by Calculated Risk on 9/11/2009 09:11:00 PM

Night comes to the West
Rest easy now Venture Bank
Feds have made you safe.
by Soylent Green is People
Note: Mostly Haiku will be by SGIP, but here is an extra ...
Everything Ventured
But very little gained, now
the whole bank transfered
by seajane
From the FDIC: First-Citizens Bank & Trust Company, Raleigh, North Carolina, Assumes All of the Deposits of Venture Bank, Lacy, Washington

Venture Bank, Lacy, Washington, was closed today by the Washington Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver....

As of July 28, 2009, Venture Bank had total assets of $970 million and total deposits of approximately $903 million. ...

The FDIC and First-Citizens Bank & Trust Company entered into a loss-share transaction on approximately $715 million of Venture Bank's assets....

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $298 million. .... Venture Bank is the 92nd FDIC-insured institution to fail in the nation this year, and the third in Washington. The last FDIC-insured institution closed in the state was Westsound Bank, Bremerton, on May 8, 2009.

by Calculated Risk on 9/11/2009 07:27:00 PM

Eastern rising sun
Failed bank numbers soar like crane
May top Mount Fuji
by Soylent Green is People
From the FDIC:

Brickwell Community Bank, Woodbury, Minnesota, was closed today by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with CorTrust Bank, N.A., Mitchell, South Dakota, to assume all of the deposits of Brickwell Community Bank.
...
As of July, 24, 2009, Brickwell Community Bank had total assets of $72 million and total deposits of approximately $63 million. CorTrust Bank will pay the FDIC a premium of 0.10 percent to assume all of the deposits of Brickwell Community Bank. In addition to assuming all of the deposits of the failed bank, CorTrust Bank agreed to purchase essentially all of the assets.
...
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $22 million. ... Brickwell Community Bank is the 91st FDIC-insured institution to fail in the nation this year, and the third in Minnesota. The last FDIC-insured institution closed in the state was Mainstreet Bank, Forest Lake, on August 28, 2009.

by Calculated Risk on 9/11/2009 07:19:00 PM

Scavengers alight
Finally, the King is dead
Long live Corus Bank!
by Soylent Green is People
Indubitably
Pigs get fat, hogs get slaughtered
Corus is sausage
by Anon (two since we've waited so long)
From the FDIC:

Corus Bank, National Association, Chicago, Illinois, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with MB Financial Bank, National Association, Chicago, Illinois, to assume all of the deposits of Corus Bank, N.A.
...
As of June 30, 2009, Corus Bank had total assets of $7 billion and total deposits of approximately $7 billion. MB Financial Bank will pay the FDIC a premium of 0.2 percent to assume all of the deposits of Corus Bank. In addition to assuming all of the deposits of the failed bank, MB Financial Bank agreed to purchase approximately $3 billion of the assets, comprised mainly of cash and marketable securities. The FDIC will retain the remaining assets for later disposition. The FDIC plans to sell substantially all of the remaining assets of Corus Bank in the next 30 days in a private placement transaction.
...
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $1.7 billion. MB Financial Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. Corus Bank is the 90th FDIC-insured institution to fail in the nation this year, and the sixteenth in Illinois. The last FDIC-insured institution closed in the state was Platinum Community Bank, Rolling Meadows, on September 4, 2009.

by Calculated Risk on 9/11/2009 05:14:00 PM

Click on photo for larger image in new window.

Reader Eric wearing the proper attire at Corus Bank today ...

From Crain's ChicagoBusiness: MB Financial to take over Corus Bank branches

MB Financial Inc. will assume the branches and deposits of Corus Bank ... will be seized at the end of business Friday by federal regulators, according to a person familiar with the matter.

Most of the assets of Corus, made up primarily of delinquent condo loans spread throughout the U.S., will be sold by the Federal Deposit Insurance Corp. in the next few weeks, according to this person. Several private-equity firms and real estate outfits are lined up to bid for those assets, according to numerous published reports.

No word from the FDIC yet ...

by Calculated Risk on 9/11/2009 04:09:00 PM

While we wait for the FDIC ...

From Grant McCool at Reuters: U.S. probes AIG executives-law enforcement source

U.S. investigators are probing the former head of American International Group Inc's Financial Products unit, Joseph Cassano, and other executives for securities fraud, a law enforcement source familiar with the case said on Friday.

The source said that a grand jury may be impaneled this month in New York to consider potential charges that executives failed to disclose the value of toxic assets to the bailed-out insurance company's outside accountants and shareholders.

And, coincidentally, the S&P 500 is at about the same level as on 9/11 - eight years ago.

Click on graph for larger image in new window.

The first graph shows the S&P 500 since 1990.

The dashed line is the closing price today.

The S&P 500 is up 54% from the bottom (366 points), and still off 33% from the peak (522 points below the max).

The S&P 500 first hit this level in February 1998; over 11 years ago.

The second graph is from Doug Short - Instead of comparing the markets from the peak (See: the Four Bad Bears), Doug Short matched up the market bottoms for four crashes (with an interim bottom for the Great Depression).

Note that the Great Depression crash is based on the DOW; the three others are for the S&P 500.