Friday, May 28, 2010

Bank Failure #77: Granite Community Bank, N.A., Granite Bay, California

by Bill McBride on 5/28/2010 08:13:00 PM

Sisyphean task
Reinflating Granite Bank
Too much crushing debt.

by Soylent Green is People

From the FDIC:
Granite Community Bank, N.A., Granite Bay, California, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of March 31, 2010, Granite Community Bank, N.A. had approximately $102.9 million in total assets and $94.2 million in total deposits....

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $17.3 million. ... Granite Community Bank, N.A. is the 77th FDIC-insured institution to fail in the nation this year, and the sixth in California. The last FDIC-insured institution closed in the state was 1st Pacific Bank of California, San Diego, on May 7, 2010.
Financed too many granite countertops?