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Thursday, February 19, 2009

Fed Announces Written Agreements with Four Banks

by Calculated Risk on 2/19/2009 02:44:00 PM

  • Written agreement with Corus Bankshares (as mentioned last night)

  • Written agreement with Polk County Bancorporation

  • Written agreement with Temecula Valley Bancorp

  • Written agreement with Florida Community Banks

    A few more candidates for Friday afternoon blogging.

    And a related story from Bloomberg: U.S. Offers Discounts to Lure Buyers of Failed Banks
    U.S. regulators are being forced to sell real-estate loans of failed banks at a discount to lure buyers spooked by the likelihood of increased loan losses amid a deepening recession.
    Buyers for banks are in short supply after last year, when regulators closed the most lenders since 50 were shuttered in 1993. RBC Capital Markets analyst Gerard Cassidy predicts as many as 1,000 more will collapse within five years. The result may be a buyer’s market in which the FDIC will lay out even bigger sums to get rid of seized banks.
    Florida’s largest bank, BankUnited Financial Corp., said on Jan. 27 that it may face receivership because efforts to raise $400 million in new capital to meet regulatory requirements have failed. ... “Everyone is looking to see how BankUnited is going to be handled because it has one of the most attractive franchises in the country,” Miami banking consultant Kenneth Thomas said. “Buyers want some kind of guarantee that the government will share in the losses, else they aren’t going to get involved.”