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Regulators close nine banks in Arizona, California, Illinois and Texas, all through a purchase...

Regulators close nine banks in Arizona, California, Illinois and Texas, all through a purchase and assumption agreement with U.S. Bank (USB), who takes on the banks' combined deposits of $15.4B. The closings bring 2009's bank-failure total to 115, at a combined estimated cost to the FDIC's Deposit Insurance Fund of $2.5B. (More from WSJ)
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Comments (4)
  • optionsgirl
    , contributor
    Comments (5040) | Send Message
     
    By closing the banks on Friday nights, do the regulators think we won't remember this by Monday morning?
    30 Oct 2009, 11:34 PM Reply Like
  • doubleguns
    , contributor
    Comments (8705) | Send Message
     
    9 in one day!!! That has to be a record for this year.
    30 Oct 2009, 11:47 PM Reply Like
  • Mark Bern, CFA
    , contributor
    Comments (5231) | Send Message
     
    We've been averaging almost 3 per week throughout the year, but I don't remember any one week previously with more than 7. I expect the numbers will begin to jump faster once the FDIC has their 3-year advance from the banks in pocket. The problem is that the amounts written off to-date do NOT, as I understand it, account for the loss sharing agreements they've had to enter into in order to find buyers.
    31 Oct 2009, 12:17 AM Reply Like
  • Frontrange
    , contributor
    Comments (19) | Send Message
     
    The nine banks were all owned by a single holding company . . the failure is mostly due to their ownership of FRE/FNM pref stock which created an 850M hole in the balance sheet . . .

     

    Wouldn't be surprise if there are more regional lenders teetering on the brink from those losses.
    31 Oct 2009, 11:50 AM Reply Like
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