by Calculated Risk on 12/04/2009 07:13:00 PM

Greater Atlantic
Demoted, downsized, shrunken
Sold to Sonabank
by Soylent Green is People
From the FDIC: Sonabank, McLean Virginia, Assumes All of the Deposits of Greater Atlantic Bank, Reston, Virginia

Greater Atlantic Bank, Reston, Virginia, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of October 20, 2009, Greater Atlantic Bank had total assets of approximately $203.0 million and total deposits of approximately $179.0 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $35 million. ... Greater Atlantic Bank is the 130th FDIC-insured institution to fail in the nation this year, and the first in Virginia. The last FDIC-insured institution closed in the state was New Atlantic Bank, National Association, Norfolk, on August 12, 1993.

That makes six today.

by Calculated Risk on 12/04/2009 06:48:00 PM

Benchmark sets new high
(Is "down" the new "up" today?)
Not a wanted prize
by Soylent Green is People
From the FDIC: MB Financial Bank, National Association, Chicago, Illinois, Assumes All of the Deposits of Benchmark Bank, Aurora, Illinois

Benchmark Bank, Aurora, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of November 16, 2009, Benchmark Bank had total assets of approximately $170.0 million and total deposits of approximately $181.0 million....

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $64 million. ... Benchmark Bank is the 129th FDIC-insured institution to fail in the nation this year, and the twentieth in Illinois. The last FDIC-insured institution closed in the state was Park National Bank, Chicago, on October 30, 2009.

That makes five today ...

by Calculated Risk on 12/04/2009 06:12:00 PM

Wow, a bright comet...
Giant "Amtrust-Rex" looks up.
Annihilation

Cold Winter bears down
Many banks fall like snowflakes
No two are alike
by Soylent Green is People
From the FDIC: HeritageBank of the South, Albany, Georgia, Assumes All of the Deposits of the Tattnall Bank, Reidsville, Georgia

The Tattnall Bank, Reidsville, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of September 30, 2009, The Tattnall Bank had total assets of $49.6 million and total deposits of approximately $47.3 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $13.9 million. .... The Tattnall Bank is the 127th FDIC-insured institution to fail in the nation this year, and the 24th in Georgia. The last FDIC-insured institution closed in the state was First Security National Bank, Norcross, earlier today.

And from the FDIC: New York Community Bank, Westbury, New York, Assumes All of the Deposits of AmTrust Bank, Cleveland, Ohio

AmTrust Bank, Cleveland, Ohio, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of October 27, 2009, AmTrust Bank had total assets of approximately $12.0 billion and total deposits of approximately $8.0 billion. ...

As part of this transaction, the FDIC will acquire a cash participant instrument. This will serve as additional consideration for the transaction. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $2.0 billion.

Furthermore, the FDIC transferred to New York Community Bank all qualified financial contracts to which AmTrust was a party.

... AmTrust Bank is the 128th FDIC-insured institution to fail in the nation this year, and the second in Ohio. The last FDIC-insured institution closed in the state was Peoples Community Bank, West Chester, which closed on July 31, 2009.

by Calculated Risk on 12/04/2009 05:11:00 PM

New white elephants
Gifts to US from Sheila Bair
No return receipt.
by Soylent Green is People
From the FDIC: State Bank and Trust Company, Macon, Georgia, Assumes All of the Deposits of the Buckhead Community Bank, Atlanta, Georgia

The Buckhead Community Bank, Atlanta, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of November 6, 2009, The Buckhead Community Bank had total assets of approximately $874.0 million and total deposits of approximately $838.0 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $241.4 million. ... The Buckhead Community Bank is the 125th FDIC-insured institution to fail in the nation this year, and the 22nd in Georgia. The last FDIC-insured institution closed in the state was United Security Bank, Sparta, on November 6, 2009.

From the FDIC: State Bank and Trust Company, Macon, Georgia, Assumes All of the Deposits of First Security National Bank, Norcross, Georgia

First Security National Bank, Norcross, Georgia, was closed today by the Office of the Comptroller of the Currency (OCC), which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver....

As of September 30, 2009, First Security National Bank had total assets of approximately $128.0 million and total deposits of approximately $123.0 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $30.1 million. ... First Security National Bank is the 126th FDIC-insured institution to fail in the nation this year, and the 23rd in Georgia. The last FDIC-insured institution closed in the state was The Buckhead Community Bank, Atlanta, earlier today.

by Calculated Risk on 12/04/2009 04:00:00 PM

While we wait for the FDIC ... a couple of market graphs:

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 was first at this level in April 1998; about 11 1/2 years ago.

The S&P 500 is up 63% from the bottom (429 points), and still off 29% from the peak (459 points below the max).


The second graph is from Doug Short of dshort.com (financial planner): "Four Bad Bears".

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