American United in Ga. year's 101st bank failure

[cal04]

Source: CBS Marketwatch

American United Bank of Lawrenceville, Ga., became the 101st bank failure of the year, according to the Federal Deposit Insurance Corp. on Friday. The FDIC entered into a purchase and assumption agreement with Ameris Bank of Moultrie, Ga., to assume all deposits, estimated at $101 million. Ameris will also buy American United's $111 million in assets, and FDIC and Ameris Bank entered into a loss-share transaction on about $92 million of American United assets. The bank is the 20th bank failure of the year in Georgia.



Bank failures hit 100 for year
http://www.marketwatch.com/story/bank-failures-hit-100-for-year-2009-10-23

Read more: http://www.marketwatch.com/story/american-united-in-ga-years-101st-bank-failure-2009-10-23

[tkmorris]

1. It's Friday already?

No need to check a calendar, just wait for the weekly bank closure announcements.

[Oregone]

2. 101st? Do they get a prize?

[Dr.Phool]

3. They still have banks in Georgia?

I thought they all closed.

[BumRushDaShow]

4. Ironically, the M$M chose now to feature a bank closure story

but only because the total number surpassed 100.... :eyes:

[UpInArms]

5. Oopsie! Now we're up to 103 - here's the poop:

Failed Bank List

Bank Name		City		State	CERT #	Closing Date		Updated Date

Flagship National Bank	Bradenton	FL	35044	October 23, 2009	October 23, 2009
Hillcrest Bank Florida	Naples		FL	58336	October 23, 2009	October 23, 2009
American United Bank	Lawrenceville	GA	57794	October 23, 2009	October 23, 2009
Partners Bank		Naples		FL	57959	October 23, 2009	October 23, 2009

http://www.marketwatch.com/story/bank-failures-hit-100-for-year-2009-10-23

NEW YORK (MarketWatch) - Four more banks failed Friday, pushing the 2009 total to 103 and marking the first year since 1992 that at least 100 have gone under

Experts suggest we could be no more than 10% of the way through this cycle of bank collapses, which is sure to be the worst run of closures since the Great Depression.

The parade of failures continued on Friday with closures of three small banks in Florida and a fourth in Georgia.

So far 103 banks have failed in 2009. See FDIC timeline of 2009's failed banks.

CreditSights, which tracks the dismal data, predicts that in the current cycle, from 2008 through 2011, as many as 1,100 banks will fail. That would wipe out 13.4% of all U.S. banks, representing 7% of U.S. banking assets.

The last year in which the FDIC had that many banks to deal with was in 1992, at the tail end of the last real estate crisis. The FDIC rescued 122 in 1992, according to Keefe, Bruyette & Woods researchers.

The increasing stream of bank failures is likely to run through 2011 according to some industry experts, as the fallout from the credit crisis continues.

The panic that started in 2007 as a credit crisis quickly morphed into a full blown residential real estate collapse. The problems blossomed as prices on mortgage securities backed by ill-conceived loans then collapsed, triggering capital destruction at banks and a fear among firms to lend to each other.

The crisis worsened as tighter credit forced firms to lay off millions of workers, hitting retailers hard and triggering further spikes in credit card and mortgage defaults.

Most of the high profile large banks likely to fail already have, and the backlog of troubled banks now is concentrated at the regional and community level, and is weighed down by commercial real estate and construction loans.

Many smaller banks gorged on commercial real estate lending in the go-go 2000s, amid low interest rates and rising property values.

...more...

[GliderGuider]

6. Now it's up to seven for today, 106 for the year.

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

[UpInArms]

7. wow! here are the details -

Bank Name			City		State	CERT #	Closing Date	Updated Date
First DuPage Bank		Westmont	IL	35038	October 23, 2009October 23, 2009
Riverview Community Bank	Otsego		MN	57525	October 23, 2009October 23, 2009
Bank of Elmwood			Racine		WI	18321	October 23, 2009October 23, 2009
Flagship National Bank		Bradenton	FL	35044	October 23, 2009October 23, 2009

[cal04]

10. thanks GliderGuider

for the link and the update

[cal04]

9. thanks UpInArms

for the update and the links

[cal04]

8. Banks in 5 States Fail; 106 This Year

http://www.nytimes.com/aponline/2009/10/23/us/politics/AP-US-Bank-Closures.html

Bank closings for the year hit 106 on Friday when regulators shut down three small banks in Florida, one in Georgia, one in Wisconsin, one in Minnesota and one in Illinois.