Almost every Friday now, the FDIC closes banks and takes over them. There was a big jump from last week’s YTD Bank Closures 90 as of 7.09.2010. These banks are not one unit stand alone banks, but banks with many branches. That is why the deposits are in the multimillion dollar range. Don’t worry about your cash because these banks are insured by the FDIC up to $250,000 for now.
What we should be worried about is the effects on the overall economy. The reason why banks are not making loans even after we, the US taxpayer, bailed them out is because they are insolvent and can’t afford the risks of more delinquency and defaults. Remember, the banks use to complete the foreclosure process 3-4 months, but now take up to 18-24 months. This manipulates their true numbers as far as how profitable they are since they are not writing off those losses because of the delay.
FDIC: NAFH National Bank, Miami, Florida, Acquires All the Deposits of Two Institutions in Florida and One Institution in South Carolina
Metro Bank of Dade County, Miami, Turnberry Bank, Aventura, Florida, and First National Bank of the South, Spartanburg, South Carolina
As of March 31, 2010, Metro Bank of Dade County had total assets of $442.3 million and total deposits of $391.3 million; Turnberry Bank had total assets of $263.9 million and total deposits of $196.9 million; and First National Bank of the South had total assets of $682.0 million and total deposits of $610.1 million.
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The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for Metro Bank of Dade County will be $67.6 million; for Turnberry Bank, $34.4 million; and for First National Bank of the South, $74.9 million.
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These closings bring the total for the year to 94 banks in the nation, and the fifteenth and sixteenth in Florida and the third in South Carolina. Prior to these failures, the last bank closed in Florida was Peninsula Bank, Englewood, on June 25, 2010, and the last bank closed in South Carolina was Woodlands Bank, Bluffton, earlier today.
FDIC: CenterState Bank of Florida, National Association, Winter Haven, Florida, Assumes All of the Deposits of Olde Cypress Community Bank, Clewiston, Florida
As of March 31, 2010, Olde Cypress Community Bank had approximately $168.7 million in total assets and $162.4 million in total deposits.
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The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $31.5 million. … Olde Cypress Community Bank is the 95th FDIC-insured institution to fail in the nation this year, and the seventeenth in Florida. The last FDIC-insured institution closed in the state was Turnberry Bank, Aventura, earlier today.
FDIC: Commercial Bank, Alma, Michigan, Assumes All of the Deposits of Mainstreet Savings Bank, FSB
As of March 31, 2010, Mainstreet Savings Bank, FSB had approximately $97.4 million in total assets and $63.7 million in total deposits.
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The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $11.4 million. … Mainstreet Savings Bank, FSB is the 96th FDIC-insured institution to fail in the nation this year, and the fourth in Michigan. The last FDIC-insured institution closed in the state was New Liberty Bank, Plymouth, on May 14, 2010.
FDIC: Bank of the Ozarks, Little Rock, Arkansas, Assumes All of the Deposits of Woodlands Bank, Bluffton, South Carolina
As of March 31, 2010, Woodlands Bank had approximately $376.2 million in total assets and $355.3 million in total deposits
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The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $115.0 million. … Woodlands Bank is the 91st FDIC-insured institution to fail in the nation this year, and the second in South Carolina. The last FDIC-insured institution closed in the state was Beach First National Bank, Myrtle Beach, on April 9, 2010.
Bar Refaeli
Malin Akerman
Mila Kunis
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