Blackhawk Bank Trust, Milan, Illinois, Assumes All of the Deposits of Country Bank, Aledo, Illinois Country Bank, Aledo, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation – Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase [...]
Two of my favorite topics in the same report – wine and economics. Two economists have published a working paper for the IMF that aims to explain the movement of crude oil and fine wine prices. “A Barrel of Oil or a Bottle of Wine: How Do Global Growth Dynamics Affect Commodity Prices?” by Serhan [...]
This list has been a long time in coming… but no matter how you count them… 2010 was the year of the bank failure. Here’s a list of the failed banks sorted by state (including the Common Wealth of Puerto Rico – which had the largest bank failures of all U.S. territories during the year). [...]
$838 million in losses to the FDIC in May The bank failure crisis continues. During the month of May, the U.S. lost 14 more banking institutions at an estimate cost to the FDIC $808 million. The nearly 4 times as many banks failed during May 2010 when compared to the May 2009 May failure numbers. [...]
The phrase, “in like a lamb — and out like a lion” usually refers to the weather during the month of March. But the storm of US bank failures continue to roar its way through April like a lion on the rampage bringing the total of failed banks to 64 for the year. Twenty-three more [...]
Nineteen more U.S. banks failed during the month of March bringing the year-to-date total to 41. The estimated losses for the month were estimated to be more than $3.1 billion. The FDIC is estimating the losses for 2010 at more than $7.8 million. In 2009, only nine banks failed during March – making the 211% [...]
Many recent reports about the US economy seem to suggest things are getting better. However, through the end of February, the US saw a 28% increase in bank failures when compared to the same period a year ago. During February 2009, 10 US banks failed while during February 2010, only seven banks failed. According to [...]
Sadly, 2010 looks to be another banner year for bank failures. During the month of January, 15 banks failed in 10 states. The FDIC, entered into loss sharing arrangements or estimates its losses to the insurance fund to be more than $4.2 billion. While the loan sharing arrangements are not direct losses these values represent [...]
2009 will go down in the record books for many things – bank failures included. During the year 140 banks failed setting a record since the 1930s. It appears that the record number of bank failures was recorded in 1989 at 531 bank failures. State Number of Banks Closed % of Total Georgia 25 17.86% [...]
More banks fail on #failfriday. 2009 total now stands at 115 banks failing.
