Bank Close Friday

[AllentownJake]

North Houston Bank, Houston, TX
Madisonville State Bank, Madisonville, TX
Citizens National Bank, Teague, TX
Park National Bank, Chicago, IL
Pacific National Bank, San Francisco, CA
California National Bank, Los Angeles, CA
San Diego National Bank, San Diego, CA
Community Bank of Lemont, Lemont, IL
Bank USA, NA, Phoenix, AZ

http://www.fdic.gov/

The Southeast managed to stay off the list this week.

[virgogal]

1. And the Northeast.

[SoCalNative]

2. The Southeast and the Northeast managed to stay off the list

because all of the seized banks were owned by the same person...and he didn't own any there.

[AllentownJake]

4. What a mess

[Subdivisions]

8. A fine mess....

[hatrack]

3. Nine Banks Held $19.4 Billion In Total Assets; 115 Bank Failures To Date In 2009

NEW YORK — Regulators shut nine banks Friday, including Los Angeles-based California National, as the still-weak economy produces a stream of loan defaults.

The banks were units of privately held FBOP Corp., a Chicago-based bank holding company.

The Federal Deposit Insurance Corporation said U.S. Bank in Minneapolis agreed to assume the deposits and most of the assets of the banks. The banks are mostly in the West and had combined assets of $19.4 billion at the end of September.

The closings boost the number of failed U.S. banks this year to 115. The nine banks closed Friday were the most the agency has shut in one day since the financial crisis began taking down banks last year. In 1989, at the height of the savings-and-loan crisis, the FDIC closed 534 banks, or about 10 a week.

EDIT

http://www.huffingtonpost.com/2009/10/30/california-national-bank-_n_340822.html

[AllentownJake]

5. 19.4 billion in assets

I don't know if I want to see the losses on these banks..this is going to be ugly.

[FarCenter]

6. The FDIC estimates that the cost of the nine banks to the DIF will be a combined $2.5 billion.

According to http://www.fdic.gov/news/news/press/2009/pr09195.html

"The nine banks were subsidiaries of FBOP Corporation, Oak Park, Illinois. FBOP Corporation was not closed and was not subject to today's actions."

Heard today that there are another 300 banks that have a Texas Ratio above 100 and are very likely to fail.

[AllentownJake]

7. That isn't good

Not good at all.

[FarCenter]

9. The FDIC is being too slow -- the longer they wait the more it will cost

This is only one bank, although there are 150 branches total for all of the subsidiaries.

They should be doing 20 banks a week.

[AllentownJake]

10. I think they are trying to prevent a panic

They start doing 20 banks a week bad things may happen.

[FarCenter]

11. They should have been ramping up the rate

One or two more each week than the week before.

[AllentownJake]

12. Probably a good idea

I read the fund is coming close to being spent and that the FDIC may require congressional approval for more funding. I wonder if that is true or not.

Like I said if they hit every bank not making the ratio in one week they would have to declare a bank Holiday on Monday to explain to everyone what was going on.

[DailyGrind51]

13. Park National Bank just got $50 million in bail-out funds, too!

[jimlup]

14. Money is an illusion

And the illusion is fading fast. I'm thinking of protected some more of my retirement funds. Things look bleak from where I stand.