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Showing posts with label bank failure. Show all posts
Showing posts with label bank failure. Show all posts

Sunday, May 8, 2016

FDIC closes third bank of 2016 in King of Prussia, Pennsylvania

On May 6, the FDIC closed down their third bank for 2016 as First Cornerstone Bank shuttered its doors.  This institution is the second bank failure in the past two weeks, with Trust Company Bank being closed down by regulators in on April 29.
This bank failure is also the first for the month of May, and brings the overall number of bank closures in 2016 to 3.
5/6/2016 *** Pennsylvania *** King of Prussia *** First Cornerstone Bank *** $10.8 million dollar estimated FDIC DIF cost.
The total DIF for failed banks this week is $10.8 million.
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Read more on this article here...

Sunday, May 1, 2016

FDIC closes second bank of 2016 in Memphis, Tennessee

On April 29, the FDIC closed down is second bank for 2016 as Trust Company Bank shuttered its doors.  This institution is the second bank failure in the past two months, with North Milwaukee State Bank being closed down by regulators in March.
This bank failure is the first for the month of April and brings the overall number of bank closures in 2016 to 2.
4/29/2016 *** Tennessee *** Memphis *** Trust Company Bank *** $7.2 million dollar estimated FDIC DIF cost.
The total DIF for failed banks this week is $9.6 million.
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Read more on this article here...

Saturday, March 12, 2016

FDIC closes first bank of 2016 in Wisconsin

On March 11, the FDIC closed down is first bank for 2016 as North Milwaukee State Bank shuttered its doors.  This institution is also the first bank failure in over five months, when Hometown National Bank was shuttered last October.
This bank failure is the first for the month of March and brings the overall number of bank closures in 2016 to 1.
3/11/2016 *** Wisconsin *** Milwaukee *** North Milwaukee State Bank *** $9.6 million dollar estimated FDIC DIF cost.
The total DIF for failed banks this week is $9.6 million.
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Read more on this article here...

Monday, October 5, 2015

October begins with a bang as FDIC closes two banks

The Bank of Georgia, located in Peachtree City, GA, and Hometown National Bank, located in Longview, WA. were closed down by the FDIC on Friday, Oct. 2.  These bank failures are the first two for the month of October and bring the overall number of bank closures in 2015 to 8.
10/2/2015 *** Washington *** Longview *** Hometown National Bank *** $1.6 million dollar estimated FDIC DIF cost.
10/2/2015 *** Georgia *** Peachtree City *** The Bank of Georgia *** $23.2 million dollar estimated FDIC DIF cost.
The total DIF for failed banks this week is $24.8 million.

Read more on this article here...

Sunday, May 24, 2015

Can you still trust banks when the FDIC has less reserves to cover depositor losses than in 2008

We have already had examples of bank bail-ins.  We have had not just the United States, but all members of the G20 enact a resolution mandating legislation to allow for bank bail-ins, and the confiscation of customer deposits.  We have had the United States under Dodd-Frank declare your deposits as unsecured creditors, and at the lowest end of the scale for reimbursement in the advent of a bank collapse.
We have had financial institutions such as J.P. Morgan and Bank of America con Congress into allowing their derivative assets to be placed under the FDIC as a primary creditor, and according to the agencies own 2014 annual report, the deposit insurance corporation has even less reserves to support account holders in the advent of a bank failure today.
So why do we still trust banks with all this evidence showing that during the next banking or financial crisis, Americans will lose most or all their money?
Read more on this article here...

Friday, May 8, 2015

FDIC closes first U.S. bank in nearly 3 months bringing total number in 2015 to 5

Edgebrook Bank, located in Chicago, IL, was closed down by the FDIC on Friday, May 8.  This bank failure is the first one for the month of May and is the fifth overall bank closure for 2015.
5/8/2015 *** Illinois *** Chicago *** Edgebrook Bank *** $16.8 million dollar estimated FDIC DIF cost.
The total DIF for failed banks this week is $16.8 million.
 
Read more on this article here...

Monday, October 20, 2014

FDIC closes bank in MD bringing total number of failed banks in 2014 to 15

NBRS Financial, located in Rising Sun, MD, was closed down by the FDIC on Friday, Oct. 17.  This bank failure is the first for the month of October and brings the total amount of bank closures in 2014 to 15.
10/17/2014 *** MD *** Rising Sun *** NBRS Financial *** $24.3 million dollar estimated FDIC DIF cost.

Read more on this article here...

Thursday, March 6, 2014

FDIC ends February with two bank failures in Eastern U.S.

Millennium Bank, N.A., located in Sterling, VA, and Vantage Point Bank, located in Horsham, PA, were closed down by the FDIC on Friday, Feb. 28.  These bank failures are the only two for the month of February, and bring the total amount of bank closures in 2014 to five.
2/28/2014 *** VA *** Sterling *** Millennium Bank, N.A. *** $7.7 million dollar estimated FDIC DIF cost.
2/28/2014 *** PA *** Horsham *** Vantage Point Bank *** $8.5 million dollar estimated FDIC DIF cost.
The total DIF for failed banks this week is $15.2 million.


Read more on this article here...

Monday, January 27, 2014

FDIC closes second bank of 2014 in Oklahoma

The Bank of Union, located in El Reno, OK, was closed down by the FDIC on Friday, Jan. 24.  This bank failure is the second for 2014 and comes following a year where 24 banks were closed by the Federal agency.
1/24/2014 *** OK *** El Reno *** The Bank of Union *** $70 million dollar estimated FDIC DIF cost.
The total DIF for failed banks this week is $70 million.
 
Read more on this article here....

Thursday, January 23, 2014

FDIC closes first bank of 2014 in Chicago

DuPage National Bank, located in West Chicago, IL, was closed down by the FDIC on Friday, Jan. 17.  This bank failure is the first for 2014 and comes following a year where 24 banks were closed by the Federal agency.
1/17/2014 *** IL *** West Chicago *** DuPage National Bank *** $1.6 million dollar estimated FDIC DIF cost.
The total DIF for failed banks this week is $1.6 million.



For more on this article you can go here...

Saturday, September 14, 2013

FDIC closes banks in Texas and Connecticut bringing total number of failed banks in 2013 to 22

First National Bank, Edinburg, TX, also operating as The National Bank of El Paso, and The Community’s Bank, located in Bridgeport, Connecticut, were closed down by the FDIC on Friday, Sept. 13.  These bank failures are the first two in the month of September, and bring the total number of failed banks in 2013 to 22.

8/23/2013 *** TX *** Edinburg *** First National Bank, Edinburg, TX, also operating as The National Bank of El Paso *** $637.5 million dollar estimated FDIC DIF cost.

8/23/2013 *** CT *** Bridgeport *** The Community’s Bank *** $7.8 million dollar estimated FDIC DIF cost. - FDIC



Read more on this article here...

Wednesday, January 4, 2012

Pullbacks appear done as gold begins moves back up in 2012

With two straight days of positive moves, gold appears to have reached the end of its pullback from the $1700's, and may be headed towards stronger highs.  2012 gold prices have been predicted by several banks this year, with estimates ranging from $1830 to over $2000 an ounce.

See bank estimates for gold in 2012.

Wondering why gold has moved by over $20 in the last few minues? Wonder no more - according to a note just released by Citi analyst Tom Fitzpatrick, the gold correction "has run its course and a rally is now back on the cards." Granted it is not all smooth sailing - "Gold may drop to $1,550 before turning", but when the turn comes, Fitzpatrick sees it as going all the way up to $2,400. He has the following technical observations: "Only a weekly close below $1,535/oz means corrections may be deeper." - Zerohedge


Chart courtesy of Citi

Tuesday, November 8, 2011

Failed banks in October tied to commerical real estate losses and depreciation

There were 11 banks that closed their doors in the month of October, but it appears there was a major difference between these banks, and the 74 that had shutdown earlier in the year.  Whereas the primary cause for most of those banks to fail was residential loans and mortgages, these new banks were instrically tied to commercial real estate.

(A review of the 11 bank failures can be found here)

Trepp’s report looks at the October failures and the makeup of each bank’s portfolio to ascertain nonperforming loan attribution. The company’s analysts found that commercial real estate exposure was the main driver behind problem loans for the banks that went under in October.
Commercial real estate loans comprised $401 million (65.1 percent) of the total $617 million in nonperforming loans at the failed banks. Construction and land loans made up $254 million while commercial mortgages comprised $147 million of the total nonperforming pool. - DSNews
For many observers and analysts, this is the final shoe that the real estate markets have been watching for to drop.  The commerical real estate industry is much larger than the residential one, and if the trend is headed towards massive drawdowns and non-performing loans, the number of banks that could very quickly fail would jump into the dozens or even hundreds.