Enter your keyword

Bank Failures Abound

Bank Failures Abound

From the FDIC: FDIC Approves the Payout of the Insured Deposits of First Bank of Beverly Hills, Calabasas, California.

The Federal Deposit Insurance Corporation (FDIC) approved the payout of the insured deposits of First Bank of Beverly Hills, Calabasas, California. The bank was closed today by the California Department of Financial Institutions, which appointed the FDIC as receiver.
For insured deposits placed directly with the bank and not through a broker, the FDIC will mail these customers checks for their insured funds on Monday.
First Bank of Beverly Hills, as of December 31, 2008, had total assets of $1.5 billion and total deposits of $1 billion. It is estimated that the bank has $179,000 of uninsured deposits.

First Bank of Beverly Hills is the 28th FDIC-insured institution to fail this year and the fourth in California. The last bank to be closed in the state was County Bank, Merced, on February 6, 2009. The FDIC estimates the cost of the failure to its Deposit Insurance Fund to be approximately $394 million.

One Comment

  1. Pravin
    Apr 24, 2009

    FDIC closed 4 banks today.

    “Heritage Bank, Farmington Hills, MI” , “American Southern Bank, Kennesaw, GA” ,”First Bank of Beverly Hills, Calabasas, CA” and “First Bank of Idaho, Ketchum, ID”

    Till now 29 banks have failed this year and 54 from 2008.

    Some statistics about the bank failures :

    American Southern Bank:
    #26th bank to fail this year in USA
    #First bank from Michigan to fail this year and 2nd since 2008
    #Has $112.3 million in assets and $104.3 million in deposits

    Heritage bank:
    #27th bank to fail this year in USA
    #5th bank from Georgia to fail this year and 10th since 2008
    #Has $184.6 million in assets and $151.7 million in deposits
    #Maximum banks failed in Georgia since 2008

    First Bank of Beverly Hills, Calabasas, CA:
    # 28th bank to fail this year in USA
    # 4th bank from California to fail this year and 9th since 2008
    # Has $1.5 billion in assets and $1.0 billion in deposits

    First Bank of Idaho, Ketchum, ID:
    # 29th bank to fail this year in USA
    # 1st bank from Idaho to fail since 2008
    # Has $374 million in assets and $488 million in deposits

    Check the list of all the failed banks at :
    http://portalseven.com/Failed-Banks-2009

    And on google map see where the banks are failing at :
    http://portalseven.com/finance/Failed_Banks_Map_2009.jsp

    Also layoff tracker at :
    http://portalseven.com/Layoffs

Post a Comment

Your email address will not be published.