IT'S FRIDAY DU !!!! Say goodbye to 3 more banks.......

[marmar]

from MarketWatch:



Nebraska, Florida, Illinois banks are latest failures
12 banks have failed so far in 2009, 37 shut since credit crisis began

By John Letzing, MarketWatch


SAN FRANCISCO (MarketWatch) -- Loup City, Neb.-based Sherman County Bank, Cape Coral, Fla.-based Riverside Bank of the Gulf Coast and Pittsfield, Ill.-based Corn Belt Bank and Trust Company were closed by regulators Friday, bringing the number of U.S. bank failures for 2009 to 12 and 37 total since the start of the credit crisis, the Federal Deposit Insurance Corp. said.

Nebraska has not seen a bank failure since 1990, according to the FDIC. However, Riverside Bank follows Fla.-based Ocala National Bank, which failed on Jan. 30. Prior to Corn Belt Bank, the last Illinois bank to fail was National Bank of Commerce on Jan. 16.

Nebraska's Sherman County Bank had roughly $129.8 million in assets as of Feb. 12 and $85.1 million in deposits, the FDIC said.

Wood River, Neb.-based Heritage Bank has agreed to assume all of the failed bank's deposits, and will purchase roughly $21.8 million worth of its assets, the FDIC said.

The FDIC estimated the cost of the failure to its deposit-insurance fund will be $28 million. ..........(more)

The complete piece is at: http://www.marketwatch.com/news/story/Nebraska-Florida-Illinois-banks-latest/story.aspx?guid=%7BC37A3C34%2D58D1%2D4801%2D88CC%2D8622BDF57B6B%7D

[marketcrazy1]

1. make that 4

On Friday, February 13, 2009, Pinnacle Bank, Beaverton, Oregon was closed by the Oregon Division of Finance and Corporate Securities and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

[aquart]

2. Ouch. Four. That seems like a lot. Is it?

I haven't been keeping track.

[OmahaBlueDog]

3. Lincoln Journal Star "Sherman County Bank fails on commodity margin-call loans"

<<Sherman County Bank of Loup City, the first bank to fail in Nebraska in 19 years, was closed Friday by regulators who said the bank lost money lent to farmers to cover commodity margin calls.

The bank’s owners were unable to restore enough capital to keep operating so the bank was closed by the Nebraska Department of Banking and Finance, which appointed the Federal Deposit Insurance Corp. as receiver.>>


http://www.journalstar.com/articles/2009/02/13/news/business/doc499603f1242d4703764229.txt

[marketcrazy1]

4. FIVE if you count credit unions

February 16, 2009, Alexandria, Va. – The National Credit Union Administration (NCUA) placed Center Valley Federal Credit Union of Wheeling, West Virginia, into liquidation Friday, February 13, 2009.

The NCUA Asset Management and Assistance Center will issue checks to individuals once they have verified the balances in share accounts in the Center Valley Federal Credit Union. Through the NCUA National Credit Union Share Insurance Fund, credit union members’ deposits are insured to at least $250,000 on regular accounts and $250,000 on certain retirement accounts.

NCUA made the decision to liquidate Center Valley Federal Credit Union and discontinue its independent operation after determining that the credit union is insolvent and has no prospects for restoring viable operations. At the time of liquidation, the credit union served 3,150 members and had deposits of approximately $8 million. This is the second federally insured credit union to close in 2009................