While no one was paying attention, 2 more banks failed today.

[Pale Blue Dot]

First Heritage Bank, NA, Newport Beach, CA

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

First National Bank of Nevada, Reno, NV

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

I don't think it's anything to worry about, though.

[Junkdrawer]

1. I got back from vacation and found that there was a run on my bank...

It survived the run...this time.

[ColbertWatcher]

2. Holy shit. 2 more banks from the west. Thank you for posting. n/t

[rpannier]

3. Many years ago I was offered a credit card from First National of Nevada

I turned them down

It appears I made the right choice.

[w8liftinglady]

4. Damn!what the hell is happening?

[Junkdrawer]

5. Banks wrote bad mortgages. Now the chickens are coming home to roost.

Liquidity problems.

[dave123williams]

34. Um, a Depression?

[Pale Blue Dot]

6. That's 5 in the past 2 months.

In 2002, 6 happened in 3 months(in the aftermath of 9/11).

And 3 in a month hasn't happened in this century (the FDIC website doesn't list failures before 2000).

On edit: Corrected my math.

[Liberal_in_LA]

7. Thanks for post. Didn't know.

[DemReadingDU]

8. If you have an account at a recent failed bank, check this link

There is a drop-down box for a list of the most recent failed banks for people to inquire about their accounts.
http://www4.fdic.gov/dip/index.asp

[robinlynne]

33. Anyone who has under 100,000 in the bank does not need to worry.

As long as you are in an FDIC insured institution.

[malaise]

9. More to follow n/t

[DemReadingDU]

21. lots more, 900 troubled banks?

7/24/08 Why wasn't IndyMac on FDIC problem list?

<snippet>

Christopher Whalen, managing director of Institutional Risk Analytics, says "everyone expects regulators to be ahead of the curve, but they never are. It's hard for regulators to be proactive. If the FDIC was beating the hell out of IndyMac a year ago, the congressmen that represent IndyMac would have been all over them."

Whalen says the problem list understates the number of troubled banks. Of about 9,000 institutions, "we have identified about 10 percent that are in significant distress and another 10 to 15 percent headed in that direction," he says.

Whalen says the problem list should be closer to 900 companies instead of 90.


more about Why wasn't IndyMac on FDIC problem list? ...
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/07/23/BU9A11TUKC.DTL

[AllieB]

10. I am getting really worried. Thom Hartmann said the other day

that we are slipping into a hyperinflationary recession or depression, and that the conservatives are holding back the worst of it until Obama becomes president. The Dems in Congress are going along, creating a potential disaster for the party.

I'm reading Naomi Klein's 'The Shock Doctrine' right now, and it's scaring me that the scenarios that she describes could happen here.

[napoleon_in_rags]

17. Thanks for sharing that seems to be true. A recent bill blew my mind.

It was like Reid was *trying* to build an economic shit bomb that would explode in Obama's face.

[jazzjunkysue]

27. That's what today's Fannie and Freddie bailout are about. Kick the can down the street.

Makes me wonder what oil prices will do in january.

I'm off heating oil: I just got a propane space heater. I'm staying warm without going broke.

Everyone: Look up Rinnai vented space heaters. They sip propane. Drop your bill by 65-70%.

[femrap]

11. How does a bank in Newport Beach of

fabulously wealthy Orange County go bankrupt? That takes some mighty corruption!

[rucky]

26. Orange County itself went bankrupt from corruption & mismanagement

http://www.erisk.com/Learning/CaseStudies/OrangeCounty.asp

[femrap]

32. I remember that...but that was

1994. Hey, maybe those same corrupt dudes got jobs at the bank!

We need Robin Hood....steal from the rich and give to the poor instead of what we have encountered. The middle class is expiring...it fed the rich.

[Snarkoleptic]

12. Check this out...

http://bankimplode.com/
If you have in excess of $100K on deposit and linked to your SS# in an FDIC insured insitution, you need to take immediate action.
You need to spread it around to other institutions so that you have under $100K/bank.
Anything over $100K/instution will be reimbursed at 50cents on the dollar if the bank fails.

[jazzjunkysue]

28. I really doubt there are a dozen such people on this site.

[Breeze54]

13. This happened in the 80's. We're still here.

:hug:

[lonestarnot]

14. Why would anyone here be surprised. Hundreds more to come.

[pansypoo53219]

15. the bank took your farm.

but don't say depression. invest in wall street!

[Ichingcarpenter]

16. They hide a lot .......... I am told

that the charade of this hypocrisy
is trying to be continued until the election.

Thanks....... The news is really worse
than you dream, except in alternative, energy, consciousness
hope and dreams

[harry123]

18. FDIC will insure up to 100,000 only.

I have been looking at these bank failures and sometimes uninsured deposits do not get reimbursed. This was the case when NetBank shut down and when Miami Valley Bank shut down. (see link: http://www.thestreet.com/newsanalysis/ratings/10400696.html). Otherwise you're insured up to $100,000. Here's a link to an explanation on my blog:

http://www.creditwritedowns.com/2008/07/some-people-may-get-stiffed-by-fdic.html

There's really no reason to panic unless you have uninsured deposits at a bank. So spread your money around. If you want a list of closed banks, I keep an up-to-date list here:

http://www.creditwritedowns.com/2008/07/bankrupt-global-financial-institutions.html

and I also follow all major writedowns here:

http://www.creditwritedowns.com/2008/05/credit-crisis-timeline.html

The writedown list is the most comprehensive on the web concerning larger organizations. G to it if you want to see what's happening to financial institutions.

[DemReadingDU]

19. Thank you!

Appreciate the time you take to keep this updated, it grows daily. I have sent the link to family and friends.

[KharmaTrain]

20. And No Guarantee You Get All 100K at once

I was reminded the other day that the FDIC does guarantee up to 100k, but the bank has up to 10 years (I heard someone way it could be extended even further).

Yes, the smart thing to do for those with that type of money is to diversify right now...parking in CDs and Money Markets...and, as you say, spread the money around and keep as much liquid as possible. Long term investors aren't panicking...just headed to the sidelines.

Thank you for the list of write downs...but, as you say, there is no need to panic at this point...especially as it's all but certain this regime will continue to bail out these banks. My only salvation is that next year we have a functional SEC again.

Cheers...

[tbyg52]

29. >>but the bank has up to 10 years

Whoa. That doesn't do much good for people who need to pay their bills *now*. And I gather from the above that the 50% on the $ after 100K is not required, just being done at this moment? - to try to avert panic, no doubt. I need some gold, I think (if I had the money). I'm picturing wheelbarrows, because I think they're going to inflate their way out of this.

[WillyT]

22. Kick !!!

:kick:

[HCE SuiGeneris]

23. Disaster capitalism in action. Now watch this trick...

[malaise]

31. LOL

Very good :rofl:

[spanone]

24. ask bu$h*, our economy is ROBUST

[rucky]

25. This isn't supposed to be happening to independent banks.

shit, mon.

[malaise]

30. This made the news this morning

on GEM$NBC. What a surprise.