Bank Failure Friday is a little late but like clockwork, the latest announcements are not, although last week, we got a reprieve. I guess even the FDIC needs a vacation.
With further ado, this week's failures, with their FDIC estimated costs are:
- La Jolla Bank, FSB, CA - $882.3 million
- George Washington Savings Bank, IL - $141.4 million
- Marco Community Bank, FL - $38.1
- La Coste National Bank, TX - $3.7 million
I've been to Macro Island in the past. At the time it was presented as the ultimate place to live, a tropical paradise. Now Florida is looking more like buying real estate in a Brazilian slum.
It is expected to see more bank failures this year than the 140 from 2008. The reason is Commercial Real Estate holdings are disproportionate in smaller financial institutions.
"OneWest bank profit: $1.6
"OneWest bank profit: $1.6 billion
As IndyMac, it sold last year for less than that. Investors win, but the FDIC could still lose nearly $11 billion on bad loans that the Pasadena institution made before its sale."
http://articles.latimes.com/2010/feb/20/business/la-fi-onewest20-2010feb...
*imho*