Seven U.S. banks closed by regulators; failures at 140

[OhioChick]

Source: MarketWatch

Dec. 18, 2009, 8:24 p.m. EST

SAN FRANCISCO (MarketWatch) -- Seven U.S. banks were closed by regulators on Friday, bring the total this year to 140 as the effects of the credit crisis continued to be felt across the country.

What's more, the Federal Deposit Insurance Corp. established temporary institutions to help close two of the failed banks.

Atlanta-based RockBridge Commercial Bank became the 25th Georgia-based bank to fail this year. The FDIC was unable to find another institution to take over the failed bank, and so will mail checks to retail depositors for insured funds.

RockBridge Commercial Bank had roughly $294 million in assets and $291.7 million in deposits as of Sept. 30. Its failure will cost the federal deposit-insurance fund $124.2 million, the regulator said.



Read more: http://www.marketwatch.com/story/seven-us-banks-closed-2009-failures-at-140-2009-12-18?reflink=MW_news_stmp

[The Northerner]

1. What a record, so far

Right now that's about 20 more than in 1992.

It looks as if there'll probably be 140 something total for 2009.

Get ready for 2010.

[Lucky Luciano]

9. no idea of the record, but I would imagine the Great Depression was worse

because the number of small banks that existed back then was much bigger. We have had a lot of consolidation so the failures today are bigger - but fewer...at least that is what I suspect to be true. I could be wrong.

[Lucky Luciano]

10. no idea of the record, but I would imagine the Great Depression was worse

because the number of small banks that existed back then was much bigger. We have had a lot of consolidation so the failures today are bigger - but fewer...at least that is what I suspect to be true. I could be wrong.

[Turbineguy]

2. RockRidge?

http://www.youtube.com/watch?v=W2fRSQ4L-SI

[OnceUponTimeOnTheNet]

3. K&R. nt.

[rhett o rick]

4. Eventually there will be only one bank of America. Hmm. nt

[Divine Discontent]

5. yikes.... it's getting a touch out of hand... these bastards have caused mass disaster, made their

millions & billions and are set for life, while they leave a massive clean up, funded by the taxpayers money that really isn't there - oh, we're doing just SWELLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLl

[UpInArms]

6. here's the FDIC failed list

Failed Banks

Bank Name				City		State	CERT #	Closing Date		Updated Date
First Federal Bank of California, F.S.B.Santa Monica	CA	28536	December 18, 2009	December 18, 2009
Imperial Capital Bank			La Jolla	CA	26348	December 18, 2009	December 18, 2009
Independent Bankers' Bank		Springfield	IL	26820	December 18, 2009	December 18, 2009
New South Federal Savings Bank		Irondale	AL	32276	December 18, 2009	December 18, 2009
Peoples First Community Bank		Panama City	FL	32167	December 18, 2009	December 18, 2009
RockBridge Commercial Bank		Atlanta		GA	58315	December 18, 2009	December 18, 2009
Citizens State Bank			New Baltimore	MI	1006	December 18, 2009	December 18, 2009

[Divine Discontent]

7. thanks. some seriously messed up stuff with 12 dozen or so banks failed this year

how can we laughingly talk about 'recovery'. maybe for the millionaires to recoup their losses for the year, everyone I know is hurting... everyone.

[benld74]

8. Here's the site for all the is financial,,,,

http://www.calculatedriskblog.com/

[pravin404]

11. California had 22 bank failures since 2008

7 bank failures today.
Now we have 30 bank failures in Georgia followed by 22 bank failures in California and Illinois each since 2008.
Check statistics on bank failures at http://portalseven.com/banks/">Bank Failure Statistics and Map .
Check the state-wise, asset-wise breakup and map of bank failures.

[RubyDuby in GA]

16. We're #1! We're #1!

Man does thus state suck sometimes...

[peacetalksforall]

12. Are these Friday failures still tied to the theft-mortgagers - hustling unqualified buyers?

[OnlinePoker]

13. FDIC Fund is in deficit

According to the CFO Report dated 30 September, the fund was at a negative $8.2 Billion level. Given there have been $5-$10 Billion more since then, it could be up over $15 Billion by now. I can't see it getting any better in the near term.

http://www.fdic.gov/about/strategic/corporate/cfo_report_3rdqtr_09/0909_CFO_Report.pdf

[FarCenter]

14. About $1803.7 million in losses to the FDIC insurance fund this week

RockBridge Commercial Bank - $124.2 million.
Peoples First Community Bank - $556.7 million.
Citizens State Bank - $76.6 million.
New South Federal Savings Bank - $212.3 million.
Independent Bankers' Bank - $68.4 million.
Imperial Capital Bank - $619.2 million.
First Federal Bank of California - $146.3 million.

[FarCenter]

15. The biggest, Imperial Capital, was a CA state-chartered bank -- apartment mortgages done it in

First Federal recorded big losses on so-called pay-option adjustable-rate mortgages, or option ARMs, which allowed borrowers to pay so little each month that their loan balances could increase.

Imperial Capital made bad bets on loans secured by apartment buildings all over the country.

from http://www.latimes.com/business/la-fi-bank-failures19-2009dec19,0,7142345.story