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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
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)
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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.
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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)
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)
To: rabscuttle385
Oh, those silly, stodgy old (white) bankers and their outdated lending practices.
Come to WaMu. We're the hip (black) bank!
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))
To: rabscuttle385
Slow weekend. The bailout must have worked. /s
7
posted on
02/20/2009 10:05:12 PM PST
by
PAR35
To: PAR35
Slow weekend. The bailout must have worked. /sOr...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)
To: rabscuttle385; Salvation
9
posted on
02/21/2009 6:25:33 AM PST
by
tubebender
(Why do they sterilize the needle for lethal injections?)
To: tubebender
10
posted on
02/21/2009 9:56:10 PM PST
by
Salvation
( †With God all things are possible.†)
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.†)
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