It's Friday - Has your bank failed today?
- Thread starter EvaLSeraphim_IHB
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IrvineRealtor_IHB
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[quote author="awgee" date=1226148781][quote author="awgee" date=1221454065]Lehman, WaMu, Merrill, and AIG are toast. BOA may buy Merrill. AIG and it's credit default swaps are the 800 lb. gorilla.</blockquote>
Sometimes I scare myself.</blockquote>
Will a great deal of respect, awgee - You scare me on a regular basis. Most notably, you sent a chill down my spine with your call earlier in the year that <strong>lending would cease on the 4th of July</strong>. I read it, and broke out in a cold sweat thinking, "What have I overlooked?"
Sometimes I scare myself.</blockquote>
Will a great deal of respect, awgee - You scare me on a regular basis. Most notably, you sent a chill down my spine with your call earlier in the year that <strong>lending would cease on the 4th of July</strong>. I read it, and broke out in a cold sweat thinking, "What have I overlooked?"
awgee_IHB
New member
[quote author="IrvineRealtor" date=1226150173][quote author="awgee" date=1226148781][quote author="awgee" date=1221454065]Lehman, WaMu, Merrill, and AIG are toast. BOA may buy Merrill. AIG and it's credit default swaps are the 800 lb. gorilla.</blockquote>
Sometimes I scare myself.</blockquote>
Will a great deal of respect, awgee - You scare me on a regular basis. Most notably, you sent a chill down my spine with your call earlier in the year that <strong>lending would cease on the 4th of July</strong>. I read it, and broke out in a cold sweat thinking, "What have I overlooked?"</blockquote>
Not exactly like I called, but it seems much of the credit market did freeze about one month after.
Sometimes I scare myself.</blockquote>
Will a great deal of respect, awgee - You scare me on a regular basis. Most notably, you sent a chill down my spine with your call earlier in the year that <strong>lending would cease on the 4th of July</strong>. I read it, and broke out in a cold sweat thinking, "What have I overlooked?"</blockquote>
Not exactly like I called, but it seems much of the credit market did freeze about one month after.
morekaos_IHB
New member
I actually thought they would go BEFORE WM and WB. My bad.
usctrojanman29_IHB
New member
[quote author="awgee" date=1226458563]Well, it sure took long enough. How in the world did they hold on this long?
<a href="http://www.reuters.com/article/bondsNews/idUSN1048341220081111">Downey Financial</a></blockquote>
About time...but it's not official until the FDIC rolls in through the doors on a Friday afternoon. Does it happen this Friday or do they wait until after Thanksgiving?
<a href="http://www.reuters.com/article/bondsNews/idUSN1048341220081111">Downey Financial</a></blockquote>
About time...but it's not official until the FDIC rolls in through the doors on a Friday afternoon. Does it happen this Friday or do they wait until after Thanksgiving?
morekaos_IHB
New member
And the final answer to this thread is....NO, NONE FAIL ANYMORE!!!
morekaos_IHB
New member
One day late
<a href="http://www.bloomberg.com/apps/news?pid=20601087&sid=aIfyJ5j8OHTM&refer=worldwide">Fridays Takeovers</a>
<a href="http://www.bloomberg.com/apps/news?pid=20601087&sid=aIfyJ5j8OHTM&refer=worldwide">Fridays Takeovers</a>
morekaos_IHB
New member
Todays Death list
<a href="http://finance.yahoo.com/news/Regulators-shut-banks-in-Ga-apf-14285646.html">Dead pool</a>
<a href="http://finance.yahoo.com/news/Regulators-shut-banks-in-Ga-apf-14285646.html">Dead pool</a>
morekaos_IHB
New member
this weeks list
<a href="http://www.google.com/hostednews/ap/article/ALeqM5jDeELfcpY_dFJG5skE-re9VBRm8gD96B12HG0">friday bank take overs</a>
<a href="http://www.google.com/hostednews/ap/article/ALeqM5jDeELfcpY_dFJG5skE-re9VBRm8gD96B12HG0">friday bank take overs</a>
NoThereThere_IHB
New member
<a href="http://www.bloomberg.com/apps/news?pid=20601103&sid=azBp5O5jIujw&refer=us">Omni National Bank in Georgia Shut, 21st U.S. Failure</a>
ABC123_IHB
New member
<a href="http://www.calculatedriskblog.com/2009/07/bank-failures-56-57-temecula-valley.html">Bank Failures #56 & #57: Temecula Valley Bank, Temecula, CA and Vineyard Bank, Rancho Cucamonga, CA</a>
I thought Vineyard had failed last year
I thought Vineyard had failed last year
usctrojanman29_IHB
New member
[quote author="ABC123" date=1247907567]<a href="http://www.calculatedriskblog.com/2009/07/bank-failures-56-57-temecula-valley.html">Bank Failures #56 & #57: Temecula Valley Bank, Temecula, CA and Vineyard Bank, Rancho Cucamonga, CA</a>
I thought Vineyard had failed last year</blockquote>
Nope, but they were on the clock for a while. One of my good friends and lurkers on this forum works there. I actually called him as soon as I read that the OCC came in to shut it down. He is still at work and will be there for a while and was asked to come in at 8am tomorrow morning. He knew it was coming and is sorta relieved that it happened and can have some closure.
I'm waiting for my former employer...California National Bank...to be taken over by the Feds and when they do I'll have a little smile on my face.
I thought Vineyard had failed last year</blockquote>
Nope, but they were on the clock for a while. One of my good friends and lurkers on this forum works there. I actually called him as soon as I read that the OCC came in to shut it down. He is still at work and will be there for a while and was asked to come in at 8am tomorrow morning. He knew it was coming and is sorta relieved that it happened and can have some closure.
I'm waiting for my former employer...California National Bank...to be taken over by the Feds and when they do I'll have a little smile on my face.
blazera_IHB
New member
[quote author="USCTrojanCPA" date=1247911308]I'm waiting for my former employer...California National Bank...to be taken over by the Feds and when they do I'll have a little smile on my face.</blockquote>
Looks like it's now the bottom of the 9th with 2 outs.
<a href="http://www.labusinessjournal.com/article.asp?aID=54103663.8926615.1832415.1432246.4866892.608&aID2=140946">LA Business Journal, 9/28/09 - Crunch Time for Two L.A. Banks</a>
<blockquote>Two of L.A.?s largest financial institutions, each operating under an enforcement order from regulators, could face severe consequences as early as this week if they cannot find a way to raise capital.
California National Bank, the fourth largest bank in Los Angeles by assets, and First Federal Bank of California, the county?s No. 2 savings and loan, have been ordered to shore up their capital levels by Sept. 30.
Executives at both banks strongly assert they will be able to meet their deadlines, but the ailing institutions are contending with an unfriendly capital market that has made it difficult for other troubled banks and thrifts to raise money.
...
In late May it got a consent order from regulators, which directed the bank to raise capital ? essentially to get an infusion of cash ?and develop a plan to maintain the necessary ratios by Sept. 30. If Cal National is unable to do so, then the order requires ?a disposition plan, which shall detail the board?s proposal to sell or merge the bank, or liquidate? the bank?s assets.
?Time is running out,? said James Barth, a senior fellow who studies financial markets at the Milken Institute in Santa Monica. ?It?s a difficult environment and it becomes ever more difficult as time runs out to raise capital.?
Cal National, owned by Oak Park, Ill.-based FBOP Corp., has contended for the past year that its core earnings are strong and it would be holding steady if not for its one-time, roughly $500 million loss due to its investments in the government mortgage giants. Still, its problem loans are increasing.
Gregory Mitchell, chief executive of Cal National, insists no plans are being made to sell the bank and that capital-raising efforts are progressing.
...
FBOP, which owns seven banks across the country in addition to Cal National, also has reportedly tried unsuccessfully to raise capital over the past year, including applying to the TARP program.
Besides Cal National, three of the company?s other banks are undercapitalized and the Federal Reserve ordered FBOP this month to submit a plan by Sept. 30 to raise its own capital levels.</blockquote>
Looks like it's now the bottom of the 9th with 2 outs.
<a href="http://www.labusinessjournal.com/article.asp?aID=54103663.8926615.1832415.1432246.4866892.608&aID2=140946">LA Business Journal, 9/28/09 - Crunch Time for Two L.A. Banks</a>
<blockquote>Two of L.A.?s largest financial institutions, each operating under an enforcement order from regulators, could face severe consequences as early as this week if they cannot find a way to raise capital.
California National Bank, the fourth largest bank in Los Angeles by assets, and First Federal Bank of California, the county?s No. 2 savings and loan, have been ordered to shore up their capital levels by Sept. 30.
Executives at both banks strongly assert they will be able to meet their deadlines, but the ailing institutions are contending with an unfriendly capital market that has made it difficult for other troubled banks and thrifts to raise money.
...
In late May it got a consent order from regulators, which directed the bank to raise capital ? essentially to get an infusion of cash ?and develop a plan to maintain the necessary ratios by Sept. 30. If Cal National is unable to do so, then the order requires ?a disposition plan, which shall detail the board?s proposal to sell or merge the bank, or liquidate? the bank?s assets.
?Time is running out,? said James Barth, a senior fellow who studies financial markets at the Milken Institute in Santa Monica. ?It?s a difficult environment and it becomes ever more difficult as time runs out to raise capital.?
Cal National, owned by Oak Park, Ill.-based FBOP Corp., has contended for the past year that its core earnings are strong and it would be holding steady if not for its one-time, roughly $500 million loss due to its investments in the government mortgage giants. Still, its problem loans are increasing.
Gregory Mitchell, chief executive of Cal National, insists no plans are being made to sell the bank and that capital-raising efforts are progressing.
...
FBOP, which owns seven banks across the country in addition to Cal National, also has reportedly tried unsuccessfully to raise capital over the past year, including applying to the TARP program.
Besides Cal National, three of the company?s other banks are undercapitalized and the Federal Reserve ordered FBOP this month to submit a plan by Sept. 30 to raise its own capital levels.</blockquote>
25inIrvine_IHB
New member
Only 1 failed bank since the 3 that were shut down on October 2nd? Something big coming down the pipeline?
Oxtail_IHB
New member
FDIC out of money. Can't close any big banks. The one last week was a small fry to quiet the tin foil hat crowd. We'll see if we get any more small fry today.
25inIrvine_IHB
New member
oops I spoke too soon. One bank to add to the list today:
Partners Bank in FL
Partners Bank in FL
morekaos_IHB
New member
You mean bank failure 106?
<a href="http://mortgage.freedomblogging.com/2009/10/23/101-bank-failures/20149/">106 bank failures this year</a>
<a href="http://mortgage.freedomblogging.com/2009/10/23/101-bank-failures/20149/">106 bank failures this year</a>