Re: Six more US banks fail

On Sun, Dec 6, 2009 at 1:08 PM, satyamevijayte <j4junaid4@yahoo.com> wrote:

Six more US banks fail Sat, 05 Dec 2009 15:58:57 GMT    Amid recession and loads of bad assets, six more banks have been shut down bringing the number of US banks failed in 2009 to 130. On Friday, the Federal Deposit Insurance Corp. (FDIC) took over AmTrust Bank — the fourth-largest Cleveland-based bank to fail this year. With about USD 8 billion in deposits and USD 12 billion in assets, it is expected to cost the federal deposit insurance fund an estimated USD 2 billion. Last year regulators had told the bank to limit their loans since they were concerned that the bank's reserves against potential losses were dangerously low. AmTrust also had branches in Phoenix and Florida. New York Community Bank agreed to take over the deposits of AmTrust Bank and about USD 9 billion of its assets. The FDIC will hold the rest for eventual sale and the bank's 66 branches will reopen soon. Three other banks in the state of Georgia were also taken over by the FDIC on Friday: Tattnall Bank, of Reidsville with assets of USD 49.6 million and deposits of USD 47.3 million; Buckhead Community Bank, based in Atlanta, with USD 874 million in assets and USD 838 million in deposits and First Security National Bank, based in Norcross with USD 128 million in assets and USD123 million in deposits. Benchmark Bank in Aurora, Illinois, with USD 170 million in assets and USD 181 million in deposits was also shut down and so was Greater Atlantic bank of Reston, Virginia, with USD 203 million in assets and USD 179 million in deposits. The cloture of the three Georgian banks brought the number of bank failures in that state to 24 so far this year. Benchmark Bank was the 20th to fail in Illinois this year. The failure of Buckhead Community Bank is expected to cost the federal deposit insurance fund an estimated USD 241.4 million; that of Tattnall Bank, USD 13.9 million; Greater Atlantic Bank, USD 35 million; First Security National Bank, around USD 30.1 million and Benchmark Bank, around USD64 million. Over the next four years the FDIC expects the cost of bank failures to grow to about USD 100 billion. As buildings sit vacant, banks are suffering losses and are especially hurt by failed real estate loans and as development projects collapse, builders are defaulting on their loans. Since the height of the saving-and-loan crisis in 1992 the 130 failures have been the most in a year. They have cost the federal deposit fund over USD 28 billion so far this year compared with USD 25 billion last year and USD 3 billion in 2007. Comment Sat, 05 Dec 2009 23:02:26 GMT fantastic news i hope americas economy collapses Justdude Sat, 05 Dec 2009 19:42:31 GMT It was all well planned by the big banks owned by jeuws. The US thieves gave money to big banks like Bank of America to get rid of the competition posed by small banks. Now they are getting rid of them,

--
Palash Biswas
Pl Read:
http://nandigramunited.blogspot.com/