Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Small Oregon bank becomes 14th bank to fail in `09 [FDIC Friday]
AP ^ | 2009-02-20 | Madlen Reed

Posted on 02/20/2009 9:01:11 PM PST by rabscuttle385

NEW YORK (AP) — Regulators on Friday closed Silver Falls Bank in Silverton, Ore. — the 14th federally insured institution to fail this year, and the second based in Oregon.

Silver Falls Bank, a community bank that opened in May 2000, had $131.4 million in assets and $116.3 million in deposits as of Feb. 9. The last Oregon-based bank to close was Beaverton-based Pinnacle Bank last week.

Citizens Bank of Corvallis, Ore., is assuming Silver Falls Bank's deposits. It also is taking over its three branches and buying about $13 million in assets, including cash, securities and overdraft loans.

The Federal Deposit Insurance Corp., appointed receiver of Silver Falls Bank, will retain the bank's remaining assets.

The FDIC estimated that the cost of Silver Falls Bank's failure to the federal deposit insurance fund will be $50 million.

(Excerpt) Read more at google.com ...


TOPICS: Business/Economy; Government; US: Oregon
KEYWORDS: bankfailure; fdicfriday; financialcrisis; govwatch; obamasfault

1 posted on 02/20/2009 9:01:11 PM PST by rabscuttle385
[ Post Reply | Private Reply | View Replies]

To: PAR35; TigerLikesRooster; AndyJackson; Thane_Banquo; nicksaunt; MadLibDisease; happygrl; ...
*Ping!*
2 posted on 02/20/2009 9:01:36 PM PST by rabscuttle385 ("If this be treason, then make the most of it!" —Patrick Henry)
[ Post Reply | Private Reply | To 1 | View Replies]

The Money, Banking, and Financial Markets Ping List.

"Money, not morality, is the principle commerce of civilized nations."
—Thomas Jefferson

FR Keywords: moneylist, bankinglist, financelist

Please tag all relevant threads with the aforementioned keywords.

This can be a very high-volume ping list at times.

Ping list jointly pinged by rabscuttle385 and TigerLikesRooster.

To join the ping list:
FReepmail rabscuttle385 with the subject line add  moneylist.
(Stop getting pings by sending the subject line drop moneylist.)


3 posted on 02/20/2009 9:01:52 PM PST by rabscuttle385 ("If this be treason, then make the most of it!" —Patrick Henry)
[ Post Reply | Private Reply | To 2 | View Replies]

To: rabscuttle385

The proportion of Democrats to bank failures is a one to one relationship. Liberals are losers.


4 posted on 02/20/2009 9:09:23 PM PST by VRWC For Truth (Throw the bums out who vote yes on the bail out)
[ Post Reply | Private Reply | To 1 | View Replies]

To: rabscuttle385

Oh, those silly, stodgy old (white) bankers and their outdated lending practices.

Come to WaMu. We're the hip (black) bank!

5 posted on 02/20/2009 9:12:47 PM PST by martin_fierro (< |:)~)
[ Post Reply | Private Reply | To 1 | View Replies]

To: rabscuttle385

14 banks down and it is only 3d week of Feb., Averaging 2 banks a week so far. Somehow I think it will accelerate in the coming weeks and months.

Let weak banks fail, let the well managed banks survive.

D’OH! That’s right, The One knows more about banking than the bankers do. How could I have ever doubted The One? 8D


6 posted on 02/20/2009 9:33:19 PM PST by txnativegop (God Bless America! (NRA-Endowment))
[ Post Reply | Private Reply | To 1 | View Replies]

To: rabscuttle385

Slow weekend. The bailout must have worked. /s


7 posted on 02/20/2009 10:05:12 PM PST by PAR35
[ Post Reply | Private Reply | To 1 | View Replies]

To: PAR35
Slow weekend. The bailout must have worked. /s

Or...it's the calm before the storm.

8 posted on 02/20/2009 10:20:37 PM PST by rabscuttle385 ("If this be treason, then make the most of it!" —Patrick Henry)
[ Post Reply | Private Reply | To 7 | View Replies]

To: rabscuttle385; Salvation

Oregon Ping...


9 posted on 02/21/2009 6:25:33 AM PST by tubebender (Why do they sterilize the needle for lethal injections?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tubebender

Thanks for the ping.


10 posted on 02/21/2009 9:56:10 PM PST by Salvation ( †With God all things are possible.†)
[ Post Reply | Private Reply | To 9 | View Replies]

To: tubebender; abcraghead; aimhigh; Archie Bunker on steroids; bicycle thug; blackie; coffeebreak; ...
Oregon Ping

Please notify me via FReepmail if you would like to be added to or taken off the Oregon Ping List.

11 posted on 02/21/2009 9:57:16 PM PST by Salvation ( †With God all things are possible.†)
[ Post Reply | Private Reply | To 9 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson