4 More Banks Closed by the FDIC

4 more banks have failed so far this weekend and have been bailed out by the FDIC.
We’re now up to 68 failed banks for 2011. 
Sheila Bair and friends must have big plans for the weekend as they started the festivities off early by closing the Public Savings Bank of PA on Thursday night!


Public Savings Bank of PA- Public Savings Bank had approximately $46.8 million in total assets and $45.8 million in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $11.0 million.

Press Release:

Lydian Private Bank of Palm Beach, FL- Lydian Private Bank had approximately $1.70 billion in total assets and $1.24 billion in total deposits. The FDIC and Sabadell United Bank, National Association entered into a loss-share transaction on $907.1 million of Lydian Private Bank’s assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $293.2 million.

Press release:

First Southern National Bank of Statesboro, GA- First Southern National Bank had approximately $164.6 million in total assets and $159.7 million in total deposits.
The FDIC and Heritage Bank of the South entered into a loss-share transaction on $115.7 million of First Southern National Bank’s assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $39.6 million.
Press Release:

First Choice Bank of Geneva, IL- First Choice Bank had approximately $141.0 million in total assets and $137.2 million in total deposits.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $31.0 million.
Press Release:

Comments

  1. More 'Friday night specials'. Three banks … that seems to be the average every Friday, doesn't it?

  2. Nah … it's more like two per week.

  3. Anonymous says:

    Madrid, August 22, 2011 (OroyFinanzas) – The lawyer and researcher Eva Golinger denounced on Sunday the program "Building Utopia ', broadcast on World Radio System, the U.S. bank JP Morgan has the gold of Venezuela, what a financial crisis looms in the not to be ruled out buying gold from the bank to meet its commitments with the Venezuelan government.

    Golinger said that there is much concern with the decision of President Hugo Chávez of Venezuela repatriate gold in U.S. banks and specifically in the JP Morgan Bank.

    The JP Morgan investgadora has explained that "nearly 900 million dollars of Venezuelan gold, but have only 10.6 tons of gold in their possession, claim to have much support, but do not have it physically, because we have other places thinking that no one is going to retire. "

    http://www.oroyfinanzas.com/2011/08/jp-morgan-podria-quebrar-por-la-repatriacion-del-oro-venezolano/

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