FDIC Seizes 7 More Banks; US Bank Failures In 2010 Rise To 103

Related article:

FDIC: ‘Problem’ Banks at 775, or 10 Percent of All US Banks

The FDIC is broke … and of course your money is safe and insured up to $250,000.

Sure! Trust the government!


* Seven small banks closed

* Faster pace of failures than 2009

bank-failure

WASHINGTON, July 23 (Reuters) – U.S. bank failures reached 103 so far in 2010 on Friday as regulators seized seven small banks, a faster pace of closures than last year when the century mark was not reached until October.

Bank failures are expected to peak this quarter, with the industry slowly recovering from large portfolios of bad loans, many tied to commercial real estate.

The banks seized on Friday were Sterling Bank of Lantana, Florida; Crescent Bank and Trust Company of Jasper, Georgia; Williamsburg First National Bank of Kingstree, South Carolina; Thunder Bank of Sylvan Grove, Kansas; Community Security Bank of New Prague, Minnesota; SouthwestUSA Bank of Las Vegas, Nevada and Home Valley Bank of Cave Junction, Oregon, according to the Federal Deposit Insurance Corp.

The largest of the seven banks was Crescent Bank and Trust with 11 branches and about $1.01 billion in total assets and $965.7 million in total deposits. The smallest was Thunder Bank with just two branches and $32.6 million in total assets and $28.5 million in deposits.

The FDIC estimated the seven failures would add about $431 million to the tab for its deposit insurance fund.

The FDIC late last month gave an update on the overall health of the bank industry, saying it sees improvements, but economic threats are still lurking.

The agency, which insures individual accounts up to $250,000, updated its estimates of the cost of bank failures, now expecting a $60 billion hit to its insurance fund from 2010 through 2014.

The recovery of the community bank industry has lagged the bounceback of Wall Street and the healing in the overall economy.

IBERIABANK Corp agreed to assume all of the deposits of Sterling Bank, the FDIC said. (Reporting by Corbett B. Daly; Additional reporting by Karey Wutkowski; Editing by Tim Dobbyn and Carol Bishopric)

By Corbett B. Daly

Source: The Guardian

3 thoughts on “FDIC Seizes 7 More Banks; US Bank Failures In 2010 Rise To 103

  1. MORE MORPHING, NO ASSETS, NO INTEREST TO INVEST UPON—–AND NO FREE TOASTER OR BONE CHINA PREMIUMS! AND YET-THEY KEEP BUILDING BANK BRANCHES WHERE ONCE STOOD A FUNCTIONAL OUTDOOR SPORTS STORE-HMMMMMMM! IS IT SERVING THE PUBLIC? DOES THE PUBLIC HAVE A SHINY NICKLE LEFT ( NO! )? WHAT IS THE POINT OF SAVING THESE SACRED LITTLE HOVELS-AND LETTING AVERAGE WORKERS STAY UNEMPLOYED? I CAN’T WAIT UNTIL THE ZOMBIE PUBLIC GETS HUNGRY——Wheeeeeeeeeeoooooooo! MASS UNREST-BIG CALLS FOR SECURITY AND GUARDS=WORK FOR GUARDS AGAIND-WEEEEEDOGGGY!

  2. -and you believe we are gonna survive this????Hhahahahahahaha! No chance,pal! Eat your baloney and cheese sandwich with mayo and keep a stupid grin on your face! The real key to bankings’ demise was the stoppage of giving out toasters. then doughnut and coffee withdrawal in the lobbies, and finally, there is no interest for incentives to save-invest-or bank at all!Dumpster- diving time for all security guards-nationwide. If the guard agencies didn’t get a savings in direct wire paycheck accounts-you couldn’t even get a paycheck cashed. All gone-like DOROTHY IN KANSAS AFTER THE TORNADO—only fantasy and evil witches!

  3. the banks are like the guard agencies-build more and more websites, rent a storefront office, take applications, open no new business, sell out-get money for a service that does little or nothing—-unemploy the public. THERE YOU HAVE “THE WHEEL OF MISFORTUNE”! The economy is broke-and we sure-as-hell know it and mistrust all propaganda to the contrary. How do you call rape pleasurable ( YOU DON;T! )??!!!

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