It looks like in one weekend we beat last year’s number of bank closures of 140. As of yesterday, the total number of bank closures is 143 year to date. Considering there have been moratoriums on foreclosures, this allows many banks to cover up losses and prolong the inevitable. All this information is available at the FDIC website.
I generally get this information from the associated press or a great site called Calculated Risk-Finance and Economics. Every Friday or Saturday, the information is published. One of the reasons I like to check is because this is a good gauge of the economy. Less banks are closed during a good economy and vice versa.
From the FDIC: Grandpoint Bank, Los Angeles, California, Assumes All of the Deposits of First Vietnamese American Bank, Westminster, California
As of September 30, 2010, First Vietnamese American Bank had approximately $48.0 million in total assets and $47.0 million in total deposits. … The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $9.6 million. … First Vietnamese American Bank is the 143rd FDIC-insured institution to fail in the nation this year, and the twelfth in California.
From the FDIC: Heritage Bank, Olympia, Washington, Assumes All of the Deposits of Pierce Commercial Bank, Tacoma, Washington
As of September 30, 2010, Pierce Commercial Bank had approximately $221.1 million in total assets and $193.5 million in total deposits. … The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $21.3 million. … Pierce Commercial Bank is the 142nd FDIC-insured institution to fail in the nation this year, and the eleventh in Washington..
From the FDIC: First California Bank, Westlake Village, California, Assumes All of the Deposits of Western Commercial Bank, Woodland Hills, California
As of September 30, 2010, Western Commercial Bank had approximately $98.6 million in total assets and $101.1 million in total deposits. … The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $25.2 million. … Western Commercial Bank is the 141st FDIC-insured institution to fail in the nation this year, and the eleventh in California.
From the FDIC: Manufacturers and Traders Trust Company (M&T Bank), Buffalo, New York, Assumes All of the Deposits of K Bank, Randallstown, Maryland
As of September 30, 2010, K Bank had approximately $538.3 million in total assets and $500.1 million in total deposits. … The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $198.4 million. … K Bank is the 140th FDIC-insured institution to fail in the nation this year, and the fourth in Maryland.
Charlize Theron
Anna Faris
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