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

Saturday, February 19, 2011

Welcome to the Banking Recovery: FDIC closes 22nd bank of 2011

Yes America, the Banking Sector
Recover is Strong
Bernake said it is just fine...it's all good
May 2007
The subprime mess is grave but largely contained.
While rising delinquencies and foreclosures will
continue to weigh heavily on the housing market this year,
it will not cripple the U.S.

February 19, 2011
The FDIC closed 4 more banks on Friday, February 11th bringing the Year to Date closings to 22. The estimated total hit to the Deposit Insurance Fund (DIF) from Friday's closings is $267.6 million. This is the fourth Friday of 2011 in which the FDIC has closed 4 banks in a single day.

Year to date, the estimated hit to the DIF is $1.72 billion with the single largest hit from the closing of United Western Bank in Denver, CO ($312.8 million). The state of GA is on top of the leader board with 6 closed banks and a $376.4 million hit to DIF.

CA is in isecond place with 3 bank closings while CO, FL and WI are tied for third place with two bank closings each, however Colorado's total hit to DIF is $555.4 million (38% of the total DIF hit).

FDIC is running slightly ahead of last year's closings as they shut down 20 banks as of February 19, 2010.

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