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7 more banks fail as FDIC mulls rules for sales
AP via Yahoo ^ | July 2, 2009 | Stephen Manning and David Pitt

Posted on 07/02/2009 7:50:32 PM PDT by AH_LiveRight

WASHINGTON (AP) -- Six Illinois banks and one bank in Texas were shuttered Thursday as government regulators proposed new rules for private equity firms seeking to take over failed banks.

That brought the number of U.S. bank failures this year to 52.

That's more than double the 25 which failed in all of 2008 and the three closed in 2007.

The Federal Deposit Insurance Corp. was appointed receiver of all seven. The total cost to the Deposit Insurance Fund from the seven closings will be $314.3 million, the FDIC said. The assets of most of the failed banks will be turned over to other institutions.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Business/Economy; Front Page News; Government
KEYWORDS: bankfailure; banking; fdic; fdicthursday; govwatch; obama
FDIC Friday came a day early this week. Checking for the bank names, the first report only had 3 in Illinois.
1 posted on 07/02/2009 7:50:32 PM PDT by AH_LiveRight
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To: AH_LiveRight

Founders Bank Worth IL 18390 July 2, 2009 July 2, 2009
Millennium State Bank of Texas Dallas TX 57667 July 2, 2009 July 2, 2009
First National Bank of Danville Danville IL 3644 July 2, 2009 July 2, 2009
Elizabeth State Bank Elizabeth IL 9262 July 2, 2009 July 2, 2009
Rock River Bank Oregon IL 15302 July 2, 2009 July 2, 2009
First State Bank of Winchester Winchester IL 11710 July 2, 2009 July 2, 2009
John Warner Bank Clinton IL 12093 July 2, 2009 July 2, 2009

http://www.fdic.gov/bank/individual/failed/banklist.html


2 posted on 07/02/2009 7:56:43 PM PDT by AH_LiveRight
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To: AH_LiveRight

Government offices will be closed tomorrow. So they acted today, but seven banks is a lot.


3 posted on 07/02/2009 7:58:46 PM PDT by AceMineral (Offically unapproved of since 1973)
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To: AceMineral

does anyoneknow how TD Banknorth is doing. They say that they are Canadian and bulletproof.


4 posted on 07/02/2009 8:01:22 PM PDT by Chickensoup ("Patriotism is supporting your country all the time, and your government when it deserves it.")
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To: wafflehouse; Leisler; PAR35; TigerLikesRooster; AndyJackson; Thane_Banquo; nicksaunt; ...

"We have successfully stabilized the financial markets."
—Barack Obama, on July 2, 2009, in an AP interview

Figures don't lie. But liars figure.

Failed Bank Information for Founders Bank, Worth, IL

Failed Bank Information for Millennium State Bank of Texas, Dallas, TX

Failed Bank Information for The First National Bank of Danville, Danville, IL

Failed Bank Information for The Elizabeth State Bank, Elizabeth, IL

Failed Bank Information for Rock River Bank, Oregon, IL

Failed Bank Information for The First State Bank of Winchester, Winchester, IL

Failed Bank Information for The John Warner Bank, Clinton, IL

5 posted on 07/02/2009 8:46:19 PM PDT by rabscuttle385 ("If this be treason, then make the most of it!" —Patrick Henry)
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To: Chickensoup; Yehuda

following you on this one....


6 posted on 07/02/2009 8:46:51 PM PDT by Yehuda (Land of the free, THANKS TO THE BRAVE!)
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To: AH_LiveRight

Maybe we’ll get more tomorrow...


7 posted on 07/02/2009 8:48:16 PM PDT by GOPJ ( When a gay 'village' sells black children & hides pedophiles they're mouth breathers, NOT "A-list".)
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To: Chickensoup

Try here:

http://www.bankrate.com/rates/safe-sound/bank-ratings-search.aspx


8 posted on 07/02/2009 8:57:36 PM PDT by AH_LiveRight
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To: AH_LiveRight

http://www.youtube.com/watch_popup?v=3CAX3aJCoDg


9 posted on 07/02/2009 9:00:52 PM PDT by ExTexasRedhead
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To: ExTexasRedhead
And the top stories are: Obama to tell Putin: Time to move past Cold War 14 mins ago
GM awaits judge's ruling on sale plan 2 mins ago
GOP, White House at odds on Sotomayor documents 5 mins ago
Marines suffer casualties in new Afghan campaign 13 mins ago
Jackson ex-wife shows interest in custody of kids 12 mins ago

At least Pravda admitted that they were a government backed propaganda machine.

10 posted on 07/02/2009 9:22:54 PM PDT by AH_LiveRight
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To: rabscuttle385
PrivateBancorp, Inc. received $243,815,000 in TARP money on Jan. 30, 2009 and The PrivateBank and Trust Company is the subsidiary that took over Founders Bank.
11 posted on 07/03/2009 3:26:45 AM PDT by 1010RD (First Do No Harm)
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To: rabscuttle385

Whoops!

The PrivateBank and Trust Company stopped lending after getting that TARP money.


12 posted on 07/03/2009 3:27:29 AM PDT by 1010RD (First Do No Harm)
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To: AH_LiveRight
FDIC Friday came a day early this week.

It's a short week because of the holidays. Banks will start failing on schedule again next Friday.

13 posted on 07/03/2009 6:02:45 AM PDT by GOPJ ( When a gay 'village' sells black children & hides pedophiles they're mouth breathers, NOT "A-list".)
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To: rabscuttle385
Quite a few in the great state if Illinois too. Banks depend on those employers that the Democrats are working against. Liberals are job killers so they are also bank killers.

killing

14 posted on 07/03/2009 7:38:12 AM PDT by alrea (20% unemployment coming to a city near you and called "change and hope")
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To: rabscuttle385
Way too many commercial loans in default. Not enough business and companies are holding cash, laying off workers in droves and delaying loan repayments. Auf Englisch... “Gruen Sheiss!”
15 posted on 07/05/2009 10:26:45 PM PDT by April Lexington (Study the constitution so you know what they are taking away!)
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