friday fdic blues

[muldoon]

When I was a child, my great grandparents were alive.  Nanny and Pappaw.  Married 50 years, my pappaw being a cotton farmer in Lockney, TX during the great depression.  In fact, dust bowl and all, he was a great farmer.  He turned his 40 acres into a success.  So much soo that he wound up with another farm, and then another one.  They bought a house in town and they were rather successful ... well for farmers that is.  Anyway, he made a good living at for decades it until he arthritis tooks his hands.  When he could no longer work because his hands were curled up he went to the doctors, and hospitals.  Had to sell off a farm to do so because farmers don't exactly get health insurance.  They put him on some medicine for arthritis that seemed to work.  7 years later it gave him the cancer which he died of.  My pappaw sold off everything he ever worked for during that time and died in a hospital hundreds of miles from his home with nothing.   I remember them well and loved them immensely. 

Anyway, what I wanted to get to was a memory of mine that I will never forget.  I was in 3rd grade or so and needed to do an "interview" of someone from the great depression, so we planned a weekend for me and my sister to spend over there and I got to interview my nanny.  I asked what the school paper told me to ask mostly, did you live in urban or rural?  She said rural (and later I had to go look the word up because I didnt know that meant in the country).  There were a bunch of questions, but decades later I remember only one.  What would you do different if you had to go through it again?  "dont trust the banks".   They have both passed on now, but I will never forget that. 


We have had a few FDIC bank closures lately.  Today, on August 1, 2008, we add  First Priority Bank, Bradenton, FL.

(http://www.iht.com/articles/ap/2008/08/01/business/NA-US-First-Priority-Bank-of-Bradenton.php)

Last week was two others, the 28 branches of the 1st National Bank of Nevada and First Heritage Bank N.A. — owned by Scottsdale, Arizona-based First National Bank Holding Co. — were closed by the FDIC.

Along with this week we have warnings:
http://www.fdic.gov/news/news/press/2008/pr08064.html

* * * * * * * * * * *

FINAL ORDERS ISSUED PURSUANT TO SECTION 8(b), 12 U.S.C. § 1818(b)
(Restitution)

Columbus Bank and Trust Company, Columbus, GA; FDIC-08-033b; Issued 6/9/08 - PDF (PDF Help)

FINAL ORDERS ISSUED PURSUANT TO SECTION 8(b), 12 U.S.C. §1818(b)
(Cease-and-Desist)

MetroPacific Bank, Irvine, CA; FDIC-08-109b; Issued 6/26/08 - PDF (PDF Help)

Columbus Bank and Trust Company, Columbus, GA; FDIC-08-033b; Issued 6/9/08 - PDF (PDF Help)

BankHaven, Haven, KS; FDIC-08-108b; Issued 6/11/08 - PDF (PDF Help)

Clarkston State Bank, Clarkston, MI; FDIC-08-056b; Issued 6/16/08 - PDF (PDF Help)

Hastings State Bank, Hasting, NE; FDIC-08-100b; Issued 6/24/08 - PDF (PDF Help)

FINAL ORDERS ISSUED PURSUANT TO SECTION 8(e), 12 U.S.C. § 1818(e)
(Removal and Prohibition)

Mercantile-Safe Deposit and Trust Company, Baltimore, MD; FDIC-08-106e; against Thomas W. Small; Issued 6/12/08 - PDF (PDF Help)

Farmers State Bank, S/B, Schell City, MO; FDIC-07-161e; against Donis G. Duncan; Issued 6/18/08 - PDF (PDF Help)

Greene County Bank, Greeneville, TN; FDIC-07-092e; against Steve P. Henry; Issued 6/18/08 - PDF (PDF Help)

Timberwood Bank, Tomah, WI; FDIC-08-101e; against Kevin A. Oliver; Issued 6/18/08 - PDF (PDF Help)

FINAL ORDERS ISSUED PURSUANT TO SECTION 8(i), 12 U.S.C. § 1818(i)
(Civil Money Penalties)

[muldoon]

The Heights Bank, Peoria Heights, IL; FDIC-07-064k; in the amount of $9,000; Issued 6/24/08 - PDF (PDF Help)

Jackson County Bank, Seymour, IN; FDIC-07-176k; in the amount of $7,000; Issued 6/3/08 - PDF (PDF Help)

Sloan State Bank, Sloan, IA; FDIC-08-072k; in the amount of $2,200; Issued 6/11/08 - PDF (PDF Help)

Columbus Bank and Trust Company, Columbus, GA; FDIC-08-034k; in the amount of $2,400,000; Issued 6/9/08 - PDF (PDF Help)

Bank of the Federated States of Micronesia, Pohnpei, Federated States of Micronesia; FDIC-08-045k; in the amount of $1,200; Issued 6/3/08 - PDF (PDF Help)

Premier Bank, Jefferson City, MO; FDIC-08-060k; in the amount of $14,800; Issued 6/20/08 - PDF (PDF Help)

The Bank of Madison, Madison, NE; FDIC-08-097k; in the amount of $1,575; Issued 6/11/08 - PDF (PDF Help)

SussexBank, Franklin, NJ; FDIC-08-068k; in the amount of $3,940; Issued 6/3/08 - PDF (PDF Help)

The Union Bank, Beulah, ND; FDIC-08-092k; in the amount of $3,850; Issued 6/13/08 - PDF (PDF Help)

Greene County Bank, Greenville, TN; FDIC-07-091k; against Steve P. Henry in the amount of $25,000; Issued 6/18/08 - PDF (PDF Help)

Sanderson State Bank, Sanderson, TX; FDIC-07-234k; in the amount of $14,300; Issued 6/20/08 - PDF (PDF Help)

Rural American Bank – Luck, Luck, WI; FDIC-08-103k; in the amount of $2,700; Issued 6/13/08 - PDF (PDF Help)

Farmers & Merchants Bank, Tomah, WI; FDIC-07-115k; against Kevin A. Oliver in the amount of $12,500; Issued 6/18/08 - PDF (PDF Help)

FINAL ORDERS ISSUED PURSUANT TO SECTION 8(a), 12 U.S.C. § 1818(a)
(Voluntary Termination of Insurance)

MashreqBank, PSC, New York Branch; New York, NY; FDIC-08-062a; Issued 6/17/08 - PDF (PDF Help)

FINAL ORDERS ISSUED PURSUANT TO SECTION 8(p), 12 U.S.C. § 1818(p)
(Terminations of Insurance)

Fifth Street Bank, Las Vegas, NV; FDIC-08-136p; Issued 6/30/08 - PDF (PDF Help)

Universal Savings Bank FA, Milwaukee, WI; FDIC-08-065p; Issued 6/26/08 - PDF (PDF Help)

FINAL ORDERS ISSUED PURSUANT TO SECTION 38, 12 U.S.C. § 1831o
(Prompt Corrective Action)

First Priority Bank, Bradenton, FL; FDIC-08-127PCAP; Issued 6/25/08 - PDF (PDF Help)

TERMINATION

Order Terminating an Order to Cease and Desist

Mission Bank, Kingman, AZ; FDIC-07-146b; Issued 6/5/08 - PDF (PDF Help)

http://www.fdic.gov/news/news/press/2008....

**********

Were picking up steam, RBC capitol says 300 more banks to fail.  FDIC says only 90 are on the list today.  That sounds good .. except that when Indymac failed they werent even on the list soo who knows?. 

coming to a head soon.  I for one will listen to my nanny on this. 

[desdawg]

I think I will patent a coated coffee can with a magnesium anode for cathodic protection, designed strictly for back yard burial There might be quite a demand coming up.

[Mad Dog]

The thing to watch as well is how much it's costing the FDIC.  They have $53 billion for these type of situations.  IndyMac cost between $4-8 billion.  These others banks not as much.  But several hundred million here, another 1/2 a billion there, it starts adding up.  If we can continue to see banks fail at this rate, you can be sure people will start making a run to get their money out, before the next collapse happens.