Don't be last in line.
Posted on 12/12/2009 8:14:12 AM PST by Oldeconomybuyer
Regulators have shut down banks in Florida, Arizona and Kansas, bringing to 133 the number of U.S. banks that have failed to hold up this year against the struggling economy and a cascade of loan defaults.
The Federal Deposit Insurance Corp. said Friday it took over Miami-based Republic Federal Bank, with $433 million in assets and $352.7 million in deposits. A bank based in Boca Raton, Fla., 1st United Bank, agreed to assume all the deposits and $267.1 million of the assets of the failed bank. The FDIC will retain the rest for eventual sale.
In addition, the FDIC and 1st United Bank agreed to share losses on $210.4 million of Republic Federal's loans and other assets.
The FDIC also took over Valley Capital Bank, based in Mesa, Ariz., with $40.3 million in assets and $41.3 million in deposits; and SolutionsBank in Overland Park, Kans., with $511.1 million in assets and $421.3 million in deposits.
Enterprise Bank & Trust, based in Clayton, Mo., agreed to assume the assets and deposits of Valley Capital, while Arvest Bank, based in Fayetteville, Ark., is buying the assets and deposits of SolutionsBank.
(Excerpt) Read more at abcnews.go.com ...
What do you think of it?
Don't be last in line.
.
Obama in China was begging them to buy up US small banks.
Don’t know.......
I am reminded of the attempt to close selected car dealerships when they took over Chrysler and GM.
What is the proper, or accepted, ratio of assets (loans) to liabilities (deposits)?
This certainly works against banks lending money to small businesses. It is back to the days where you have to prove you don’t need the money in order to get a loan.
Everything this administration does seems to work against the economy. Unintended? I think not.
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