Failed Bank Friday - 3 more small banks, $835.4M lost 2010

Yesterday the FDIC handed ownership of three banks to other banks at a cost of $297.3 Million. This addition to the first bank failure of $539.1 Million totals $835.4 Million cost to the FDIC for 2010 YTD. For comparison by 16 January 2009 total losses were $242.1 Million, and total losses for January 2009 was $814.1 Million.

Jan 16 2009 $242.1M
Jan 15 2010 $835.4M

Remember how bad January 2009 felt? We have nearly four times the bank failure cost so far and we're...recovering? The fundamentals are real estate costs and the resulting bank failures from loss of asset values and resulting credit crunch from AAA securities being made of depreciating (real estate) assets. None of the fundamentals have turned around but we're in a recovery? Hmm.

www.fdic.gov...

Town Community Bank & Trust ..... $17,800,000 ... 15-Jan-10
Barnes Banking Company ........... $271,300,000 ... 15-Jan-10
St. Stephen State Bank ................. $7,200,000 ... 15-Jan-10

Horizon Bank .............................. $539,100,000 ... 8-Jan-10


Total loss costs to the FDIC in 2009 was $34,381.2 Million