"Our Children and Grandchildren are not merely statistics towards which we can be indifferent" JFK

Friday, March 19, 2010

FDIC and Sheila Bair 7 banks closed

The week of setting clocks ahead one hour and the FDIC springs ahead and shutters 7 banks. According to the FDIC, the collective estimated hit is $1.282 billion.

37 banks have been shuttered year to date and the gold medal contenders are WA, MN, GA and FL each with 4 closed banks. UT and FL are vying for silver with 3 closed banks each. 140 banks were shut down in 2009 (average of 2.7 banks per week).

It appears that 2010 with an average of 3.36 banks per week could very well knock last year out of contention. At this run rate, we could witness 175 banks knocked to their knees in 2010.

Maybe closings will slow down when we fall back and set the clocks back an hour in November.


  1. In order to slow the rate of bank closures, the banks need help...in the form of infusions of CAPITAL. There is plenty of capital to accomplish this , it merely needs to be rearranged.

  2. No question that there is "ample" capital available however we will see how freely it flows whan the banks once again are forced to mark their "assets" to market versus model.

    Thanks for taking the time to read the post and for your comment!