FDIC seizes 9 Banks today, most in one day

[Old Ducker]

http://www.reuters.com/article/newsOne/idUSTRE59U05420091031

The seized institutions are:

•Bank USA, National Assoc.Phoenix
•California National Bank Los Angeles
•San Diego National Bank San Diego
•Pacific National Bank San Francisco
•Park National Bank Chicago
•Community Bank of Lemont Lemont IL
•North Houston Bank Houston TX
•Madisonville State Bank Madisonville TX
•Citizens National Bank Teague TX

The total hit to the FDIC in this move is going to be roughly 2.5 billion dollars.

thanks to The Fundamental View: http://thefundamentalview.blogspot.com/

[Reason]

don't worry, obama told me the recession is over

[kathy88]

Holy shit.

[s35wf]

http://www.reuters.com/article/newsOne/idUSTRE59U05420091031

The seized institutions are:

•Bank USA, National Assoc.Phoenix
•California National Bank Los Angeles
•San Diego National Bank San Diego
•Pacific National Bank San Francisco
•Park National Bank Chicago
•Community Bank of Lemont Lemont IL
•North Houston Bank Houston TX
•Madisonville State Bank Madisonville TX
•Citizens National Bank Teague TX

The total hit to the FDIC in this move is going to be roughly 2.5 billion dollars.

]

a couple billion here, a few mill there, a few trill here ummm that eventually does end up being a LOT of F*CKING $$$ Anyone know if this 2.5 Bill puts the FDIC in the RED??? Now what happens if it does?

[USAFCapt]

It seems there are as many banks as gas stations.

Of course, this move by the FDIC isn't getting rid of them, it's really just nationalizing.

[t0rnado]

Great more zombie banks just in time for Halloween!

[Old Ducker]

from National Bank of California's website,

"NATIONAL BANK of California will fully insure accounts exceeding $250,000...
To further reinforce its position as one of the region’s strongest, most secure banks, NATIONAL BANK of California is participating in the FDIC’s Transaction Account Guarantee Program. Under that program, through December 31, 2009, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC’s general deposit insurance rules."

Hey why not? It's all just digits anyway.

[ctiger2]

I think we're up to 115 so far and there's thousands and thousands more to go. Supposedly there's 40 Zombie banks in Chicago that noone is willing to take over. Guess they're loaded with Very Very Toxic stuff.

[heavenlyboy34]

lol @ Obamanomics

[raystone]

Great more zombie banks just in time for Halloween!



:D

[lx43]

It seems there are as many banks as gas stations.

Of course, this move by the FDIC isn't getting rid of them, it's really just nationalizing.

There are more banks than bankers.

[Zippyjuan]

According to a chart on Wiki http://en.wikipedia.org/wiki/File:All_FDIC_insured_US_commercial_banks_by_bank_ charter_type.gif
there are (or were?) 8,438 commercial banks insured by the FDIC. Last year, 75 new banks opened besides the -what was it- 25?- that were closed. That left a net increase of 50 banks for 2008. During the S&L crisis, over 1000 were closed.
http://upload.wikimedia.org/wikipedia/commons/1/1f/All_FDIC_insured_US_commercial_banks_by_bank_chart er_type.gif

[MelissaWV]

You sunk my battleship?

Seriously, though, the recession is over guys. Nothing to see here. Oh and the election in Afghanistan magically solved itself. We're not sending troops over there. And the H1N1 is only not killing you because of Obama. He saved your life!

Ungrateful bastards :(

[cindy25]

all of these 9 banks had common ownership, so in reality it was just 1 bank

[Danke]

You sunk my battleship?

Seriously, though, the recession is over guys. Nothing to see here. Oh and the election in Afghanistan magically solved itself. We're not sending troops over there. And the H1N1 is only not killing you because of Obama. He saved your life!

Ungrateful bastards :(


:D

You crack me up.