2010 bank failure tally now 16

[OhioChick]

Source: CNNmoney.com

February 5, 2010: 6:12 PM ET


NEW YORK (CNNMoney.com) -- Regulators shuttered a Minnesota bank on Friday night, for the 16th failure of 2010.

The bank, 1st American State Bank of Minnesota, in Hancock, was closed by the state's Department of Commerce. The department named the Federal Deposit Insurance Corp. the receiver.

Customers of the failed bank are protected, however. The FDIC covers accounts up to $250,000.

The FDIC entered into a purchase and assumption agreement, in which it transfers control of the failed bank to a healthy institution, with Community Development Bank, FSB. The 1st American's two branches will reopen Monday under their new ownership.

Community Development will assume 1st American's $18.2 million in assets and $16.3 in deposits. Community Development entered into a loss-share agreement with the FDIC on $11.7 million of 1st American's assets.



Read more: http://money.cnn.com/2010/02/05/news/economy/bank_failures/

[AllentownJake]

1. Only one, with less than 20 million in assets that is a good weekend

Compared to the weekends we've been having for the past 50 weeks.

[Mithreal]

2. I predict next week Friday there will an announcement of several more being shut down.

It would be fun to have a pool and see how close we can get to the number of announced closings for the remaining Fridays of the year.

Sure am pleased we fixed that TBTF problem, that was quite the stiffler.

[robdogbucky]

3. Total of 133 for 2009

at last count that I could quickly locate, and that was dated 12/15/09, from the Wall St. Urinal.

Could have been a few more to add to that total before year end.



December 15, 2009, 3:12 PM ET

Tracking Bank Failures: Bank Seizures Reach 133 This Year

"Regulators shuttered three more banks on Friday.

That brings the total for the year to 133 and the total since 2008 to 158...

...December 15, 2009, 3:12 PM ET Tracking Bank Failures: Bank Seizures Reach 133 This Year..."

http://blogs.wsj.com/deals/2009/12/15/tracking-bank-failures-bank-seizures-reach-133-this-year/tab/article/



So far, at 16 for January, they are outstripping the rate of last year thus far.

If this keeps going, we will have nothing left but a few credit unions, some of which were seized in 2009 as well.

Wasn't there another bubble about to burst, the commercial lease thing, that also further threatens banks, this time on commercial lending?

Is there a bailout coming for Main St.?


Just my dos centavos

robdogbucky

[GliderGuider]

4. 140 for the year according to the FDIC

http://www.fdic.gov/bank/individual/failed/banklist.html