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eharrison
Penny Pincher Member
USA
234 Posts |
 Posted - 08/31/2008 : 20:35:09
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So as has become the custom another bank failed this past friday and it made no headlines, becomming the 10th bank this year.
It was located in Alpharetta, GA Not sure of the size.
More to come?
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 09/01/2008 : 18:35:07
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| Second bank this year with Integrity in the name...Version 2 of the bank failure contest coming soon to a thread near you. |
“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 09/01/2008 : 19:27:38
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That game is tough. There is just too many crappy banks to choose from.  |
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kavajava
Penny Collector Member
USA
490 Posts |
Posted - 09/02/2008 : 12:11:29
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quote:
Originally posted by eharrison
So as has become the custom another bank failed this past friday and it made no headlines,
I do find it interesting how little media coverage these failures are generating...I also find it interesting (having gone to middle and high school in the 70's, and having studied and being taught how messed up the Soviet Union was) how much like the former USSR we are/have become--especially in the way of our newspapers--the old Soviet ones were called "Pravda" and Izvestia" as I recall--truth and another Orwellian name... |
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 09/03/2008 : 01:14:03
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quote:
Originally posted by kavajava
quote:
Originally posted by eharrison
So as has become the custom another bank failed this past friday and it made no headlines,
I do find it interesting how little media coverage these failures are generating...I also find it interesting (having gone to middle and high school in the 70's, and having studied and being taught how messed up the Soviet Union was) how much like the former USSR we are/have become--especially in the way of our newspapers--the old Soviet ones were called "Pravda" and Izvestia" as I recall--truth and another Orwellian name...
Darn impressive you remembered that! Knew about Pravda, but I learned something new from you tonight. In a communist country calling the government mouth-piece "to inform" is about right.
"Izvestia ( Russia Èçâåñòèÿ ) is a long-running high-circulation daily newspaper in Russia. The word "izvestiya" in Russian means "delivered messages", derived from the verb izveshchat ("to inform", "to notify"). In the context of newspapers it is usually translated as "news" or "reports".
During the Soviet period, while Pravda served as the official mouthpiece of the Communist Party, Izvestia expressed the official views of the Soviet government as published by the Presidium of the Supreme Soviet of the USSR. The full name was Izvestiya Sovetov Narodnykh Deputatov SSSR (in Russian, Èçâåñòèÿ Ñîâåòîâ íàðîäíûõ äåïóòàòîâ ÑÑÑÐ, the Reports of Soviets of Peoples' Deputies of the USSR)." |
“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 09/05/2008 : 19:52:41
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Expecting more U.S. bank failures, FDIC expands Dallas office
10:46 PM CDT on Thursday, August 28, 2008
By BRENDAN M. CASE / The Dallas Morning News
bcase@dallasnews
Fearful of more bank failures, the Federal Deposit Insurance Corp. is beefing up its staff in Dallas and adding five floors of space to its regional office here, FDIC officials said Thursday.
Local banks aren't necessarily the focus of concern for the FDIC, which insures bank deposits and disposes of failed banks and their assets.
Rather, most of the employees in the FDIC division that handles bank failures across the nation are based in Dallas.
The FDIC announced plans earlier this year to add 140 employees to its Division of Resolutions and Receiverships.
Now it says it may add more than 230, with local staffing going from 164 at the beginning of this year to as many as 397.
The agency is even bringing back 69 retirees to help shoulder the burden.
"With the added workload that we've experienced, we've been expanding," said Ronald Bieker, deputy director of resolutions and receiverships in Dallas.
"We're getting a few floors to accommodate the people we expect to bring on board," he said, referring to the FDIC's offices downtown.
Nine U.S. banks have failed this year, compared with three last year and none in 2005 and 2006, according to the FDIC.
Last month's failure of Pasadena, Calif.-based IndyMac Bank, with $32 billion in assets, was the largest bank failure since the savings and loan crisis in the late 1980s and early '90s.
Earlier this week, the FDIC said there were 117 banks on its "problem list" at the end of June, compared with 90 at the end of March.
Many analysts expect more failures. Gerard Cassidy, a bank analyst at Canadian investment bank RBC Capital Markets, said last month that "upwards of 300 banks could fail" in the next three years.
That would mean still more work for the FDIC's bank failure experts in Dallas.
"The fact of the matter is that banks do fail," said FDIC spokesman Andrew Gray.
"We do our best to plan for scenarios, but we're in an uncertain economic environment, and more failures are likely this year."
While there is no guarantee Texas banks won't be among the casualties of the downturn, the state's banking system is considered stronger than those of many other regions, banking officials say.
The additional FDIC employees here are expected to do everything from managing bank failures to marketing the assets of failed banks to fielding calls from depositors.
The FDIC plans to add 125,000 square feet to the 185,000 square feet it already has in Energy Plaza at 1601 Bryan St.
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“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 09/05/2008 : 19:56:49
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"The failure of Integrity Bank over the weekend is not just another bank failure," Jim Cramer told viewers of his "Mad Money" TV show Wednesday.
He said the breakup of Integrity "a monumental shift in strategy" illustrates how the Federal Deposit Insurance Commission (FDIC) will handle bank failures from now on.
Cramer commended the FDIC for adopting a plan which he has been advocating for months, one that splits failed entities into "good" and "bad" parts.
The Integrity deal calls for Regions Financial (RF - Cramer's Take - Stockpickr) to acquire Integrity's "good" parts, mainly $900 million worth of deposits, while the FDIC assumes the "bad" parts, including all of the bank's failed and failing loans.
"This is the plan we've been waiting for," said Cramer, who replayed an appearance on NBC's Today Show back in July where he advocated the plan. He called the FDIC's shift in strategy terrific news for stronger banks which are now poised to pick up great assets from failing entities.
Cramer recommended BB&T (BBT - Cramer's Take - Stockpickr), a strong, yet conservative, Southern bank with a 6.36% yield. He said the bank is ready to reap the rewards of the FDIC's new strategy.
Cramer said BB&T tightened its underwriting policies back in 2005, ahead of the subprime crisis. Only 1.36% of its loans are currently listed as non-performing and the bank has only a .63% charge off rate. The bank is also still growing, with loans up 9% last month.
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“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony
Passive Income blog |
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jadedragon
Administrator
Canada
3788 Posts |
Posted - 09/07/2008 : 02:26:03
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Reuters: S&P Cuts Views on Ten U.S. Banks
Thursday, September 04, 2008
Standard & Poor's cut its ratings or outlooks for ten U.S. regional banking companies on Wednesday (9/3), citing expectations for higher losses tied to the nation's troubled real estate markets.
As reported by Reuters, the rating agency downgraded Cleveland-based National City Corp's long-term rating to "A-minus," its fourth-lowest investment grade, from "A," and cut its short-term rating to "A-2" from "A-1." It also downgraded Memphis, Tennessee's First Horizon National Corp's long-term rating one notch to "BBB," its second-lowest investment grade, from "BBB-plus."
S&P also said it may cut ratings for Cincinnati-based Fifth Third Bancorp and Flint, Michigan-based Citizens Republic Bancorp. It said it revised its outlooks to "negative" from "stable" for Colonial BancGroup Inc, Comerica Inc, Regions Financial Corp, Synovus Financial Corp, Wilmington Trust and Zions Bancorp.
Most of the affected lenders have significant exposure to residential and construction loans in one or more of the nation's hardest-hit housing markets: California, Florida, Michigan and Ohio. Lenders worldwide have suffered close to $500 billion of write-downs and credit losses since the credit and housing crisis began last year.
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“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” – George Bernard Shaw.
Why Copper Bullion ~~~ Interview with Silver Bullion Producer Market Harmony
Passive Income blog |
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another one bites the dust.....more to come?
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