Three bank failures on Friday brought the total number of FDIC-insured institutions that have failed this year to 98. The estimated cost to the FDIC’s insurance fund for Friday’s failures was $293.3 million.
On Tuesday, FDIC Chairwoman Sheila Bair acknowledged that the agency’s deposit fund would likely fall into the red within the week. Bair proposed a plan [2] to shore up the fund. Under the plan, banks would prepay their annual assessments owed to the FDIC. Payments that would normally stretch through 2012 would all be handed over this year. The plan would raise $45 billion. To avoid a hit on their earnings from the payments, banks would be allowed to record the prepayment as if they paid on the usual yearly schedule.
http://www.fdic.gov/bank/historical/bank/index.html
Sunday, October 11, 2009
Thursday, October 8, 2009
US Job LOSSES GREATER than expected
More US jobs lost than expected
The economy has shed 7.6 million jobs since the recession began
The US economy lost 263,000 jobs in September, which was more than had been expected, according to official non-farm payrolls figures.
The jobless rate rose to a fresh 26-year high of 9.8% from August's figure of 9.7%.
The number in employment has now fallen for 21 consecutive months.
There was more bad news from the Labor Department, which revised its figures for July and August to show 13,000 more jobs lost than previously reported.
The economy as a whole is expected to have grown in the past three months, but recovery in the jobs market tends to lag behind the rest of the economy.
'Pattern of weakness'
Since the start of the recession in December 2007, the number of people out of work has risen by 7.6 million to 15.1 million.
Expectations for recovery may have gotten a little ahead of the reality
Gary Thayer at Wells Fargo Advisors in Missouri
US unemployed despair as benefits run out
"Together with the ISM data, delinquencies data and even the consumer confidence data we had, we're starting to see a pattern of weakness emerge," said Kevin Caron, market strategist at Stifel, Nicolaus & Co in New Jersey.
"We saw a lot of artificial involvement by the government to prop up the markets, and now that that is starting to end the private sector isn't yet showing signs of life."
Government employment, which has been one of the factors boosting the economy in the past year, fell by 53,000 in September.
The other big areas of job losses were construction, manufacturing and retail.
Confidence needed
"It shows expectations for recovery may have gotten a little ahead of the reality," said Gary Thayer at Wells Fargo Advisors in Missouri.
"The trend is still improved from earlier this year, but employers need to feel more confident about the economy before they start hiring again."
The US is not alone in seeing rising unemployment, with the 16 nations that use the euro announcing on Thursday that its seasonally adjusted rate rose to 9.6% in August, putting the number of people without a job at 15.2 million.
Earlier on Friday, Japan unexpectedly announced that its jobless rate had fallen to 5.5% in August from July's record high of 5.7%, but the number of people unemployed still hit a six-year high of 3.61 million.
The economy has shed 7.6 million jobs since the recession began
The US economy lost 263,000 jobs in September, which was more than had been expected, according to official non-farm payrolls figures.
The jobless rate rose to a fresh 26-year high of 9.8% from August's figure of 9.7%.
The number in employment has now fallen for 21 consecutive months.
There was more bad news from the Labor Department, which revised its figures for July and August to show 13,000 more jobs lost than previously reported.
The economy as a whole is expected to have grown in the past three months, but recovery in the jobs market tends to lag behind the rest of the economy.
'Pattern of weakness'
Since the start of the recession in December 2007, the number of people out of work has risen by 7.6 million to 15.1 million.
Expectations for recovery may have gotten a little ahead of the reality
Gary Thayer at Wells Fargo Advisors in Missouri
US unemployed despair as benefits run out
"Together with the ISM data, delinquencies data and even the consumer confidence data we had, we're starting to see a pattern of weakness emerge," said Kevin Caron, market strategist at Stifel, Nicolaus & Co in New Jersey.
"We saw a lot of artificial involvement by the government to prop up the markets, and now that that is starting to end the private sector isn't yet showing signs of life."
Government employment, which has been one of the factors boosting the economy in the past year, fell by 53,000 in September.
The other big areas of job losses were construction, manufacturing and retail.
Confidence needed
"It shows expectations for recovery may have gotten a little ahead of the reality," said Gary Thayer at Wells Fargo Advisors in Missouri.
"The trend is still improved from earlier this year, but employers need to feel more confident about the economy before they start hiring again."
The US is not alone in seeing rising unemployment, with the 16 nations that use the euro announcing on Thursday that its seasonally adjusted rate rose to 9.6% in August, putting the number of people without a job at 15.2 million.
Earlier on Friday, Japan unexpectedly announced that its jobless rate had fallen to 5.5% in August from July's record high of 5.7%, but the number of people unemployed still hit a six-year high of 3.61 million.
Banks step in as US Dollar tumbles
Banks step in as dollar tumbles
Dollars
The dollar fell to a 14-month low against a basket of currencies
Asian central banks have intervened in the currency markets in an attempt to slow the slide of the US dollar.
Asian countries are worried about their export industries, which would be hurt by a weaker dollar.
Central banks in South Korea, Taiwan, the Philippines and Thailand have been buying the US currency, traders said.
As signs of economic recovery begin to emerge, traders have switched from the traditionally "safe" US dollar to buying other currencies.
A fresh wave of dollar-selling may have led to the banks' intervention.
The dollar fell to a 14-month low against a basket of currencies on Thursday.
Analysts believe that other countries have also intervened.
"It was reported earlier this morning that Russia was one of at least six central banks buying dollars," said Michael Woolfolk, senior currency strategist at the Bank of New York Mellon.
Dollars
The dollar fell to a 14-month low against a basket of currencies
Asian central banks have intervened in the currency markets in an attempt to slow the slide of the US dollar.
Asian countries are worried about their export industries, which would be hurt by a weaker dollar.
Central banks in South Korea, Taiwan, the Philippines and Thailand have been buying the US currency, traders said.
As signs of economic recovery begin to emerge, traders have switched from the traditionally "safe" US dollar to buying other currencies.
A fresh wave of dollar-selling may have led to the banks' intervention.
The dollar fell to a 14-month low against a basket of currencies on Thursday.
Analysts believe that other countries have also intervened.
"It was reported earlier this morning that Russia was one of at least six central banks buying dollars," said Michael Woolfolk, senior currency strategist at the Bank of New York Mellon.
Sunday, July 5, 2009
FDIC Bank Closures June '09
JUNE 09 Bank Closures
Mirae Bank, Los Angeles, California, with approximately $456 million in assets, was closed. Wilshire State Bank, Los Angeles, California, has agreed to assume all deposits (approximately $362 million). (PR-105-2009)
MetroPacific Bank, Irvine, California, with approximately $80 million in assets, was closed. Sunwest Bank, Tustin, California, has agreed to assume all non-brokered deposits (approximately $73 million). (PR-104-2009)
Horizon Bank, Pine City, Minnesota, with approximately $87.6 million in assets, was closed. Stearns Bank N.A., St. Cloud, Minnesota, has agreed to assume all deposits, excluding certain brokered deposits (approximately $69.4 million). (PR-103-2009)
Neighbor Community Bank, Newnan, Georgia, with approximately $221.6 million in assets, was closed. CharterBank, West Point, Georgia, has agreed to assume all deposits (approximately $191.3 million). (PR-102-2009)
Community Bank of West Georgia, Villa Rica, Georgia, with approximately $199.4 million in assets and approximately $182.5 million in deposits was approved for payout by the FDIC Board of Directors. (PR-101-2009)
First National Bank of Anthony, Anthony, Kansas, with approximately $156.9 million in assets, was closed. Bank of Kansas, South Hutchinson, Kansas, has agreed to assume all deposits (approximately $142.5 million). (PR-96-2009)
Cooperative Bank, Wilmington, North Carolina, with approximately $970 million in assets, was closed. First Bank, Troy, North Carolina, has agreed to assume all deposits, excluding certain brokered deposits (approximately $774 million). (PR-95-2009)
Southern Community Bank, Fayetteville, Georgia, with approximately $377 million in assets, was closed. United Community Bank, Blairsville, Georgia, has agreed to assume all deposits (approximately $307 million). (PR-94-2009)
Bank of Lincolnwood, Lincolnwood, Illinois, with approximately $214 million in assets, was closed. Republic Bank of Chicago, Oak Brook, Illinois, has agreed to assume all deposits (approximately $202 million).
(PR-86-2009)
Mirae Bank, Los Angeles, California, with approximately $456 million in assets, was closed. Wilshire State Bank, Los Angeles, California, has agreed to assume all deposits (approximately $362 million). (PR-105-2009)
MetroPacific Bank, Irvine, California, with approximately $80 million in assets, was closed. Sunwest Bank, Tustin, California, has agreed to assume all non-brokered deposits (approximately $73 million). (PR-104-2009)
Horizon Bank, Pine City, Minnesota, with approximately $87.6 million in assets, was closed. Stearns Bank N.A., St. Cloud, Minnesota, has agreed to assume all deposits, excluding certain brokered deposits (approximately $69.4 million). (PR-103-2009)
Neighbor Community Bank, Newnan, Georgia, with approximately $221.6 million in assets, was closed. CharterBank, West Point, Georgia, has agreed to assume all deposits (approximately $191.3 million). (PR-102-2009)
Community Bank of West Georgia, Villa Rica, Georgia, with approximately $199.4 million in assets and approximately $182.5 million in deposits was approved for payout by the FDIC Board of Directors. (PR-101-2009)
First National Bank of Anthony, Anthony, Kansas, with approximately $156.9 million in assets, was closed. Bank of Kansas, South Hutchinson, Kansas, has agreed to assume all deposits (approximately $142.5 million). (PR-96-2009)
Cooperative Bank, Wilmington, North Carolina, with approximately $970 million in assets, was closed. First Bank, Troy, North Carolina, has agreed to assume all deposits, excluding certain brokered deposits (approximately $774 million). (PR-95-2009)
Southern Community Bank, Fayetteville, Georgia, with approximately $377 million in assets, was closed. United Community Bank, Blairsville, Georgia, has agreed to assume all deposits (approximately $307 million). (PR-94-2009)
Bank of Lincolnwood, Lincolnwood, Illinois, with approximately $214 million in assets, was closed. Republic Bank of Chicago, Oak Brook, Illinois, has agreed to assume all deposits (approximately $202 million).
(PR-86-2009)
Saturday, May 2, 2009
Bank Failures - May 1, 2009
The list of Bank Failures and Assistance Transactions is updated May 1, 2009.
America West Bank, Layton, Utah, with approximately $299.4 million in assets, was closed. Cache Valley Bank, Logan, Utah, has agreed to assume all deposits (approximately $284.1 million).
(PR-63-2009)
Citizens Community Bank, Ridgewood, New Jersey, with approximately $45.1 million in assets, was closed. North Jersey Community Bank, Englewood Cliffs, New Jersey, has agreed to assume all deposits (approximately $43.7 million). (PR-62-2009)
Silverton Bank, N.A., Atlanta, Georgia, with approximately $4.1 billion in assets and $3.3 billion in deposits was closed. The FDIC created a bridge bank, Silverton Bridge Bank, N.A., to take over operations. (PR-61-2009)
http://www.accesstradingmgmt.com/index.html
America West Bank, Layton, Utah, with approximately $299.4 million in assets, was closed. Cache Valley Bank, Logan, Utah, has agreed to assume all deposits (approximately $284.1 million).
(PR-63-2009)
Citizens Community Bank, Ridgewood, New Jersey, with approximately $45.1 million in assets, was closed. North Jersey Community Bank, Englewood Cliffs, New Jersey, has agreed to assume all deposits (approximately $43.7 million). (PR-62-2009)
Silverton Bank, N.A., Atlanta, Georgia, with approximately $4.1 billion in assets and $3.3 billion in deposits was closed. The FDIC created a bridge bank, Silverton Bridge Bank, N.A., to take over operations. (PR-61-2009)
http://www.accesstradingmgmt.com/index.html
Friday, April 24, 2009
27 Bank Closures 2009 4months
27 Bank Closures total First Four months 2009
The list of Bank Failures and Assistance Transactions is updated through April 24, 2009.
April 2009
Michigan Heritage Bank, Farmington Hills, Michigan, with approximately $184.6 million in assets, was closed. Level One Bank, Farmington Hills, Michigan, has agreed to assume all deposits, excluding certain brokered deposits (approximately $151.7 million). (PR-58-2009)
American Southern Bank, Kennesaw, Georgia, with approximately $112.3 million in assets and approximately $104.3 in deposits was closed. Bank of North Georgia, Alpharetta, Georgia, has agreed to assume all non-brokered deposits. (PR-57-2009)
Great Basin Bank of Nevada, Elko, Nevada, with approximately $270.9 million in assets, was closed. Nevada State Bank, Las Vegas, Nevada, has agreed to assume all deposits (approximately $241.4 million). (PR-55-2009)
American Sterling Bank, Sugar Creek, Missouri, with approximately $181 million in assets was closed. Metcalf Bank, Lee's Summit, Missouri, has agreed to assume all deposits (approximately $171.9 million). (PR-54-2009)
New Frontier Bank, Greeley, Colorado, with approximately $2.0 billion in assets and approximately $1.5 billion in deposits was closed. Deposit Insurance National Bank of Greeley, Greeley, Colorado has agreed to assume the non-brokered insured deposits. (PR-53-2009)
Cape Fear Bank, Wilmington, North Carolina, with approximately $492 million in assets, was closed. First Federal Savings and Loan Association, Charleston, South Carolina, has agreed to assume all deposits (approximately $403 million). (PR-52-2009)
((http://www.fdic.gov/bank/historical/bank/index.html))
The list of Bank Failures and Assistance Transactions is updated through April 24, 2009.
April 2009
Michigan Heritage Bank, Farmington Hills, Michigan, with approximately $184.6 million in assets, was closed. Level One Bank, Farmington Hills, Michigan, has agreed to assume all deposits, excluding certain brokered deposits (approximately $151.7 million). (PR-58-2009)
American Southern Bank, Kennesaw, Georgia, with approximately $112.3 million in assets and approximately $104.3 in deposits was closed. Bank of North Georgia, Alpharetta, Georgia, has agreed to assume all non-brokered deposits. (PR-57-2009)
Great Basin Bank of Nevada, Elko, Nevada, with approximately $270.9 million in assets, was closed. Nevada State Bank, Las Vegas, Nevada, has agreed to assume all deposits (approximately $241.4 million). (PR-55-2009)
American Sterling Bank, Sugar Creek, Missouri, with approximately $181 million in assets was closed. Metcalf Bank, Lee's Summit, Missouri, has agreed to assume all deposits (approximately $171.9 million). (PR-54-2009)
New Frontier Bank, Greeley, Colorado, with approximately $2.0 billion in assets and approximately $1.5 billion in deposits was closed. Deposit Insurance National Bank of Greeley, Greeley, Colorado has agreed to assume the non-brokered insured deposits. (PR-53-2009)
Cape Fear Bank, Wilmington, North Carolina, with approximately $492 million in assets, was closed. First Federal Savings and Loan Association, Charleston, South Carolina, has agreed to assume all deposits (approximately $403 million). (PR-52-2009)
((http://www.fdic.gov/bank/historical/bank/index.html))
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