Three more zombie banks were seized by FDIC Friday afternoon. That’s 35 so far this year vs. 25 for all of 2008.
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A big one this time, and the FDIC couldn’t wait until Friday, the normal day for bank seizures. Hmmm. Three more banks were taken over Friday by the FDIC, including Silverton in Atlanta GA, the nation’s largest bank of banks, with 1,500 customer banks. Silverton killed itself by drinking too much housing boom kool-aid. It created a huge portfolio of residential real estate construction projects. Some of these loans were syndicated out to smaller [...] They also want to raise fees they charge banks, all of this to build up their fund in anticipation of a tsunami of coming bank failures. Riverside Bank of the Gulf Coast of Cape Coral, FL and Sherman County Bank in Loup City, NE went kersplat today and were seized by the FDIC. Update: Two more just got added to the list, Pinnacle Bank of Beaverton, OR. and Corn Belt Bank and Trust Company, Pittsfield, IL. This makes a total [...] Sign of the Times – Gold for sale in New Orleans, From Mish In 2007, there were 3 bank failures in the US. In 2008, 24 banks failed, or an average of 2 per month. In 2009, so far, there have been 9 bank failures, or about 2 per week. 3 banks failed yesterday [...] Washington Mutual, that’s who. Hey, I’m thinking Treasury Secretary Hank “The Hammer” Paulson is probably wondering when the Hell he will get a weekend off. He bailed out Fannie and Freddie, the Toxic Twins, last weekend. This weekend he’ll be busy, busy, busy trying to find a buyer for Lehman before their debt gets [...] The FDIC may have to borrow money from Treasury to prepare for a expected wave of bank failures. A small business owner, Fran Quittel, posts in California Progress Report that she lost 50% of her amount deposited over $100,000 when IndyMac failed. Understandably, she is frantic, looking for someone to blame. She thinks the blame goes to the FDIC for not mandating that banks tell depositors in advance that they are over [...] The FDIC seized two more banks on Friday. Mish says If you must [have money in a bank above the FDIC limit] for some reason (corporate payroll for example), at least pick a bank the Fed and the FDIC will defend at any and all costs. Right now that means Bank of America, JPMorgan, [...] |  | ||||
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