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> No Buyers For Two Of Latest Failed Banks
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Patch 
Posted: 05-Mar-2010, 11:58 PM
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Just released through AP

The FDIC took over Sun American Bank based in Boca Raton Fla. They also seized the Bank of Illinois in Normal, Ill, Waterfield Bank in Germantown, Md and Centennial Bank in Ogden, Utah.

For Waterfield Bank, because no buyer was found, the FDIC set up a new savings institution that will operate only until April 5 to allow customers access to their deposits and give them time to open accounts at other banks.

The FDIC was also unable to find a buyer for Centennial Bank, and it approved the payout of the institution's insured deposits. Zions First National Bank in Salt Lake City agreed to accept the failed bank's direct deposits from the federal government. All others must fend for themselves and that is a real nightmare.

The rate of bank seizures this year is likely to accelerate in coming months, FDIC officials stated. I suspect that will turn out to be an understatement.

This does not bode well!!

The FDIC has warned that it was harder to find banks to take over the failed ones. I suspect we hare there now.

My banking is in the process of being transferred to a chain of 8 banks located in an Amish community. They refused TARP funds when the offer was made. They have had three foreclosures in 103 years. They are almost as conservative as I am.

Slàinte,    

Patch    


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MDF3530 
Posted: 06-Mar-2010, 10:53 PM
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These bank failures are, IMO, due to the laissez-faire attitude of former Fed chairman Alan Greenspan and his lackeys. The were the ones pushing for deregulation of the banking industry, which led to the bad loans being made. He believed that the market would eventually correct itself.

When a tree limb gets diseased, does the tree fix itself? No. The diseased limb has to be removed by an outside authority to ensure the health of the rest.


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Mike F.

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May the luck of the Irish enfold you.
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Patch 
Posted: 07-Mar-2010, 04:07 AM
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These problems began under clinton and continued under bush. It took the legislature under the control of BOTH parties to remove the regulation. There are now several studies available on the subject but most cite NAFTA as the seed from which the crisis grew.

The great question now, using your comparison, is just how much of the tree or forrest is diseased?

We are now looking at the failure of a "lot" of commercial loans based on commercial real estate values. A great deal of industry uses it's real estate for necessary operating capital. The value no longer covers existing loans, thus many complexes will go into default.

My, soon to be, old bank bought two out of state banks last week. One was an office only with no tellers/normal banking activity.

I am glad to be getting out as I suspect my old bank will likely soon be on the sale block.

Slàinte,    

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