Friday, July 09, 2010

Bank Failures #89 & #90: New York and Oklahoma

by Bill McBride on 7/09/2010 07:11:00 PM

New Century Bank?
Customer First / U.S.A.?
Who's in control here?


Home, Bank on the range
Where Bair, and the banksters play....
Cloudy sky ahead.

by Soylent Green is People

From the FDIC: New Century Bank, Phoenixville, Pennsylvania, Assumes All of the Deposits of USA Bank, Port Chester, New York
As of March 31, 2010, USA Bank had approximately $193.3 million in total assets and $189.9 million in total deposits.
...
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $61.7 million. Compared to other alternatives, ... USA Bank is the 89th FDIC-insured institution to fail in the nation this year, and the third in New York. The last FDIC-insured institution closed in the state was The Park Avenue Bank, New York, on March 12, 2010.
From the FDIC: RCB Bank, Claremore, Oklahoma, Assumes All of the Deposits of Home National Bank, Blackwell, Oklahoma
As of March 31, 2010, Home National Bank had approximately $644.5 million in total assets and $560.7 million in total deposits.
...
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $78.7 million. ... Home National Bank is the 90th FDIC-insured institution to fail in the nation this year, and the first in Oklahoma. The last FDIC-insured institution closed in the state was First State Bank of Altus, Altus, on July 31, 2009.