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REPORT: Prepare For A Giant New Wave Of US Bank Failures Luke McKenna Febuary 1, 2012Forget Europe — the weak U.S. recovery puts more than 750 domestic banks at risk of failure, according to a report from Invictus Consulting Group (via Business Wire). Invictus, which stress tested all FDIC-insured banks, says 758 lenders could collapse in the next three years, forecasting a new wave of borrower defaults in the absence of a strong economic up-tick. A disaster in Europe would probably make things much worse. Invictus says the at-risk lenders — mostly regional banks or subsidiaries of the majors —...

HeadLie: Withdrawing Your Money From Banks Will Make The Recession Worse Mac Slavo December 6th, 2011 In case you haven’t yet heard, the Greeks are quietly continuing with a run on their banking system, a situation we’ve reported on previously, and one that British EU minister Nigel Farage warned of just a few short months ago. Savings and time deposits have dropped 30% since the start of the year and almost 10% was withdrawn in just September and October. It’s not panic in the streets – not yet, at least – but it’s getting close. Der Spiegel reports: Many Greeks...

NEW YORK (CNNMoney) -- Another trading day and another low for Bank of America's stock. Shares of Bank of America dropped more than 3% Tuesday, hitting a new 52-week low of $5.03 -- its lowest level since March 12, 2009. After the close of trading Tuesday, Bank of America was one of 37 financial institutions downgraded by S&P. Beyond the S&P downgrade, trading could become even more complicated in Bank of America's stock, if it falls below $5. Under that threshold, many broker-dealers will not allow investors to buy or short a stock on margin, according to a spokesperson for...

Daniel Frawley deposition and testimony could lead to Obama arrest or investigation, Ulsterman White House Insider report, FDIC vs Mutual Bank, Where is House Judiciary Committee? “You said earlier that Obama was more confident these days though… He is. Pelosi backed off. Issa appears to have done the same. Holder is holding the line. Information coming out of Chicago is still being limited – clamped down upon. That doesn’t mean they aren’t nervous. They are. Watch the Blagojevich thing – the trial. The deal to be made. Where there’s smoke, there’s fire. And what happened to Rezko? That’s part of...

I've been checking the fdic website routinely since 2008 when everything tanked. There were about 8100 banks around at that time, according to the fdic. Since 2007, 433 banks have failed. That's over 5% of the total, or, 1 in 20. Here's the breakdown by year: 2007=3, 2008=25, 2009=140, 2010=157, 2011=84 The 2011 number includes what we have so far in October. There's no other point to this story. I just thought it was an interesting factoid. The FDIC link for the complete list is: http://www.fdic.gov/bank/individual/failed/banklist.html

Bloomberg reports that Bank of America (BAC) has shifted about $22 trillion worth of derivative obligations from Merrill Lynch and the BAC holding company to the FDIC insured retail deposit division. Along with this information came the revelation that the FDIC insured unit was already stuffed with $53 trillion worth of these potentially toxic obligations, making a total of $75 trillion.

A plan by beleaguered Bank of America to foist trillions of dollars of funky Merrill Lynch derivatives onto its depositors is raising eyebrows on Wall Street. The rarely used move will likely save the bank millions of dollars in collateral but could put depositors’ cash behind the eight ball. The move also brought to light fissures between the nation’s top banking regulators, the Federal Deposit Insurance Corp. and the Federal Reserve, in the wake of new regulations meant to curb the free-wheeling habits that fostered the worst crisis in a generation back in 2008. At issue is BofA’s decision to...

The Federal Reserve and Bank of America Initiate a Coup to Dump Billions of Dollars of Losses on the American Taxpayer Bloomberg reports that Bank of America is dumping derivatives onto a subsidiary which is insured by the government – i.e. taxpayers. Yves Smith notes: If you have any doubt that Bank of America is going down, this development should settle it …. Both [professor of economics and law, and former head S&L prosecutor] Bill Black (who I interviewed just now) and I see this as a desperate move by Bank of America’s management, a de facto admission that they...

Regulators on Friday closed two banks in Georgia and one each in Florida and Colorado, raising to 84 the number of U.S. banks that have failed this year. The number of closures has fallen sharply this year as banks have worked their way through bad debt. By this time last year, regulators had shuttered 139 banks. FDIC seized the four banks. The largest by far was Community Banks of Colorado, based in Greenwood ... Also shuttered were Community Capital Bank, Jonesboro, Ga. ... Decatur First Bank ... and Old Harbor Bank, Clearwater, Fla. Georgia and Florida have been among the...

Main Street Bank lends most of its money to small businesses and is earning decent profits. But the Kingwood, Texas, bank is about to get out of the banking business. In an extreme example of the frustration felt by many bankers as regulators toughen their oversight of the nation's financial institutions, Main Street's chairman, Thomas Depping, is expected to announce Wednesday that the 27-year-old bank will surrender its banking charter and sell its four branches to a nearby bank. Mr. Depping plans to set up a new lender that will operate beyond the reach of banking regulators—and the deposit-insurance safety...

Earlier today, Standard & Poor’s rating agency lowered the long-term rating of the U.S. government and federal agencies from AAA to AA+. With regard to this action, the federal banking agencies are providing the following guidance to banks, savings associations, credit unions, and bank and savings and loan holding companies (collectively, banking organizations). For risk-based capital purposes, the risk weights for Treasury securities and other securities issued or guaranteed by the U.S. government, government agencies, and government-sponsored entities will not change. The treatment of Treasury securities and other securities issued or guaranteed by the U.S. government, government agencies, and government-sponsored...

HOLD ON. NOT SO FAST! When, if ever, will these "Foreclosure Mills" realize thay are not part of the "Too Big To Fail" crowd? They merely carry their poisonous water. Nothing more. Lawsuits from the top by the "Investment Banks", lawsuits from the bottom also aimed squarely at the "Commercial Banks". This IS a Nation of Laws not Men. In these dark times there will be many lawsuits. It is required. This is very fitting on a day where the Dow Jones Industrial Average dropped off five-hundred (500) points. As we watch the Ponzi collapse like a Jenga Castle it...

In an almost verbatim repeat of Carl Icahn's words of caution which we noted yesterday, Templeton's legendary chairman Mark Mobius said that "another financial crisis is inevitable because the causes of the previous one haven’t been resolved" ... at the Foreign Correspondents’ Club of Japan in Tokyo... "There is definitely going to be another financial crisis around the corner because we haven’t solved any of the things that caused the previous crisis,” Mobius said at the Foreign Correspondents’ Club of Japan in Tokyo today in response to a question about price swings...nothing in the structure of capital markets has changed,...

U.S. regulators announced the biggest bank failure so far this year by assets, Birmingham, Ala.'s Superior Bank, as well as the most failures in a single day in 2011, as five other banks were closed in Alabama, Minnesota, Mississippi and Georgia. The Federal Deposit Insurance Corp. said in addition to Superior, Nexity Bank, also based in Birmingham, was closed, the first failures in Alabama this year. Minnesota and Mississippi also logged their first failures of 2011 with the closures of Rosemount National Bank and Heritage Banking Group, respectively.

Financial crooks brought down the world's economy — but the feds are doing more to protect them than to prosecute them. Here's how regulation of Wall Street is supposed to work. To begin with, there's a semigigantic list of public and quasi-public agencies ostensibly keeping their eyes on the economy, a dense alphabet soup of banking, insurance, S&L, securities and commodities regulators like the Federal Reserve, the Federal Deposit Insurance Corp. (FDIC), the Office of the Comptroller of the Currency (OCC) and the Commodity Futures Trading Commission (CFTC), as well as supposedly "self-regulating organizations" like the New York Stock Exchange....

Evergreen State Bank Stoughton WI The First State Bank Camargo OK

January 21, 2010 – The FDIC, with a long list of 860 Problem Banks, was hit for $455 million in losses as four banks collapsed across four states. During 2010 a total of 157 banking failures occurred, the most since 1992 when 181 banks were closed. In 2009 a total of 140 banks were closed. During all of 2008 there were 25 bank failures. There were only 3 bank failures during 2007. No banks failed during 2005 and 2006. With over 10% of all FDIC insured institutions on the Problem Bank List, the pace of banking failures does not look...

Regulators on Friday closed banks in North Carolina, South Carolina, Georgia and Colorado, bringing to seven the number of closures in 2011 following last year's toll of 157 bank failures amid the limping economy and mounting bad loans. The growing number of bank failures has sapped billions of dollars out of the deposit insurance fund. It fell into the red in 2009, and its deficit stood at $8 billion as of Sept. 30. The number of banks on the FDIC's confidential "problem" list rose to 860 in the third quarter of last year from 829 three months earlier. The 860...

Time to Move Past Debate On Dodd-Frank Law: FDIC's Bair Published: Thursday, 13 Jan 2011 | 10:32 AM ET By: Michelle Lodge CNBC.com Writer Even with the Republicans in control of the House, major changes in the Dodd-Frank financial overhaul law are unlikely and it's time for the country "to get on with it," Sheila Bair, chairwoman of the Federal Deposit Insurance Corporation, told CNBC Thursday. “Dodd-Frank gives the regulators a lot of tools to implement them [changes], and we are doing that in a balanced way,” said Bair, speaking from the Small Business Forum in Washington DC, a co-partnership...

The Federal Deposit Insurance Corporation, the federal agency in charge of safeguarding the nation’s bank deposits, maintains a Problem Bank List. This list contains the names of institutions that are likely to have weak capital positions that can lead to failure. The FDIC does not publicize the list for fear of causing a run on the bank, but ... As of the latest report released by the FDIC there were 860 problem banks at September 30, 2010, up from 829 at June 30, 2010. .. For the week ending November 19, 2010 there were three more banking failures, resulting in...

FDIC closes three more banks for a total of 149 this year. The number for all of 2009 was 140. Nothing to see here...move along.

WASHINGTON – The federal government has opened criminal investigations into approximately 50 executives and directors of U.S. banks that have collapsed during the financial crisis. Deputy Inspector General Fred Gibson said Wednesday the inspector general's office at the Federal Deposit Insurance Corp. has been probing the role of the executives in bank failures around the country. The criminal investigations are separate from civil lawsuits approved by the FDIC's board against some 80 bank executives, employees and directors. The FDIC is seeking to recoup about $2 billion in bank losses that the regulator says were the result of negligence or misconduct...

For many years, I’ve been a fan of Warren Buffett’s long term approach to value investing. Understanding the value of a company, regardless of its momentary stock price, is a great long term investing strategy. But it pains me whenever I read commentary from Buffett that glosses over reality or is somehow self-serving. His OpEd in the NYT today – Pretty Good for Government Work – paints an artificially rosy picture of the Bailout, ignores the negatives, and omits his own financial interest in government actions. What might he have written if Sir Warren was dosed with some sodium pentothal...

The Crisis Is Over: Bank Of America Is Set To Begin Foreclosures Again Joe Weisenthal | Oct. 18, 2010, 3:27 PM | 1,658 | Bank of America says it plans to start re-submitting foreclosures in 23 states next week, and that all in all the foreclosure-gate stuff will affect about 30,000 mortgages. A spokesperson told WSJ that it had not found a single case of a foreclosure without justification, which is key.

On Friday, Bank of America announced that it had suspended all foreclosures in the US; many large banks are doing the same. The stated reason for the halt was the need to clean up the foreclosure paperwork process, but in reality BofA is caving to threats from Washington and the trial lawyers. Surprisingly, some of the media reported the profound damage to the housing market that a foreclosure moratorium will cause. . .

FDIC's expanded authority is part of the 2,300-page Dodd-Frank Wall Street Reform and Consumer Protection Act signed into law on July 21. The new regime for dissolving megacompanies -- one with almost no judicial oversight and in which creditors' rights are few. A company has essentially no choice about the FDIC taking over as receiver. "It may be difficult to try to draw a box around what that is," said Renée Dailey

The Federal Reserve has asked a U.S. appeals court to delay disclosure of emergency lending provided to banks during the crisis... Is the financial system still not strong enough for the market to know the truth? The view seems to be that we're not ready. Thing is, longer-term the markets would probably be better off if they weren't denied this basic information -- Such as which banks received more or less support from the government ...

The Unofficial Problem Bank List grew by more than five percent this week as the FDIC released its enforcement actions for July 2010. This week, there were 28 additions and 5 removals. Also, the list was updated to reflect assets as of the second quarter. For institutions on the list since the first quarter, aggregate assets declined by $13.9 billion... Among the 28 additions are TIB Bank, Naples, FL ...Geographically, the additions include 5 institutions from Illinois, 4 from Florida, and 3 from Minnesota. Next week, the FDIC likely will release the Official Problem Bank List as of June 30th.

  Among other things, it looks like the Chicago lobbying to save ShoreBank paid off. Earlier this month I discovered a letter sent by Windy City power player and big Democrat donor Lester McKeever, Jr., to Treasury Secretary Timothy Geithner, which urged his intervention. "It is my hope," McKeever wrote, "and one shared by others who care deeply about its most vulnerable communities, that the ShoreBank recapitalization plan with investment coming from the U.S. Treasury will enable it to continue servicing its customers and fulfilling its mission." In a post today on ShoreBank's blog, online channel manager (whatever that...

  On Friday the Federal Deposit Insurance Corporation momentarily took over politically-connected ShoreBank, just long enough to relieve it of some of its woes and then turn it back over to the same people to continue its same failed mission. According to a press release, the FDIC Deposit Insurance Fund will take a $367.7 million hit in the transaction.Looks like FDIC chairman Sheila Bair succeeded in her pursuit to save her baby. The Wall Street firms she reportedly pressured to help save ShoreBank – Goldman Sachs, Bank of America, JP Morgan Chase, Morgan Stanley, and General Electric, among others...

Regulators seized ShoreBank Corp. on Friday and agreed to sell assets to a team led by the community lender's executives and backed by several large U.S. financial firms. The bank closure... caps months of uncertainty for a $2.16 billion Chicago bank that had ties to the Obama administration... The new institution will be known as Urban Partnership Bank and led by William Farrow... who was ShoreBank's president and chief operating officer at the time of its failure... David Vitale, a ShoreBank board member, will become chairman... The decision to sell to management is a rare move by the Federal Deposit...

WASHINGTON (TheStreet) -- Eight banks were shuttered by regulators Friday, bringing the 2010 tally of U.S. bank failures to 118. Six of the eight failed banks were included in TheStreet'sBank Watch List of undercapitalized institutions, based on second-quarter regulatory data provided by SNL Financial. The Federal Deposit Insurance Corp. found buyers for the deposits and branches for all of the failed institutions and estimated the combined cost to its deposit insurance fund would be $473.5 million. The largest failure on Friday was ShoreBank of Chicago, which had $2.16 billion in total assets. ShoreBank received wide media coverage after Bloomberg reported...

Community National Bank at Bartow, in Bartow, Fla., with $67.9 million in assets, and Independent National Bank of Ocala, Fla., with $156.2 million in assets. Imperial Savings and Loan Association of Martinsville, Va., with $9.4 million in assets.

U.S. regulators seized Ravenswood Bank of Chicago on Friday, bringing the number of closures this year to 109 as the community bank sector continues to suffer under the weight of bad loans. Small banks are collapsing at a faster pace this year compared to last, but the failures are expected to peak during this quarter. The FDIC ... updated its estimates of the cost of bank failures and now expects a $60 billion hit to its insurance fund from 2010 through 2014.

U.S. bank failures reached 103 so far in 2010 on Friday as regulators seized seven small banks, a faster pace of closures than last year when the century mark was not reached until October. The banks seized on Friday were Sterling Bank of Lantana, Florida; Crescent Bank and Trust Company of Jasper, Georgia; Williamsburg First National Bank of Kingstree, South Carolina; Thunder Bank of Sylvan Grove, Kansas; Community Security Bank of New Prague, Minnesota; SouthwestUSA Bank of Las Vegas, Nevada and Home Valley Bank of Cave Junction, Oregon... The largest of the seven banks was Crescent Bank and Trust with...

Mainstreet Savings Bank, FSB, of Hastings, Michigan, was shut down on Friday night by the Office of Thrift Supervision, the 96th bank to be closed by regulators this year. It was a tragic end for the 86-year old bank which was founded on January 1st 1924 as the Hastings Building and Loan Association. It was put together by a group of Barry County businessmen who believed that a banking institution focused on mortgage lending would increase the number of homeowners in the community and therefore the stability, quality of life, growth and prosperity of their communities. The Federal Deposit Insurance...

WASHINGTON - Regulators on Friday shut down banks in Florida, Georgia and New Mexico, lifting to 86 the number of U.S. bank failures this year. The Federal Deposit Insurance Corp. took over Peninsula Bank, based in Englewood, Fla., with $644.3 million in assets and $580.1 million in deposits. The agency also seized First National Bank in Savannah, Ga., with $252.5 million in assets and $231.9 million in deposits, and High Desert State Bank, based in Albuquerque, N.M., with $80.3 million in assets and $81 million in deposits. Miami-based Premier American Bank agreed to assume the assets and deposits of Peninsula...

Citing what he believes are clear signs the economy is bouncing back from recession, Vice-President Joe Biden yesterday touted Barack Obama's 'stimulus package' and bailout of Wall Street. Time for yet another fact-check on the pathological liars of the Obama Administration. Banks are failing at double the rate of last year. During 2009, which the government claims was the peak of the recession, the total number of bank failures at this point in the year was 40. It is already 83 for this year. Yet the FDIC is running ads on radio stations across the country attempting to scare people...

Dear Carrie: If I have more than $250,000 at any one bank, should I consider using multiple banks to make sure it's all insured to the full $250K? If so, what's the best strategy? -- A Reader Dear Reader: Even though the pace of bank failures has slowed down, it's always prudent to understand how your deposits are protected -- so thanks for a great question. Created back in 1933 in the wake of the Great Depression, the Federal Deposit Insurance Corporation (FDIC) protects the money you deposit in an insured bank, and it does it well: No one with...

LOS ANGELES (MarketWatch) -- Three affiliated banks in Florida were closed Friday, according to the Federal Deposit Insurance Corp., raising the tally of bank failures in 2010 to 76. The Bank of Florida - Southeast in Fort Lauderdale; the Bank of Florida - Southwest in Naples; and the Bank of Florida - Tampa Bay in Tampa were shut down. EverBank in Jacksonville, Fla., has acquired their banking operations. Bank of Florida Corp.

Bloomberg reports: Goldman Sachs Seeking to Invest in Company to Buy Failed Banks A Goldman Sachs Group Inc. private equity fund is seeking to join Oaktree Capital Management LP and the Illinois teachers’ pension fund as an investor in a company planning to buy failed U.S. banks, according to public records. This is probably a good deal for GS, what with all the insiders they have in the very agencies whose task it is to oversee banks and shut down the ones they think should be shut down. And given the Obama administration's record of crafting draconian business deals in...

WASHINGTON—A total of 775 banks, or one-tenth of all U.S. banks, were on the Federal Deposit Insurance Corp.'s list of "problem" institutions in the first quarter, as bad loans in the commercial real-estate market weighed on bank balance sheets. Poor loan performance in other sectors also continued to hurt banks, with the total number of loans at least three months past due climbing for the 16th consecutive quarter, FDIC officials said in a briefing on Thursday. "The banking system still has many problems to work through, and we cannot ignore the possibility of more financial market volatility," FDIC Chairman Sheila...

Some of the nation's largest banks have agreed to contribute enough money to save Chicago-based ShoreBank, the community lender with strong ties to the Obama administration, FOX Business has learned. The banks have agreed to contribute $140 million to bail out the bank, while the federal government will donate tens of millions more, according to people close to the talks.

Posted at RedState on May 14, written by blogger Common_Cents who lifts the rock to reveal what -- and who -- is underneath. To set it up for you, here's a reader's comment to the post "Evil bankers must pay, pressured to bail out Obama's Chicago ShoreBank" (post follows). Thank you Common Cents for posting this info. I’m remembering how Glenn Beck had connected many of the dots on one of his shows earlier last week, with the Chicago based CCX. After a day or two of bringing out these “facts, he almost was begging for someone, anyone, to please...

The US Senate added several amendments to S 3217, the Restoring American Financial Stability Act, that raise the deposit insurance fees levied on some banks and provide greater authority and protection in the financial markets. As Congress continues to review financial regulatory reform amendments, certain other proposals are being left on the cutting room floor. The Senate resumed consideration of the bill this week — adding a handful of amendments — after Senate Republicans blocked debate for several days. Senators passed an amendment Thursday that requires the Federal Deposit Insurance Corp. (FDIC) to alter its definition of the assessment base...

NBC Chicago: Following the collapse of his family's bank, Illinois Treasurer Alexi Giannoulias said he has renewed vigor to win President Barack Obama's old Senate seat. The Democrat's voice cracked with emotion as he talked Friday about the collapse of Broadway Bank, which was heavy into real estate loans and lost $75 million last year. Giannoulias said nobody could have foreseen the real estate collapse.

Barack Obama, Dick Durbin, Roland Burris, Carol Moseley Braun, Paul Simon, Alan Dixon...Does Illinois really need to add Alexi Giannoulias to it's sad legacy of corruptocrat senators? On Friday at 5:00 p.m. Broadway Bank in Chicago was closed by federal regulators (do the F.D.I.C. computers have a "porn filter"?). The bank which was owned by the family of Illinois State Treasurer and U.S. Senate candidate Alexi Giannoulias was unable to raise the requisite $85M needed to re-capitalize the bank. A spokesperson for Mr. Giannoulias' Republican opponent for the U.S. Senate Mark Kirk stated. "While years of risky lending schemes, hot...

Regulators on Friday shut down seven banks in Illinois, putting the number of U.S. bank failures this year at 57. The failure of Broadway Bank is expected to cost the FDIC's deposit insurance fund $394.3 million...Broadway Bank was owned by the family of Illinois Treasurer Alexi Giannoulias, a Democrat who is running for President Barack Obama's old Senate seat. There were 140 bank failures in the U.S. last year, the highest annual tally since 1992 at the height of the savings and loan crisis. They cost the insurance fund more than $30 billion. Twenty-five banks failed in 2008 and only...

WASHINGTON (AP) -- Regulators on Friday shut down eight banks -- three in Florida, two in California, and one each in Massachusetts, Michigan and Washington -- putting the number of U.S. bank failures this year at 50. The Federal Deposit Insurance Corp. took over the three Florida banks: Riverside National Bank in Fort Pierce, with $3.4 billion in assets; First Federal Bank of North Florida in Palatka, with $393.3 million in assets; and AmericanFirst Bank in Clermont, with assets of $90.5 million.

SAN FRANCISCO (MarketWatch) -- Oakland, Calif.-based Innovative Bank was closed by regulators Friday, marking the 48th U.S. bank failure of 2010.