FDIC: Press Releases - 7 Banks Were Closed LAST NIGHT!

[peaceandlove]

From FEVER I AM blogspot: http://feveriam.blogspot.com/2009/07...re-closed.html

FRIDAY, 3 JULY 2009

FDIC: Press Releases - 7 Banks Were Closed LAST NIGHT!

For those of you out there who rarely have the time, here's the latest on the economic collapse in the US.

7, yes seven, banks were closed yesterday... 6 of them in Illinois, bringing the total this year to 12 in Illinois.

Guess those green shoots were just too much for them?

You can read the press releases for these closures on the FDIC website -
FDIC: Press Releases http://www.fdic.gov/news/news/press/2009/index.html

The largest? Founders Bank and Trust, with assets of $962.5 Million, and deposits of $848.9 Million.

Texas lost one, the first one this year.

"The six failed Illinois banks are all controlled by one family and followed a similar business model that created concentrated exposure in each institution. The failure of these banks resulted primarily from losses related to the banks' investment in collateralized debt obligations and other loan losses."

Please note that last sentence from the Press release - CDOs were the cause of the failures...

Pity we don't know what these CDOs were built from, or what the 'other loan losses' actually were. Expect to this steam roll over the summer.

Peace and Love
POSTED BY MIKE AT 14:33

US: Five more banks seized by the governmet, raising failures this year to 45.
Bloomberg 2009 June 27

SOURCE: G. Edward Griffin's site: http://www.realityzone.com/currentperiod.html

Five Banks Are Seized, Raising U.S. Failures This Year to 45

By Margaret Chadbourn

June 27 (Bloomberg) -- Five U.S. banks with total assets of about $1.04 billion were seized by regulators, pushing this year’s tally of failures to 45 as a recession drives up unemployment and home foreclosures.

Community Bank of West Georgia, in Villa Rica, Georgia; Neighborhood Community Bank of Newnan, Georgia; Horizon Bank of Pine City, Minnesota; MetroPacific Bank of Irvine, California; and Mirae Bank of Los Angeles were closed yesterday by state regulators, according to statements from the Federal Deposit Insurance Corp. The FDIC was named receiver of the four banks.

Wilshire Bancorp’s Wilshire State Bank will take over all of Mirae’s $362 million in deposits, and will purchase $449 million of assets, the FDIC said in a statement.

Continues: http://www.bloomberg.com/apps/news?p...d=aCbHA.m7rikc