FDIC

Here are the press releases (emphasis added). This makes 39 institutions this year. First, Cooperative: Cooperative Bank, Wilmington, North Carolina was closed today by the North Carolina Office of Commissioner of Banks, which appointed…

Bank of Lincolnwood in Illinois is FDIC casualty number 37 this year. It is not very big.  Below is the FDIC press release: Bank of Lincolnwood, Lincolnwood, Illinois, was closed today by the Illinois Department of Financial and…

Kyle, a long-time reader, recently asked why I think mark-to-market accounting actually matters.  After alI, savvy investors know that accounting does not necessarily change cash flows.  I think his question has a lot to do with not just…

Strategic Capital and Morton Community Bank were seized by the FDIC tonight.  Below are the FDIC announcements on the matter. The FDIC estimates a cost to taxpayers of $173 million (nearly 30% of assets) for Strategic Capital and $106…

I was heading to dinner with Marshall Auerback when the news of the BankUnited bust came into my inbox. I see this as fairly big new for what it represents. We are witnessing a sea change in how FDIC seizures are done here with private…

Yesterday, I mentioned an e-mail from the FDIC clarifying statements on replacing bank executives by Chairperson Sheila Bair on Bloomberg's "Political Capital with Al Hunt". Below is the video which will allow you to see exactly what…

The loss rate here is about 30%, $100 million on $334 million in assets. Here is the FDIC press release: Westsound Bank, Bremerton, Washington, was closed today by the Washington Department of Financial Institutions, which appointed the…

This is FDIC seizure number 32 (more details here): Cache Valley Bank, Logan, Utah, Assumes All of the Deposits of America West Bank, Layton, Utah America West Bank, Layton, Utah, was closed today by the Utah Department of Financial…

This is number 31 by the FDIC this year. "The FDIC estimates that the cost to the Deposit Insurance Fund will be $18.1 million." (See link for further details): North Jersey Community Bank, Englewood Cliffs, New Jersey, Assumes All of the…

Here is the press release from the FDIC for failure number 30 I believe (so many I lose count). Notice the eye-popping losses of $1.3 billion (link here): FDIC Creates Bridge Bank to Take Over Operations of Silverton Bank, National…