7 banks closed in Fla., Ga., Ill., Kan., Ariz.

http://sg.finance.yahoo.com/news/7-banks-closed-in-Fla-Ga-Ill-apf-1135619637.html?x=0

The pace quickens my friends
And the scavengers come for any easy meal.
But in all actuality what they devourer to will become toxic over time

Regulators on Friday shut down a total of seven banks in Florida, Georgia, Illinois, Kansas and Arizona, lifting to 139 the number of U.S. banks that have fallen this year as soured loans have mounted and the economy has sputtered.

The Federal Deposit Insurance Corp. took over the banks

The pace has accelerated as banks' losses mount on loans made for commercial property and development. Many companies have shut down in the recession, vacating shopping malls and office buildings financed by the loans. That has brought delinquent loan payments and defaults by commercial developers.

The 2009 total of bank failures was the highest annual tally since 1992, at the height of the savings and loan crisis. The 2009 failures cost the insurance fund more than $30 billion. Twenty-five banks failed in 2008, the year the financial crisis struck with force; only three succumbed in 2007.

Regulators shut banks in 5 states; marks 120 US bank failures this year

http://finance.yahoo.com/news/Banks-in-Ga-Mich-Minn-Mo-apf-3282864371.html?x=0&sec=topStories&pos=6&asset=&ccode=

Five more bit the dust last night

Regulators on Friday shut banks in Georgia, Michigan, Minnesota, Missouri, and California, bringing the number of bank failures this year to 120 amid the struggling economy and a cascade of defaults on loans.

The Federal Deposit Insurance Corp. took over United Commercial Bank in San Francisco, with $11.2 billion in assets and $7.5 billion in deposits. East West Bancorp Inc., parent company of East West Bank based in Pasadena, Calif., is buying all of the deposits and most of the failed bank's assets

Nine U.S. banks seized in largest one-day haul

http://news.yahoo.com/s/nm/20091031/ts_nm/us_usbancorp

It's time to get real people because system failure is occurring, make sure you can provide for you and yours.

U.S. authorities seized nine failed banks on Friday, the most in a single day since the financial crisis began and the latest stark sign that substantial parts of the nation's banking industry are being crippled by bad loans.

The move brought the total number of failed banks in 2009 to 115 -- their highest annual level since 1992 -- with analysts expecting more to come.

Agency that insures bank deposits may need help

http://finance.yahoo.com/news/Agency-that-insures-bank-apf-1953199638.html?x=0

Fully backed by the government means another bill for the taxpayer to pay


The government agency that guarantees you won't lose your money in a bank failure may need a lifeline of its own.

The coffers of the Federal Deposit Insurance Corp. have been so depleted by the epidemic of collapsing financial institutions that analysts warn it could sink into the red by the end of this year.

That has happened only once before -- during the savings-and-loan crisis of the early 1990s, when the FDIC was forced to borrow $15 billion from the Treasury and repay it later with interest.

On Thursday, the agency reveals how much is left in its reserves. FDIC Chairman Sheila Bair may also use the quarterly briefing to say how the agency plans to shore up its accounts.

Small and midsize banks across the country have been hurt by rising loan defaults in the recession. When they fail, the FDIC is responsible for making sure depositors don't lose a cent.

It has two options to replenish its insurance fund in the short run: It can charge banks higher fees or it can take the more radical step of borrowing from the U.S. Treasury.

None of this means bank customers have anything to worry about. The FDIC is fully backed by the government, which means depositors' accounts are guaranteed up to $250,000 per account. And it still has billions in loss reserves apart from the insurance fund.

Regulators close 3 banks in Fla., Ore.; total 72

http://apnews.myway.com/article/20090808/D99UFA180.html

Failure is an option or so it seems for those without the government connections of Wall Street.

The number of banks on the FDIC's list of problem institutions leaped to 305 in the first quarter - the highest number since 1994 during the savings and loan crisis - from 252 in the fourth quarter. The FDIC expects U.S. bank failures to cost the insurance fund around $70 billion through 2013.

The bank failure costliest to the fund came in July 2008 with the seizure of IndyMac Bank. The insurance fund is estimated to have lost $10.7 billion on the closure of the big California lender.

The largest

US regulators close 3 small banks

http://finance.yahoo.com/news/US-regulators-close-3-small-apf-3026110925.html?x=0

Regulators on Friday shut down three small banks, pushing this year's tally of failed banks to 40.

One bank was in North Carolina, another in Georgia, and the third was in Kansas. The wave of bank failures is expected to continue throughout the year as the weak housing market and rising unemployment rate cause more borrowers to default on their loans.

The Federal Deposit Insurance Corp. was appointed receiver of Cooperative Bank of Wilmington, N.C., Southern Community Bank of Fayetteville, Ga., and First National Bank of Anthony in Anthony, Kan.

The FDIC agreed to have First Bank of Troy, N.C., take over Cooperative Bank's 24 branches and nearly all of its assets. Cooperative Bank had total assets of $970 million and total deposits of $774 million.

United Community Bank of Blairsville, Ga., will assume Southern Community bank's five branches, its $307 million in deposits, and nearly all of its $377 million in assets.

And Bank of Kansas of South Hutchinson, Kan., will acquire First National Bank of Anthony's six branches, its $142.5 million in deposits, and nearly all of its $156.9 million in assets.

The FDIC will retain the remaining unacquired assets of all three failed banks to sell later. And

Florida's BankUnited fails, will cost FDIC $4.9B

http://finance.yahoo.com/news/Floridas-BankUnited-fails-apf-15325280.html?sec=topStories&pos=3&asset=&ccode=

The little things that MSM doesn't tell you. Now you can understand why the FDIC needed the 500 billion dollar loan.

The 34 bank failures this year in the U.S. compare with 25 in 2008 and just three in 2007. As the economy nationwide has soured, amid rising unemployment, tumbling home prices and soaring loan defaults, bank failures have cascaded and sapped billions out of the deposit insurance fund. According to the most recent data available, the fund now stands at its lowest level in nearly a quarter-century -- $18.9 billion as of Dec. 31, compared with $52.4 billion at the end of 2007.

The FDIC expects that bank failures will cost the insurance fund around $65 billion through 2013.