Thread: 2010 Bank Failures

ONE!

Jan 8, 9:47 PM EST


Regulators shut Washington's Horizon Bank
By TIM PARADIS and MARCY GORDON
AP Business Writers

NEW YORK (AP) -- Regulators shut Horizon Bank in Bellingham, Wash., on Friday, the first bank closing of 2010.

The Federal Deposit Insurance Corp. said that Seattle-based Washington Federal Savings and Loan Association has agreed to take on the deposits of Horizon Bank and to purchase essentially all of the bank's assets.

As of Sept. 30, Horizon Bank had assets of $1.3 billion and deposits totaling $1.1 billion.

The 18 branches of Horizon Bank will reopen Saturday as branches of Washington Federal Savings and Loan.

http://customwire.ap.org/dynamic/sto...01-08-21-47-16

Calif. regulators order small credit union closed

Calif. credit union ordered liquidated -- among first financial institutions to fail in 2010



On Saturday January 9, 2010, 3:24 pm EST
SAN FRANCISCO (AP) -- California banking regulators have ordered the liquidation of a small Central Valley credit union -- the first U.S. credit union to fail in 2010.

The California Department of Financial Institutions says that it ordered the closure of the Kern Central Credit Union in Bakersfield -- a three-branch institution that had $34.9 million in assets and 8,400 members -- because the credit union had inadequate funds.

The National Credit Union Administration was appointed as the credit union's liquidating agent, and has arranged the transfer of Kern Central's accounts to the Self Help Federal Credit Union, the California regulators said in a statement Friday.

Also Friday, the Federal Deposit Insurance Corp. said regulators had shut Horizon Bank, in Bellingham, Wash., the first U.S. bank to fail in 2010. Seattle-based Washington Federal Savings and Loan Association will assume the deposits of Horizon bank, which had assets of $1.3 billion and $1.1 billion in deposits as of Sept. 30.

The FDIC closed 140 banks last year.

What do you think. Worse than 2009 or not as bad?

Much worse, Alt-A loans and prolonged high unemployment.

Also, the honest folks that have worked hard to hang in there are getting weary and weak. It is easier to just quit making the payment, even if you can, pocket the payment and wait for the midterm election crowd to step up and extend benefits again and order Fred and Fannie to buy more crap loans.

If that happens it might look better than it is but we will be digging a bigger hole for the future generations.

Also, have the Fed., who does not answer to anyone, can buy what ever toxic assets they want without approval from Congress. Fire up the press.

All hinges on whether Congress has the stomach for more missteps in the form of taxpayer funded bailouts. Congress is getting weak in the knee's at this point and the Obama administration is loosing it election capital quickly.

Is there a possibility of State Banking Regulators making judgement calls on the smaller financial institutions,
that could just as easily be given the benefit of any doubt?
....where there is no doubt the funds available are not meeting needs & expected needs is one thing, but if they are saying institutions have to be of an absolute mark that does not reflect that bank's/credit union's goals, then are they marching to state legislatures drums?

Originally Posted by grandma

Is there a possibility of State Banking Regulators making judgment calls on the smaller financial institutions,
that could just as easily be given the benefit of any doubt?
....where there is no doubt the funds available are not meeting needs & expected needs is one thing, but if they are saying institutions have to be of an absolute mark that does not reflect that bank's/credit union's goals, then are they marching to state legislatures drums?

Two different power and the Federal Government has absolute power over the bank. What they say goes.

Banks in Ill., Minn., Utah are shuttered

Regulators shut down banks in Illinois, Minnesota, Utah, making 4 bank failures this year


http://finance.yahoo.com/news/Banks-...7&asset=&ccode=

Bank Closing Information - January 15, 2010
These links contain useful information for the customers and vendors of these closed banks.

Barnes Banking Company, Kaysville, UT
St. Stephen State Bank, Saint Stephen, MN
Town Community Bank & Trust, Antioch, IL

• Is My Account Fully Insured?

Bank Closing Information - January 15, 2010

These links contain useful information for the customers and vendors of these closed banks.

Barnes Banking Company, Kaysville, UT
St. Stephen State Bank, Saint Stephen, MN
Town Community Bank & Trust, Antioch, IL

BANK FAILURE FRIDAY ! ! !


TWO THIS WEEK ! ! !


Bank Closing Information - January 22, 2010
These links contain useful information for the customers and vendors of these closed banks.

Bank of Leeton, Leeton, MO
Premier American Bank, Miami, FL

"Ben Bernanke's nomination for a second term as U.S. Federal Reserve chairman, once seen as a sure thing, appeared in jeopardy on Friday after two more Senate Democrats said they would vote against it."

http://www.msnbc.msn.com/id/35012027...ks_and_economy