Well, we had another non-holiday Friday. (Christmas may be exempt, or they may close more Thursday). (Is there a "Financial Emergency" out on Federal employees working on a Federal Holiday?)
This time, We closed 7 banks. Just 7. 140 so far this year, but the news keeps getting better. You Know Where... In Moreville..
This may be all of them this year, so these may be our last ones. And for 3 of them, the news is worse for America. It's also worse for us from a "Blast From the Past", and this is just one oldie but still bad that we know about. And none of this includes our Citibank, AIG, etc. losses.
First the 4 "good" ones (Not in chronological order, all Friday):
- FDIC OneWest Bank, FSB, Pasadena, California, Assumes All of the Deposits of First Federal Bank of California, Santa Monica, California.
Assets: 6.1 Billion, Deposits: 4.5 Billion
ESTIMATED LOSS to DIF: 146.3 Million Bold to become clear further down..
- FDIC City National Bank, Los Angeles, California, Assumes All of the Deposits of Imperial Capital Bank, La Jolla, California.
Assets: 4.0 Billion, Deposits: 2.8 Billion.
ESTIMATED LOSS to DIF: 619.2 Million
- FDICHancock Bank, Gulfport, Mississippi, Assumes All of the Deposits of Peoples First Community Bank, Panama City, Florida
Assets: 1.8 Billion, Deposits: 1.7 Billion.
ESTIMATED LOSS to DIF: 556.7 Million
- FDIC Beal Bank, Plano, Texas, Assumes All of the Deposits of New South Federal Savings Bank, Irondale, Alabama
Assets: 1.5 Billion, Deposits: 1.2 Billion.
ESTIMATED LOSS to DIF: 212.3 Million
Those are what some would call the "usual". State Regulator closes bank, FDIC at 5 PM Comes in, notifies bank, orders pizza, works through the weekend. On the Following Monday they are opened as new bank, no problems. If you're under 100-250K per bank, you're fine.
If you have more than that in a non-TOO BIG TO FAIL Timmy & Benny Protected bank Get it below that NOW.. Maybe AT a Timmy protected bank too..
Here are the scary ones for the future.. Oh, and our bond auctions. Watch what separates these three..
- FDIC FDIC Creates a Deposit Insurance National Bank to Facilitate the Resolution of Citizens State Bank, New Baltimore, Michigan
Assets: 168.6 Million, Deposits: 157.1 Million.
ESTIMATED LOSS to DIF: 76.6 Million
- FDIC FDIC Creates Bridge Bank to Take Over Operations of Independent Bankers' Bank, Springfield, Illinois
Assets: 585.5 Million, Deposits: 511.5 Million.
ESTIMATED LOSS to DIF: 68.4 Million
At the time of closing, the bank had an estimated $269,000 in uninsured funds. ...
- FDIC FDIC Approves the Payout of the Insured Deposits of Rockbridge Commercial Bank, Atlanta, Georgia
Assets: 294 Million, Deposits: 291.7 Million.
ESTIMATED LOSS to DIF: 124.2 Million
At the time of closing, the bank had an estimated $2.1 million in uninsured funds.
That's right folks, there were three of them where, even with banks borrowing at 0% to do it, even with Ben, Shelia, and Timmy's begging, even with Treasury's and FDIC's help through loss-sharing agreements (That's US Losing most of the Money just to take it off their hands), NOBODY WANTED THESE LAST 3.. WE EAT IT ALL..
So we just lost, BY THEIR OWN STATEMENTS.. 1.8 BILLION Dollars, One week..
And here's how it gets even WORSE.. Remember "By Their Own Statements"? Well..
Let's go into the wayback machine, Remember our good friends Colonial BancGroup? No? Well, I'll take this opportunity to tell you all a little story..
Colonial BancGroup failed on August 14, 2009. That was a good day, I had Spaghetti for dinner, I think.. But I Digress.
BB&T took it over, but there was this cost-sharing agreement. At the time the FDIC estimated that the cost to the DIF was 2.8 Billion. Not exactly chump change, but.. And here's where it gets better..
It's at least DOUBLE THAT..
And this is just one we know about.. Not including AIG, Fannie, Freddie, TARP, GM, Chrysler, or ANYTHING ELSE.. Just 1 bank they erred on. Wait until it's Commercial Real Estate, and Citi, and B of A...
Oh, and about Commercial Real Estate? And our good friends.. Morgan Stanley.. This won't help them much, or us.. since I wonder if we now own this collateral..
Bloomberg: Morgan Stanley to give up 5 San Francisco Towers Bought At Peak
But "It's Not a Foreclosure, we're simply giving them back to the lender" so as to not pay this loan anymore. Wonderful. Now you say that to your lender.. In a Recourse State..
Just when you think Health Insurance For All Who Can Pay For Now is bad enough for the week..