FRIGHT NIGHT !!!! ....... Nine more banks go under

[marmar]

Bank Closing Information
October 30, 2009


North Houston Bank, Houston, TX
Madisonville State Bank, Madisonville, TX
Citizens National Bank, Teague, TX
Park National Bank, Chicago, IL
Pacific National Bank, San Francisco, CA
California National Bank, Los Angeles, CA
San Diego National Bank, San Diego, CA
Community Bank of Lemont, Lemont, IL
Bank USA, NA, Phoenix, AZ


www.fdic.gov


.........


By MarketWatch

SAN FRANCISCO (MarketWatch) -- Nine more U.S. banks, all owned by the same Illinois holding company, were closed Friday by regulators, and the Federal Deposit Insurance Corp. said U.S. Bank of Minneapolis would assume their deposits.

The closings brought the 2009 total to 115 in 2009 -- the first year since 1992 that more than 100 banks have gone under.

The banks as of Sept. 30 had combined assets of $19.4 billion and deposits of $15.4 billion, the FDIC said.

The deposit insurance fund will take an estimated $2.5 billion hit, the FDIC said.

All nine banks were subsidiaries of FBOP Corp., a holding company based in the Chicago suburb of Oak Park, Ill., according to the FDIC. ...........(more)

The complete piece is at: http://www.marketwatch.com/story/9-more-us-banks-fail-2009-10-30


.........


California National Bank fails, is seized by FDIC
The Los Angeles-based, 68-branch bank is immediately acquired by the U.S. Bank unit of U.S. Bancorp.

By E. Scott Reckard
October 31, 2009


Regulators seized Los Angeles-based California National Bank on Friday night in the country's fourth-largest bank failure this year.

The 68-branch bank, a unit of FBOP Corp., was immediately acquired by the U.S. Bank unit of Minneapolis-based U.S. Bancorp, with no losses to be incurred by depositors, the Federal Deposit Insurance Corp. said.

The branches, mostly in Los Angeles and Orange counties, were set to reopen as usual Saturday or Monday as branches of U.S. Bank, which has been expanding rapidly in Southern California.

Eight smaller banks owned by FBOP, a privately held Oak Park, Ill., company, were also taken over by regulators and acquired by U.S. Bank. They include San Diego National Bank, with 28 offices, and San Francisco's Pacific National Bank, which has 17.

The collapse of FBOP's banks, attributed to losses on securities issued by the giant mortgage companies Fannie Mae and Freddie Mac, was the latest in a rash of financial failures that began last year with government takeovers of 25 banks. Before Friday, 106 U.S. banks had failed this year. ............(more)

The complete piece is at: http://www.latimes.com/business/la-fi-bank-failure31-2009oct31,0,5224531.story

[ixion]

1. people keep talking about 'green shoots' as the layoffs and bank failures continue

as the commercial real estate market begins to meltdown, and as the residentail real estate meltdown continues to boil.

Amazing.

[BobRossi]

2. But the president says things are great.

"Change"

[marmar]

3. Actually, he's always very measured and keeps saying the recession isn't over....

It's Wall Street and the TV bobbleheads that keep saying everything is great, n'est-ce pas?

[BobRossi]

4. In other words.

No matter what happens he can't be wrong. Got it.

[marmar]

5. Umm, no. I'm not a support-Obama-at-all-costs person, but I kinda think criticism should be legit...

.... not Fox News-esque rhetoric.....But feel free to spout on in ignorance.