7 more banks fail as FDIC mulls rules for sales

AP via Yahoo ^ | July 2, 2009 | Stephen Manning and David Pitt

[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.

[AH_LiveRight]

FDIC Friday came a day early this week. Checking for the bank names, the first report only had 3 in Illinois.

[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

[AceMineral]

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

[Chickensoup]

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

[rabscuttle385]

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

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Figures don't lie. But liars figure.

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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

[GOPJ]

Maybe we’ll get more tomorrow...

[AH_LiveRight]

Try here:

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

[ExTexasRedhead]

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

[AH_LiveRight]

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.

[1010RD]

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.

[1010RD]

Whoops!

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

[GOPJ]

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.

[alrea]

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

[April Lexington]

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!”