BloggingStocks http://www.bloggingstocks.com BloggingStocks http://www.blogsmithmedia.com/http://www.bloggingstocks.com/media/feedlogo.gif BloggingStocks http://www.bloggingstocks.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Friday is D-Day for bank seizures]]>http://www.bloggingstocks.com/2008/08/07/friday-is-d-day-for-bank-seizures/http://www.bloggingstocks.com/2008/08/07/friday-is-d-day-for-bank-seizures/http://www.bloggingstocks.com/2008/08/07/friday-is-d-day-for-bank-seizures/#commentsFiled under: , ,

I've always been a fan of another week coming to an end -- marking Friday's showing with a salutatory TGIF. It's a day that most Americans spend getting comfy for the weekend, hitting a club, taking a road trip, etc. But before you rush to the ATM to withdraw cash for your weekend rendezvous, you might want to pay close attention to whether your bank will still be in business by Monday morning.

Nearly 10 banks have failed so far this year and as financial institutions struggle with billions of dollars worth of sour mortgage portfolios, you can best believe that more failures will soon follow. And after analyzing recent collapses, a pattern seems to be developing.

Recent Bank Closures:
  • IndyMac Bancorp., seized on July 11 -- a Friday.
  • 1st National Bank of Nevada and First Heritage Bank, both seized on July 25 -- another Friday
  • And on Aug. 1, First Priority Bank of Bradenton, Fla., seized on -- you guessed it -- a Friday.
Is it just a coincidence or are bank regulators being slick about shutting them down after the close of business Friday when the public is less likely to be watching? I've wondered about this fact and have seen others express the same concern on message boards. Or how about trying to to avoid a panic, which led to the run on IndyMac?

Whatever your pick, be forewarned. Mind your assets -- it's OK to be fashionably late for the party. Cheers!

Friday is D-Day for bank seizures originally appeared on BloggingStocks on Thu, 07 Aug 2008 13:50:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bank failuresBankFailuresFirst National Bank of NevadaFirst Priority BankFirstNationalBankOfNevadaFirstPriorityBankIndymacinthenewsThu, 07 Aug 2008 13:50:00 EST<![CDATA[Two more national banks fail, number will rise sharply]]>http://www.bloggingstocks.com/2008/07/26/two-more-national-banks-fail-number-will-rise-sharply/http://www.bloggingstocks.com/2008/07/26/two-more-national-banks-fail-number-will-rise-sharply/http://www.bloggingstocks.com/2008/07/26/two-more-national-banks-fail-number-will-rise-sharply/#commentsFiled under: , , ,

The FDIC took over two more banks. According to The Wall Street Journal (subscription required), "The Office of the Comptroller of the Currency, a division of the Treasury Department, revoked the charters of First National Bank of Nevada, based in Reno, Nev., and First Heritage Bank of Newport Beach, Calif. The FDIC was appointed receiver of both banks." The Nevada bank had over $3 billion in deposits.

Current estimates are that less than 100 banks will fail during the current credit crisis, a much smaller number than closed during the saving and loan debacle of the late 1980s.

But, those estimates may be low. Bill Gross, an extremely prominent investor and head of Pimco, recently wrote that total losses related to the housing market will hit $1 trillion. About $450 billion of those write-downs have made it through the system. That leaves a potentially massive burden on the banking system going forward.

The idea that only 100 banks will fail in the next year is wishful thinking.

Douglas A. McIntyre is an editor at 247wallst.com.

Two more national banks fail, number will rise sharply originally appeared on BloggingStocks on Sat, 26 Jul 2008 06:50:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Bill Grosscredit crisisFDICFirst Heritage Bank of Newport BeachFirst National Bank of NevadahousinginthenewsPimcoSat, 26 Jul 2008 06:50:00 EST