And we're off....Friday Night Bank Closures

[seanx]

Less than 5 minutes after 5pm Eastern....and 2 down.

http://www.fdic.gov/bank/individual/failed/banklist.html

I thought that since the FDIC appears to be fucking broke, that they would take a week off. Guess not.

[Leonytus]

I think even if they were, not saying they already are not, broke an completely in the red, they would go through the motions anyways. Protocol and such.

[seanx]

Yeah, I think you are right. Mercy kill a few banks to divert attention from the whole being broke thing. Makes sense.

[haniel]

Yeah, I think you are right. Mercy kill a few banks to divert attention from the whole being broke thing. Makes sense.

Mercy killing?

Bank of America and Citibank select a few choice targets for acquiring.  They move some money around, manipulate the appropriate market(s) and voila, uncle Sam takes if over and asks them to come on in and clean up.  Literally. 

Or maybe another small local bank.  If I were a small, local bank and the FDIC wanted me to take over a 'failing bank', I'd be really concerned that I was being fattened up by the FDIC to be offered as a sacrifice on the altar of too big to fail.

[Big Scotsman]

Close to another billion onto the tax payers as the bankers continue to clean house.  I'm sure all these small and mid tier banks will somehow make their way into to the pockets of the Oligarch's banks.

Irwin Union Bank and Trust Company, Columbus, IN
http://www.fdic.gov/news/news/press/2009/pr09174.html

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for both institutions will be $850 million.

[JurisDoctorOfDoom]

I'm thinking maybe we should start a "banks eated this week" pool, sort of like a Superbowl pool or something.

[JurisDoctorOfDoom]

Yeah, I think you are right. Mercy kill a few banks to divert attention from the whole being broke thing. Makes sense.

Mercy killing?

Bank of America and Citibank select a few choice targets for acquiring.  They move some money around, manipulate the appropriate market(s) and voila, uncle Sam takes if over and asks them to come on in and clean up.  Literally. 

Or maybe another small local bank.  If I were a small, local bank and the FDIC wanted me to take over a 'failing bank', I'd be really concerned that I was being fattened up by the FDIC to be offered as a sacrifice on the altar of too big to fail.

Very possible. The Bohemian (my local weekly alternative news paper) had a very persuasive letter to the editors about this in regards to our county's big local bank, the same one that has essentially funded 3 generations of people to go to the SRJC. And now we find out our 2 big local state parks (Annadel and Sugar Loaf) are likely on the state chopping block.

[Bill Hicks]

Total cost to the FDIC so far = $850 million.  And the night's still young. 

[EyesWideOpen]

2128 and holding at $850 million. Another week without a GA bank on the list, or have I spoken too soon?