Bank Failure Friday: The Sunshine States Edition

There's quite a list tonight, so lets get on it.

RockBridge Commercial Bank of Atlanta, Georgia.
Independent Bankers' Bank of Springfield, Illinois.
New South Federal Savings Bank of Irondale, Alabama. [note: this one will cost the FDIC about $212 million]
Citizens State Bank of New Baltimore, Michigan.
Peoples First Community Bank of Panama City, Florida. [note: this one will cost the FDIC about $556 million]
Imperial Capital Bank of La Jolla, California. [note: this one will cost the FDIC about $619 million]
First Federal Bank of California of Santa Monica, California. [note: this one will cost the FDIC about $146 million]

That makes #140 bank failures so far this year. Merry Christmas.

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Happy Holidays

Let's hope they are getting some out of the way. Freddie/Fannie "suspended" foreclosures for the holidays.

How nice of them.

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You know they both want 400

You know they both want 400 billion dollars, and before New Years.

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the ultimate zombies

and none of us have written a detail post on the latest taxpayer sucking adventures of Fannie/Freddie either.

Notice Barney Frank doesn't seem to bring it all up.

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please delete

I thought I could find the link, but until I can, I want to remove my comment. It was on CNBC and Fox News (yes, I know the feelings about Fox on here), but you'd think they both would have posted something. So, not wanting to be someone fabricating stuff, please delete what I posted. thanks.

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Jez, you don't have to cite everything, esp. in comments

Howz this link. See you don't have Alzheimer's. ;)

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Thanks RO

Oh you're good....real good.

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FDIC costs for cleaning up banks mounting

I remember reading a few months ago how the FDIC's original estimates were being low-balled.
Now I want to remind you of one of the larger failures this year - Colonial Bank.

Colonial, which was deemed the sixth-largest bank failure in U.S. history after its seizure four months ago, had a current net worth of negative $5.8 billion by the end of the third quarter. That’s far worse than its original estimate of $2.8 billion to its insurance fund, according to recent data released by the FDIC.
“It basically says Colonial was a lot worse off than everybody thought it to be,” said Bert Ely of Alexandria, Virginia-based bank-consulting firm Ely & Co.
Also, the FDIC possesses more than $4.2 billion of the Montgomery, Alabama-based bank’s assets currently in liquidation. However, the FDIC also expects to lose more than $3.1 billion on those assets, according to a balance sheet posted by the FDIC.
Also, other losses could arise as the regulators attempt to untangle the web of loans held by Colonial but owned by its close partner and mortgage warehouse lender, Taylor Bean & Whitaker, which was shut down days prior to Colonial’s seizure, Ely said. Supposedly, loans were sold to Taylor Bean’s bank subsidiary, Illinois-based Platinum Community Bank, but it never received them.

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Bank Failure Friday series

You got it this week but I've been listing each bank closure's FDIC estimated cost, but have no kept a running tally. That would be some good information that maybe we should stat out, along with the total percentage of banks closed (nationally, per state)?

Every week it's (as I'm recalling) at least $600 million, many weeks a couple of billion? per week so I'm surprised they have any money.

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