Monday, August 17, 2009

FDIC is Bankrupt

As many large banks not paying into the FDIC using loopholes to get around it, and as many banks as the FDIC has closed this year, it had to happen.

Feds close two banks in Phoenix and Gilbert « Seeing Red AZ
By seeingredaz
Community Bank had four branches, and Union Bank had one office. All will open Monday as branches of MidFirst Bank. Both banks were covered by Federal Deposit Insurance Corporation (FDIC) insurance, which protects depositors against ...
Seeing Red AZ -
BB&T Takes Over Alabama's Colonial Bank After Biggest Failure ...
By Paul Martin
"It comes with minimal asset risk to BB&T because of our loss-sharing agreement with the FDIC." Regulators are closing banks at the fastest pace in 17 years. The Sept. 25 seizure of Seattle-based Washington Mutual was the biggest bank ... -
As of Friday August 14, 2009, FDIC is Bankrupt
By Braunie
Below is a graph showing the DIF capital as a percentage of total bank deposits insured by the FDIC. Note that this graph is based on the old insurance limit with a maximum coverage of $100.000/account. This limit has been changed to cover ... If that will be even close to reality for Q2 09 the FDIC's DIF will (very) soon be out of funds completely. [Mish: as of tonight the DIF is bankrupt.] We believe the main reason for this observation lies in a de facto relaxation of ...
The Market Guardian | Monitoring... -
MSM Monitor: Slow Saturday Special: The FDIC's Friday Failures
By Rocker
A very astute observer wrote in that question: "FDIC closes Colonial BancGroup" by Marcy Gordon, Associated Press | August 15, 2009. WASHINGTON - Regulators yesterday shut down Colonial BancGroup Inc., a big lender in real estate development that buckled under the collapse of the market. It was the biggest US bank to fail this year, with about $25 billion in assets.... --more--" I'm sure the timing was just coincidence. Posted by Rocker at 2:54 PM. Labels: Business, MSM ...
MSM Monitor -
Blue Crab Boulevard » Huge Bank Failure
By Gaius
In other words, these failures matter to you even if you did not do business with the failed bank. As I said yesterday, we have not seen the bottom of this crisis yet - not even close. categories Economy | Gaius August 15, 2009 ... I read that this failure will likely wipe out FDIC's reserves and two more large banks are teetering on the brink. Re FDIC touching banks for more money. The small town bank I do business with was "touched" for 70 grand late last year. ...
Blue Crab Boulevard -
Colonial BancGroup and 4 other banks closed; total bank failures ...
By Harkamal Singh
state-chartered With bank regulators closing US' third-largest state-chartered bank, the Montgomery, Alabama-based Colonial BancGroup Inc, and four other banks, in Arizona, Nevada and Pennsylvania, the total number of ... About the other failed banks, FDIC specified that part of deposits and assets of Community Bank of Arizona and Union Bank will be assumed by Oklahama City-based MidFirst Bank; and part of Dwelling House's deposits and assets will be assumed by ...
TopNews United States -

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