The Federal Deposit Insurance Corp. took over seven banks Friday April 23, all in Illiniois, with four in Chicago. That brings the total number of closures in Illinois to 32 since the start of 2007. Georgia still leads the death count, with 38 failed banks since 2007.
The closures on Friday, in Chicago, with assets shown in millions:
New Century Bank, $485.6M
Citizens Bank&Trust Company, $77.3M
Broadway Bank, $1,200.0
M Lincoln Park Savings Bank, $199.9M
Elsewhere in Illinois:
Amcore Bank of Rockford, $3,800.0M
Peotone Bank and Trust Company, $130.2M
Wheatland Bank of Naperville, $437.2M
Bank failures remain concentrated in four states: California, Florida, Georgia, and Illinois. Minnesota is a distant fifth. Total closures by state, for January 2007 to date:
State Total
AL 4
AR 1
AZ 6
CA 26
CO 3
FL 25
GA 38
IA 1
ID 1
IL 32
IN 1
KS 4
KY 1
LA 1
MA 1
MD 3
MI 6
MN 11
MO 6
NC 2
NE 1
NJ 2
NM 1
NV 7
NY 3
OH 4
OK 1
OR 4
PA 2
SC 1
SD 1
TX 8
UT 5
VA 1
WA 8
WI 1
WV 1
WY 1
Total for all states, January 1, 2007 through April 23, 2010: 225 banks failed.
To get your own copy of the list of failed banks, in a CSV file suitable for analysis in your favorite spreadsheet software application, go to http://www.fdic.gov/bank/individual/failed/banklist.html.
Showing posts with label FDIC. Show all posts
Showing posts with label FDIC. Show all posts
Friday, April 23, 2010
Monday, December 14, 2009
Obama Wants to Eat the Regulators' Cake
As I described last week, loan demand is down, which is good for the economy in the long run. The FDIC and Federal Reserve are encouraging banks to lend prudently and hold large capital reserves. Today's remarks show that the Executive Branch is not comfortable with that course of action, however, as the President called for banks to step up lending to small business. Is a titanic struggle in the offing?
Hardly. Bank of America and Wells Fargo pledged $5 billion and $4 billion respectively in increased lending to small business customers. These amounts, which will seem large to the public's ear when played as sound bites, are small relative to the discretion the banks have, as viewed by their regulators. In other words, it is all a show: The President gets to sound like he is beating up big banks again, and the banks get to show that they are complying with the President's request. Since the FDIC is happy, you should be happy too.
It is just another day in the scapegoating business for those holding blame bags chock-a-block with hot air and invective.
Hardly. Bank of America and Wells Fargo pledged $5 billion and $4 billion respectively in increased lending to small business customers. These amounts, which will seem large to the public's ear when played as sound bites, are small relative to the discretion the banks have, as viewed by their regulators. In other words, it is all a show: The President gets to sound like he is beating up big banks again, and the banks get to show that they are complying with the President's request. Since the FDIC is happy, you should be happy too.
It is just another day in the scapegoating business for those holding blame bags chock-a-block with hot air and invective.
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