Friday, December 10, 2010

Bank Failures #150 & 151: Michigan and Pennsylvania

by Calculated Risk on 12/10/2010 06:13:00 PM

Sisyphean bank
Paramount's rising assets
Rolled over peak


Tremor in The Force
Earthstar has cleared the planet
Millions extinguished

by Soylent Green is People

From the FDIC: Level One Bank, Farmington Hills, Michigan, Assumes All of the Deposits of Paramount Bank, Farmington Hills, Michigan
As of September 30, 2010, Paramount Bank had approximately $252.7 million in total assets and $213.6 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $90.2 million. ... Paramount Bank is the 150th FDIC-insured institution to fail in the nation this year, and the fifth in Michigan.
From the FDIC: Polonia Bank, Huntingdon Valley, Pennsylvania, Assumes All of the Deposits of Earthstar Bank, Southampton, Pennsylvania
As of September 30, 2010, Earthstar Bank had approximately $112.6 million in total assets and $104.5 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $22.9 million. ... Earthstar Bank is the 151st FDIC-insured institution to fail in the nation this year, and the second in Pennsylvania.
The FDIC is back in action!