Posted on 03/20/2009 5:51:46 PM PDT by PAR35
The Federal Deposit Insurance Corporation (FDIC) approved the payout of the insured deposits of FirstCity Bank, Stockbridge, Georgia. The bank was closed today by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver.
The FDIC will provide payment to insured depositors by mailing checks for their insured funds on Monday morning. Direct deposits from the federal government, such as Social Security and Veterans' payments, will be transferred to SunTrust Bank (for the specific SunTrust branches, depositors should call the toll-free telephone number below).
Customers of FirstCity Bank with brokered deposits should contact their brokers about the status of their accounts. The FDIC will provide payment for insured brokered deposits once brokers provide the FDIC with the necessary documents to identify customers and permit a determination of their insured deposit.
As of March 18, 2009, FirstCity had total assets of $297 million and total deposits of $278 million. At the time of closing, the bank had approximately $778,000 in deposits that exceeded the insurance limits. This amount is an estimate that is likely to change once the FDIC obtains additional information from these customers.
Customers with accounts in excess of $250,000 should contact the FDIC toll-free at 1-877-367-2719 to set up an appointment to discuss their deposits. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT.
(Excerpt) Read more at fdic.gov ...
.279% of deposits uninsured.
Past small bank FDIC Fridays have not entailed a payout. No takers, I take it. Bad news in general, or just a particularly disastrous little bank in Georgia?
I didn’t think they did payouts anymore (there was one some weeks ago, but that bank had no depositers if I remember the story)
If the insured deposits outstrip the value of assets on the books and cash on hand, there’s money coming in from the FDIC somewhere, whether it’s publicized as a payout or not, imho.
Since the IndyMac panic, they’ve been at pains to avoid calling them bank failures, and arranging “takeovers” with no interruption of service, just start dealing with a different institution the following Monday, or Tuesday if there’s a holiday.
That’s why I asked if it was bad news in general, since there apparently was no financial institution willing to take on servicing the depositors, or if this one was a particular basket case.
It’s bank closing Friday - do you know where your money is?
There sure is a bunch of Georgia Banks that have failed lately... is it the water?
All the smart money is in off shore banks, and the depositors be just layin back, watchin' the shite fly.
And next week they be buyin' Gold.
It will jump from $941 an ounce to about $1050 and after that even higher when the Chinese start buyin gold instead of T bills.
We don't have to worry about inflation though. Obama will establish "price control boards" on goods that Americans have a " right to buy" at cheap prices.
Do you mean the small operations, like 'Sir' Alan Stanford's; the Icelandic banks, like Glitnir, Kaupthing and Landsbanki; are you saying that the British will provide better deposit insurnance for HSBC, LLoyds, or RBS?; or are you talking about the big guys, like Deutsche and UBS?
But in fact, the investor class has outsmarted Obama.And they have broken no laws in doing so.They pay their taxes. No way he can even get at them. This is one reason the IRS has pursued numbered Swiss Bank accounts so vociferously , of late. Its almost impossibly expensive to audit them, and thats a good thing.
Its really quite laughable.
America cannot be "America" without its so called investor class. In due time Obama will come to realize this fact.He needs their tax revenue right here at home.Until they return, there will only be a very sluggish , meandering recovery.They represent about 40% of all market capital that has now exited and that is the reason the Dow is 40% down from its former highs in 2006.People just folded their capital tents and left for much greener pastures.
http://www.freerepublic.com/focus/f-news/2209313/posts
http://www.villagevoice.com/content/printVersion/850296
The sentence below is interesting. If it is true that there is about $600 trillion toxic waste floating around the globe, my guess/feeling is there is no banking system that is safe. Please when you have time, let me know what you think. Thanks so much.
“What about the $600 trillion in credit derivatives that are still out there, sucking vital liquidity and credit out of the system? It's the tyrannosaurus in the mall, the one that made Henry Paulson, the former Treasury Secretary who looks like Daddy Warbucks, get down on his knees and beg Nancy Pelosi for a bailout.”
The IMF recently posted a list of the top 50 safest banks in the World. many of them are in France and Spain. Wells Fargo came in 21st. The Royal Bank of Canada, which has branches in the Carolinas, Georgia and Florida came in 10th. Once money is in a safe bank, then its a matter of using that banks access to secure instruments or commodity investment.First one gets an account at a safe bank, and then you have to use what the bank offers you for access to secure instruments and investment in secured commodities like gold, copper, oil etc, and keep adjusting as things develope to not only secure money, but make it grow. They were all rated on secure capital liquidity. See: http://www.scribd.com/doc/13010982/The-Worlds-50-Safest-Banks-2009-Global-Finance
I'm going to look into a Canadian bank.
Just wondering what you think of this post in particular these sentences:
“The latest data from the Bank for International Settlements shows that Western European banks hold almost all the exposure to the emerging market bubble, now busting with spectacular effect.
They account for three-quarters of the total $4.7 trillion £2.96 trillion) in cross-border bank loans to Eastern Europe, Latin America and emerging Asia extended during the global credit boom – a sum that vastly exceeds the scale of both the US sub-prime and Alt-A debacles.
Europe has already had its first foretaste of what this may mean. Iceland’s demise has left them nursing likely losses of $74bn (£47bn). The Germans have lost $22bn.”
http://www.freerepublic.com/focus/f-news/2115560/posts
Also, DB received billions from AIG....interesting stuff going on.
Depending on the Canadian Bank you use, you may be able to get bearer bonds ( illegal to be sold in the USA)issued
at a Canadian Bank outside the USA , where you can take delivery of them. They are a commercial instrument.
Annother way is to purchase Preferred Canadian Bankshares which have a return of 7% per annum inicluding dividends and interest. These are for sale on the US Stock Market, if you can find any for sale.People tend to hold on to them these days., You can ask about that at your Canadian Bank, they may have a line on some that are available.
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