bank failure friday

Bank Failure Friday - The First Crop of the 2011 Class

It's a new year so the count of bank failures starts all over. The honors for being the first FDIC bank seizures of 2011 go to:

  1. First Commercial Bank of Florida, Orlando, Florida, $78.0 million
  2. Legacy Bank, Scottsdale, Arizona, $27.9 million

The above includes the banks' cost estimates to the FDIC deposit insurance fund. For 2010, there were 157 bank failures.

Bank Failure Friday -

The reason the FDIC releases bank failures on Friday is to avoid a panic. They also stagger the ones they are closing over time. We have had routine bank failures every Friday for the last two years. This week's bank failure lucky winners, along with their cost to the Deposit Insurance Fund are:

Bank Failure Friday - Two for the Road

Another Friday, another round but instead of happy hour, we have bank failures. These week's lucky winners, with their costs to the FDIC deposit insurance fund, are:

  1. Wakulla Bank, Crawfordville, Florida, $113.4 millio
  2. Shoreline Bank, Shoreline, Washington, $41.4 million

Yes, it's October 1, the end of TARP and we have over 120 deadbeat banks, not paying TARP dividends.

One hundred and twenty seven TARP recipient banks have missed dividends or have failed by the time of the August 2010 dividend. There were only 707 banks in the TARP program that received capital injections. Thus, greater than one in six missed their dividends or interest in August 2010. These banks receive $6.939 billion in taxpayer bailout monies.

Now check out this Zacks report, basically saying any bank on the problem list is a dead bank walkin'. Lovely.

In the second quarter of 2010, the number of banks on the FDIC's list of problem institutions grew to 829 from 775 in the previous quarter and 416 in the year-ago quarter. This is the highest since the savings and loan crisis in the early 1990s.