, 04:47 PM	#4
Les Grossman So Fucking Banned Join Date: Sep 2009 Location: On your last nerve Posts: 1,012	Some experts say to expect at least 100 more within the next 12 months. A few have even said it could be up to 1000. Bad, bad news.

11-02-2009, 06:02 PM	#7
kane Too lazy to set a custom title Join Date: Aug 2001 Location: portland, OR Posts: 20,684	While this isn't good, it isn't as bad as during the 80's when every year they averaged around 100 bank failures and from 1989-1992 there were an average of 500 bank failures per year. The FDIC was created to take hits like this. If they weren't there those banks would fail and the people that had money deposited in them would just lose that money.