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Old 11-23-2008, 12:58 PM
 
Location: Backwoods of Maine
7,347 posts, read 9,375,645 times
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On Friday evening, November 21, three more banks failed and were taken over by the FDIC. There were over 214 branches among the three. This brings the year's total to 22 failed banks:

PFF Bank and Trust, Pomona CA
Downey Savings and Loan, Newport Beach CA
The Community Bank, Loganville GA

FDIC: Failed Bank List
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Old 11-23-2008, 03:35 PM
 
Location: Rockland County New York
2,984 posts, read 5,528,661 times
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Quote:
Originally Posted by Nor'Eastah View Post
On Friday evening, November 21, three more banks failed and were taken over by the FDIC. There were over 214 branches among the three. This brings the year's total to 22 failed banks:

PFF Bank and Trust, Pomona CA
Downey Savings and Loan, Newport Beach CA
The Community Bank, Loganville GA

FDIC: Failed Bank List
Are we to add Citibank to that list soon?
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Old 11-23-2008, 10:43 PM
 
Location: Rhode Island (Splash!)
1,150 posts, read 2,520,199 times
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Downey was one of the biggest banks in the country, although it's not a huge household name or anything like Wash Mutual (largest US bank failure ever).
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Old 11-27-2008, 12:52 AM
 
Location: Southern California
34,574 posts, read 19,388,728 times
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Quote:
Originally Posted by Nor'Eastah View Post
On Friday evening, November 21, three more banks failed and were taken over by the FDIC. There were over 214 branches among the three. This brings the year's total to 22 failed banks:

PFF Bank and Trust, Pomona CA
Downey Savings and Loan, Newport Beach CA
The Community Bank, Loganville GA

FDIC: Failed Bank List
I read an online article last night stating that PFF Bank & Trust and Downey Savings are now part of U.S. Bank, the 6th largest bank (in terms of assets) in the country, and one of the strongest financially.

Here's the link to that story:

Business as usual at Downey Savings | Money & Company | Los Angeles Times

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Old 11-27-2008, 10:35 AM
 
5 posts, read 7,590 times
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Quote:
Originally Posted by Nor'Eastah View Post
On Friday evening, November 21, three more banks failed and were taken over by the FDIC. There were over 214 branches among the three. This brings the year's total to 22 failed banks:

PFF Bank and Trust, Pomona CA
Downey Savings and Loan, Newport Beach CA
The Community Bank, Loganville GA

[URL="http://www.fdic.gov/bank/individual/failed/banklist.html"]FDIC: Failed Bank List[/URL]
I think we are going to see quite a bit more as the larger banks use the so called bailout funds for aquisitions. How often is the FDIC: Failed bank list updated?
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Old 11-27-2008, 10:58 AM
 
Location: Great State of Texas
86,067 posts, read 78,730,817 times
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Quote:
Originally Posted by Cool hdhunter View Post
I think we are going to see quite a bit more as the larger banks use the so called bailout funds for aquisitions. How often is the FDIC: Failed bank list updated?
They (FDIC) usually swoop in and close banks Friday after the market closes. That way there's 2 days (weekend) for people to forget about it and not cause a panic (IMHO).
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Old 11-27-2008, 02:23 PM
 
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if bank failures exceed just half-of-a-percent of the system, the FDIC will be broke.
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Old 11-28-2008, 08:24 AM
 
Location: Backwoods of Maine
7,347 posts, read 9,375,645 times
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Originally Posted by floridasandy View Post
if bank failures exceed just half-of-a-percent of the system, the FDIC will be broke.
Here's to a broke FDIC!

...why not? Everything else is broke, ain't it?
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Old 11-28-2008, 08:41 AM
 
Location: Great State of Texas
86,067 posts, read 78,730,817 times
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Quote:
Originally Posted by floridasandy View Post
if bank failures exceed just half-of-a-percent of the system, the FDIC will be broke.
Forget "broke" banks..the FDIC just recently announced they would guarantee all banks' debts.

FDIC to guarantee $1.4 trillion in bank debt - Economy in Turmoil- msnbc.com

snippet:
"Federal regulators will guarantee as much as $1.4 trillion in U.S. banks' debt in a bid to get the distressed financial system pumping again."
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Old 11-28-2008, 02:56 PM
 
12,869 posts, read 13,976,567 times
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i guess that is why they added "economy in turmoil" after that statement!



NEW YORK – The Federal Deposit Insurance Corp. said Tuesday the list of banks it considers to be in trouble shot up nearly 50 percent to 171 during the third quarter — yet another sign of escalating problems among the institutions controlling Americans' deposits.
The 171 banks on the FDIC's "problem list" encompass only about 2 percent of the nearly 8,500 FDIC-insured institutions.

Last edited by floridasandy; 11-28-2008 at 03:08 PM..
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