The Money Man Behind Rick Santorum: Who Is Foster S. Friess?
Savings Experiment: Snow Removal
Eight more banks failed last week, bringing the 2010 total to 50. Three of the failures were in Florida, and two were in California. Massachusetts, Michigan and Washington had one bank failure each.
In Florida, the Federal Deposit Insurance Corporation took over Riverside National Bank, First Federal Bank of North Florida and AmericanFirst Bank. TD Bank Financial Group a division of Canadian company TD Bank (TD) took the deposits and nearly all the assets of each. Riverside National had $3.4 billion in assets, with First Federal at $393.3 million and AmericanFirst at $90.5 million.
Center Bank, of Los Angeles, agreed to assume the assets of Oakland-based Innovative Bank, which had $629 million in assets. City Bank, in Lynnwood, Washington, is having its deposits assumed by Whidbey Island Bank, as well as $704.1 million of its $1.1 billion in assets. Connecticut-based People's United Bank (PBCT) is picking up the deposits of Butler Bank in Massachusetts, along with its $268 million in assets.
For Lakeside Community Bank, in Sterling, Michigan, the FDIC couldn't find a buyer, so it will take over the direct deposit operation for federal payments (e.g., Social Security and VA benefits). Lakeside had assets of $53 million.
According to FDIC Chairman Sheila Bair, the number of bank failures is expected to peak this year, slightly exceeding the 140 in 2009. Last year was the worst for bank failures since 1992 and dwarfed the 25 in 2008 and three in 2007.
Goldman Earnings Sink After Buffett Dividend
Johnson & Johnson's Income Falls 23%
Burberry Shares Leap on Sales Update
Reader Comments (Page 1 of 1)
4-18-2010 @ 5:16PM
Mike Sanders said...
Perhaps, these aren't really failures, but rather transitions... I can still write a check, visit my bank and even call them on the phone. I don't love my bank, but rather, I love the people who work there. :-)
4-18-2010 @ 8:05PM
THOMAS said...
Yikees Yikees The National Debt Is So High With Pres Obamacare Secret Weapon In Charge Tax Cheat Geithner, Yikes Now I Feel Safe, Not. The US Economy Is So Bad Since Our Fear-less Leader Took Over Dumbocare On His Shift 2009 140 Banks Went Belly-Up, Three Months Of 2010 Over 50 Banks Belly-Up With Almost 200 Total By The End Of 2010, Yikees However Pres Obama And Michelle Earned 5.5 Million On Two Books, But The One Book You Must Read Is "Born To Lie" Written By Dr David L. Goetsch And Dr Archie P. Jones. God Bless America.