Bank Failure Friday: Five Banks Down, With Big Loss in Puerto Rico

Apr.30.10 | About: Financial Select (XLF)

Taken together, the estimated loss for the Deposit Insurance Fund for the three failed Puerto Rican banks is a whopping $5.3 billion.

That’s the largest hit to the Deposit Insurance Fund since IndyMac failed nearly two years ago, costing the DIF $10.7 billion.

Though the DIF’s “net worth” stood at -$20.9 billion as of 12/31/09, FDIC reported that it had $66 billion of cash on hand. So Sheila won’t be asking Treasury for funds any time soon. Failures have been, and will continue to be, paid for out of assessments on banks.

By assets, WesternBank and R-G Premier Bank rank #2 and #8 on CR’s unofficial problem bank list.

Check back for updates.

#58

–Failed bank: Eurobank, San Juan, Puerto Rico
–Regulator: Puerto Rico Commissioner of Financial Institutions
–Acquiring bank: Oriental Bank and Trust, San Juan, Puerto Rico
–Transaction: loss share on $1.58 billion of assets
–Vitals: assets of $2.56 billion, deposits of $1.97 billion
–Estimated DIF damage: $743.9 million

#59

–Failed bank: R-G Premier Bank of Puerto Rico, Hato Rey, Puerto Rico
–Regulator: Puerto Rico Commissioner of Financial Institutions
–Acquiring bank: Scotiabank de Puerto Rico, San Juan, Puerto Rico
–Transaction: loss share on $5.41 billion of assets
–Vitals: assets of $5.92 billion, deposits of $4.25 billion
–Estimated DIF damage: $1.23 billion

#60

–Failed bank: Westernbank Puerto Rico, Mayaguez, Puerto Rico
–Regulator: Puerto Rico Commissioner of Financial Institutions
–Acquiring bank: Banco Popular de Puerto Rico, San Juan, Puerto Rico
–Transaction: loss share on $8.77 billion of assets
–Vitals: assets of $11.94 billion, deposits of $8.62 billion
–Estimated DIF damage: $3.31 billion

#61

–Failed bank: CF Bancorp, Port Huron MI
–Regulator: Michigan Office of Financial and Insurance Regulation
–Acquiring bank: First Michigan Bank, Troy MI
–Transaction: loss share on $808.1 million of assets
–Vitals: assets of $1.65 billion, deposits of $1.43 billion
–Estimated DIF damage: $615.3 million

#62

–Failed bank: Champion Bank, Creve Coeur MO
–Regulator: Missouri Division of Finance
–Acquiring bank: BankLiberty, Liberty MO
–Transaction: loss share on $113.5 million of assets
–Vitals: assets of $187.3 million, deposits of $153.8 million
–Estimated DIF damage: $52.7 million