FDIC takes over four more banks (so far) this evening.

[Dr.Phool]

Source: FDIC

On Friday, July 31, 2009, First BankAmericano, Elizabeth, NJ was closed by the New Jersey Department of Banking and Insurance, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

http://www.fdic.gov/bank/individual/failed/americano.html


On July 31, 2009, Peoples Community Bank, West Chester, OH, was closed by the Office of Thrift Supervision, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.

http://www.fdic.gov/bank/individual/failed/peoplescommunity-oh.html

On July 31, 2009, Integrity Bank, Jupiter, FL was closed by the Florida Office of Financial Regulation, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
http://www.fdic.gov/bank/individual/failed/integrity-fl.html

On Friday, July 31, 2009, First State Bank of Altus, Altus, OK was closed by the Oklahoma State Banking Department, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.

http://www.fdic.gov/bank/individual/failed/fsb-altus.html

Read more: http://www.fdic.gov/

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The night is still young.

[KoKo]

1. Amazing...in Another Time...maybe 20 Years ago these Bank Falures would be BIG NEWS..

Not a peep..from anyone except a cryptic news article. Every week it's 4 or 5. And it's seamless and we shouldn't worry about it.

It's kind of incredible.

[UpInArms]

2. Four more failed banks brings year's tally to 68 (actually, now it's 5 and 69)

Source: CBS Marketwatch

SAN FRANCISCO (MarketWatch) -- Four more banks failed according to the Federal Deposit Insurance Corp. on Friday, bringing the year's total to 68, and to 93 failed banks since the beginning of the recession. First BankAmericano of Elizabeth, N.J., will have its deposits transferred to Crown Bank, Brick, N.J.; Peoples Community Bank of West Chester, Ohio, will have deposits sent to First Financial Bank of Hamilton, Ohio; Integrity Bank of Jupiter, Fla., will transfer deposits to Stonegate Bank of Fort Lauderdale, Fla.; and First State Bank of Altus in Altus, Okla. will transfer deposits to Herring Bank of Amarillo, Texas.

Read more: http://www.marketwatch.com/story/four-more-failed-banks-brings-years-tally-to-68-2009-07-31?siteid=bnbh

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FDIC: Failed Bank List

Mutual Bank			Harvey	IL	18659	July 31, 2009	July 31, 2009
First BankAmericano	Elizabeth	NJ	34270	July 31, 2009	July 31, 2009
Peoples Community Bank	West Chester	OH	32288	July 31, 2009	July 31, 2009
Integrity Bank			Jupiter	FL	57604	July 31, 2009	July 31, 2009
First State Bank of Altus	Altus	OK	9873	July 31, 2009	July 31, 2009

[Jakes Progress]

3. I wonder if any of the bonus billions

that the big boys just gave out would have helped.

Ruin a fence with you car and you spend a night in jail.

Ruin a country with your greed and you get to spit on the people who bailed you out.

[ixion]

4. yet another joyous Bank Failure Friday admist the glorious recovery

:eyes:

[Endangered Specie]

5. Conviently done on a Friday night as well...

hope no one hits the ATM trying to get more night-out money!

[FarCenter]

6. $912 million total cost to the FDIC -- Almost as much as "cash for clunkers"

Mutual Bank, Harvey, Illinois, the FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $696 million.

First BankAmericano, Elizabeth, New Jersey, the FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $15 million.

Peoples Community Bank, West Chester, Ohio, the FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $129.5 million.

Integrity Bank, Jupiter, Florida, the FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $46 million.

First State Bank of Altus, Altus, Oklahoma, the FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $25.2 million.

[Skink]

7. I remeber watching Rumsfeld on CSPAN demanding the 90 Billion supplemental.

This is change for the US treasury to insure it's people.

[FarCenter]

9. The money doesn't come from the US Treasury

The FDIC insurance fund is replenished by assessments on other banks and S&Ls.

[FarCenter]

8. Fed gives First Mutual 2 months to show it can raise cash -- May 20, 2009

http://www.chicagobusiness.com/cgi-bin/news.pl?id=34110

"The low-profile Mutual Bank — formerly run by Amrish Mahajan, a major political contributor to Mr. Blagojevich — is perhaps best known for making a $500,000 mortgage to the wife of Tony Rezko, a major fundraiser for the former governor, to purchase a lot next to the Kenwood home of President Barack Obama when he was a U.S. senator from Illinois. The Rezkos then sold a portion of the lot to the Obamas in a deal Mr. Obama later said was a mistake."

"Mr. Rezko currently is in jail following his conviction on federal fraud and corruption charges."

"The bank is owned by Indian-born direct-marketing magnate Pethinaidu Veluchamy."