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Friday, August 28, 2009

Bank Failure #82: Bradford Bank, Baltimore, Maryland

by Calculated Risk on 8/28/2009 06:10:00 PM

Summer heat scorches
Three...four thousand???
Bradford bank now toast.

by Soylent Green is People

From the FDIC: Manufacturers and Traders Trust Company, Buffalo, New York, Assumes All of the Deposits of Bradford Bank, Baltimore, Maryland
Bradford Bank, Baltimore, Maryland, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of June 30, 2009, Bradford Bank had total assets of $452 million and total deposits of approximately $383 million. ...

The FDIC and M&T entered into a loss-share transaction on approximately $338 million of Bradford Bank's assets. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $97 million. ... Bradford Bank is the 82nd FDIC-insured institution to fail in the nation this year, and the second in Maryland. The last FDIC-insured institution closed in the state was Suburban Federal Savings Bank, Crofton, on January 30, 2009.
It is Friday.