Friday, January 22, 2010

Bank Failure #7: Charter Bank, Santa Fe, New Mexico

by Bill McBride on 1/22/2010 08:31:00 PM

Spicy Santa Fe
Hot tamales, fajitas
Zero cold hard cash.

by Soylent Green is People

From the FDIC: Charter Bank, Albuquerque, New Mexico, Assumes All of the Deposits of Charter Bank, Santa Fe, New Mexico
Charter Bank, Santa Fe, New Mexico, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Charter Bank, Albuquerque, New Mexico, a newly-chartered federal savings bank and a subsidiary of Beal Financial Corporation, Plano, Texas, to assume all of the deposits of Charter Bank.
As of September 30, 2009, Charter Bank had approximately $1.2 billion in total assets and $851.5 million in total deposits. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $201.9 million. ... Charter Bank is the seventh FDIC-insured institution to fail in the nation this year, and the first in New Mexico. The last FDIC-insured institution closed in the state was Zia New Mexico Bank, Tucumcari, on April 23, 1999.
A theme today: Charter eats Charter. Premier eats Premier.