It’s hard to see any corner being turned anytime soon….The failures just keep on coming.
By Daniel at 14 November, 2009, 12:18 am
Better late than never with the FDIC bank failures story today. The FDIC is getting closer and closer to all of its reserves being wiped out by these bank failures and there are at least 460 more banks that are currently operating in an “unsafe and unsound” condition as they are insolvent. A further group of over 2,000 FDIC insured banks are rated D or F and are racing towards disaster.
Congress should not be spending its time on getting the Fiscal Year 2010 Budget debated and passed as it is over 45 days past due, and from what I can tell there are no provisions to re-capitalize the FDIC which may need trillions in order to deal with the massive Tsunami of coming bank failures. Presently the FDIC is insuring over $8 trillion in deposits and is down to near zero in its piggy bank.
Bank Closing Information - November 13, 2009
Pacific Coast National Bank, San Clemente, CA
Orion Bank, Naples, FL
Century Bank, FSB, Sarasota, FL
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“Unofficial Problem Bank List increases to 507″ By CalculatedRiskBlog
“The Unofficial Problem Bank List changed by a net two institutions this week to 507. The list is compiled from regulator press releases or from public news sources (see Enforcement Action Type link for source). The FDIC data is released monthly with a delay, and the Fed and OTC data is more timely. The OCC data is a little lagged.”
http://www.calculatedriskblog.com/2009/11/unofficial-problem-bank-list-increases.html
- American Patriot
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