Late Night Friday Fun at the FDIC
Posted by Ray on August 7, 2009 under Main | 
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For the second week in a row there was an additional closure after the 6:00 PM cutoff date. The new is 3 banks tonight and 72 for the year. The resent victim of our recovery is Community First Bank in Oregon. Community First Bank had total assets of $209 million and total deposits of approximately $182 million. The FDIC entered into a loss-share transaction on approximately $155 million of Community First Bank’s assets.
This brings the total potential losses of all 3 banks to $598 million for this week. The closures are still gaining in velocity, approaching 300% of 2008 closures, which is not a good sign. I will consolidate the information tomorrow.
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Tags: bank seizure, Community First Bank, FDIC bank closures
Johnnymustardseed said,
The pace will quicken soon… and let’s not forget Citi
WASHINGTON -(Dow Jones)- Federal Deposit Insurance Corp. Chairman Sheila Bair believes up to 500 more banks could fail, a U.S. senator said Bair told him in a recent meeting.
“She told us that unless something dramatic happens, we could lose up to 500 more banks,” Sen. Jim Bunning, R-Ky., said
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