It's Friday: How many bank failures today?

So far one: www.fdic.gov...

Republic Federal Bank, N.A. Miami FL 22846 December 11, 2009

Went to your link and read through but also went to the ASSET tab and found that all of the assets listed are from Michigan.

Kind of shows you where the main problem is does it not?

Here is the link-FDIC Asset Sales Bargain Assets

Wow, houses for less than $10K.

Why would they bother selling those? Seems the cost to sell is higher than the money gained.

Got to know where to look for the really cheap houses
Careful there not always as cheap as they look, some will have lots of back taxes and attached liens that come with

We've been lucky here in New Mexico no banks closes so far... see if we can get through another year like that

reply to post by Dbriefed


Cutting losses?

two lines

There were only three this last weekend, btw.

Bank Name Est Cost to FDIC
Republic Federal Bank, N.A. $122,600,000
Valley Capital Bank, N.A. $7,400,000
SolutionsBank $122,100,000

So far this month the cumulative estimated cost to the FDIC is $2.6 Billion, slightly more than November which was $2.5 Billion. The big loser this month was AmTrust Bank at $2 Billion alone.

The big loser in November was United Commercial Bank at $1.4 Billion. The big loser in October was a group of 9 banks handed over to the US Bank of Minneapolis at a cost of $2.5 Billion. The big loser in September was Corus Bank for $1.7 Billion. August was the biggest loser month with Guaranty Bank for $3 Billion and Colonial Bank for $2.8 Billion. About $7.6 Billion was lost in August alone.

Billion, billion, billion. Numbness ensues.

Total cumulative 2009 costs to the FDIC is $34.6 Billion. So far.