Bank Failure Friday - On Thursday
The FDIC is taking advantage the holiday weekend and has closed a number of banks today:
The FDIC estimates the aggregate cost to the insurance fund to be approximately, $314.3 MM with Founders Bank making up the single largest loss of $188.5 MM. Founders Bank had $962.5 MM in assets, the other banks taken down were all less than $188 MM, and mostly under $100 MM.
We find the failure pattern to date interesting. Failures have primarily been smaller banks not in the 'garden spots' like California, Florida, California, and Georgia where so many of the real estate lending issues appear to reside.
- John Warner Bank, Clinton, Illinois
- First State Bank of Winchester, Winchester, Illinois
- Rock River Bank, Oregon, Illinois
- Elizabeth State Bank, Elizabeth, Illinois
- First National Bank of Danville, Danville, Illinois
- Millennium State Bank of Texas, Dallas, Texas
- Founders Bank, Worth, Illinois
The FDIC estimates the aggregate cost to the insurance fund to be approximately, $314.3 MM with Founders Bank making up the single largest loss of $188.5 MM. Founders Bank had $962.5 MM in assets, the other banks taken down were all less than $188 MM, and mostly under $100 MM.
We find the failure pattern to date interesting. Failures have primarily been smaller banks not in the 'garden spots' like California, Florida, California, and Georgia where so many of the real estate lending issues appear to reside.
posted by ENSO Advisors at
6:36 PM
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