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Failed Banks April 2010 - 2nd worst ever

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posted on May, 1 2010 @ 01:11 AM
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I've been keeping the 'Failed Bank Friday - February' thread updated with bank failures at the request of other posters.
www.abovetopsecret.com...

I need to highlight the point that April 2010 is the worst month of bank failures since IndyMac failed in July 2008. This is a red flag in an economy that is feeling better - could this be the eye of the storm?

--Below is the latest post from the other thread--

More banks failed today. $6,114,700,000 worth of failures today. This month the total cost of bank failures is $8,203,600,000.

This was the worst month of bank failures since July 2008 where IndyMac was $8B of loss, and two others brought the total to $8,862,000,000.00.

Bank Name ............................ Est Cost to FDIC
R-G Premier Bank of Puerto Rico ....$11,400,000
Frontier Bank .......................... $1,370,000,000
CF Bancorp ................................ $615,300,000
Champion Bank ............................ $52,700,000
BC National Banks ........................ $11,400,000
Eurobank ................................... $743,900,000
Westernbank Puerto Rico .......... $3,310,000,000




--Below is the list of bank failures of April 2010--

Bank Name .................................. Est Cost to FDIC ...... Closing Date
R-G Premier Bank of Puerto Rico .... $11,400,000 ........... 30-Apr-10
Frontier Bank ............................$1,370,000,000 ........... 30-Apr-10
CF Bancorp ................................. $615,300,000 ........... 30-Apr-10
Champion Bank ..............................$52,700,000 ........... 30-Apr-10
BC National Banks ......................... $11,400,000 ........... 30-Apr-10
Eurobank .................................... $743,900,000 ........... 30-Apr-10
Westernbank Puerto Rico ........... $3,310,000,000 ........... 30-Apr-10
Citizens Bank and Trust Company of Chicago .. $20,900,000 .. 23-Apr-10
Amcore Bank, National Association.. $220,300,000 ........... 23-Apr-10
Broadway Bank ............................ $394,300,000 ........... 23-Apr-10
Peotone Bank and Trust Company .... $31,700,000 ........... 23-Apr-10
Wheatland Bank ............................ $133,000,000 ........... 23-Apr-10
Lincoln Park Savings Bank ............... $48,400,000 ........... 23-Apr-10
New Century Bank ......................... $125,300,000 ........... 23-Apr-10
AmericanFirst Bank ......................... $10,500,000 ........... 16-Apr-10
Lakeside Community Bank ............... $11,200,000 ........... 16-Apr-10
First Federal Bank of North Florida ...... $6,000,000 ........... 16-Apr-10
Riverside National Bank of Florida ... $491,800,000 ........... 16-Apr-10
Tamalpais Bank .............................. $81,100,000 ........... 16-Apr-10
Butler Bank .................................... $22,900,000 ........... 16-Apr-10
Innovative Bank ............................. $37,800,000 ........... 16-Apr-10
City Bank ..................................... $323,400,000 ........... 16-Apr-10
Beach First National Bank ............... $130,300,000 ........... 9-Apr-10

[edit on 1-5-2010 by Dbriefed]

[edit on 1-5-2010 by Dbriefed]




posted on May, 4 2010 @ 10:24 AM
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Just a note: The July 2008 loss of $8B caused huge volatility in the stock market in September 2008. This was a two month delay. Although there's a global selloff and high volatility in the market today, the >$8B loss in April 2010 in theory won't be felt by the market until this coming June. There are many other players in motion that may affect the timing, but taking $8B out of the economy in one month will be felt.



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