Wikinvest Wire

Illinois gains ground on Georgia

Thursday, July 02, 2009

It was a busy Thursday for the FDIC as seven banks were shut down, prompting the question, "What the heck is going on in Illinois?" Are they trying to challenge Georgia, the clear leader in failed banks? MarketWatch reports that the "Prairie State" is catching up quickly.

Seven banks bring 2009 U.S. failures total to 52
Seven banks were closed by regulators on Thursday, including six in Illinois, bringing the total for 2009 to 52 as the U.S. banking system remains under pressure from rising unemployment and record foreclosures.
More than 1,000 banks may fail in the next three to five years as the recession intensifies and loan losses climb, RBC Capital Markets estimated in February.

Bank failures on such a scale will deplete some of the money the FDIC has stored to pay depositors. On Thursday, the FDIC estimated that the seven bank failures will cost its deposit-insurance fund a total of roughly $314.3 million.
You can go to the FDIC website and get a list of all the banks that have failed since October of 2000, sortable by name, state, and closing date.

Unfortunately, you can't download the list as spreadsheet, but, based on a manual count, it looks as though Georgia holds onto first place with 15 bank failures since 2007, followed by a surging Illinois with 13. California holds down the third spot with 10.


bevo said...

At the risk of sounding like a Black Helicopter nut, why doesn't FDIC take over all the ailing banks at once?

Does the FDIC's current drip drip approach to bank closure aggravate the problem?

Tundra Kat said...

It sounds like a lot of those Illinois banks are in or around the Quad Cities region.

Now all those poor saps need is the Mississippi River flooding.

corporatebully said...

RBC Bank President Gordon Nixon - Salary $11.73 Million


I'm a commercial fisherman fighting the Royal Bank of Canada (RBC Bank) over a $100,000 loan mistake. I lost my home, fishing vessel and equipment. Help me fight this corporate bully by closing your RBC Bank account.

There was no monthly interest payment date or amount of interest payable per month on my loan agreement. Date of first installment payment (Principal + interest) is approximately 1 year from the signing of my contract.
Demand loan agreements signed by other fishermen around the same time disclosed monthly interest payment dates and interest amounts payable per month.The lending policy for fishermen did change at RBC from one payment (principal + interest) per year for fishing loans to principal paid yearly with interest paid monthly. This lending practice was in place when I approached RBC.
Only problem is the loans officer was a replacement who wasn't familiar with these type of loans. She never informed me verbally or in writing about this new criteria.

Phone or e-mail:
RBC President, Gordon Nixon, Toronto (416)974-6415
RBC Vice President, Sales, Anne Lockie, Toronto (416)974-6821
RBC President, Atlantic Provinces, Greg Grice (902)421-8112 mail
RBC Manager, Cape Breton/Eastern Nova Scotia, Jerry Rankin (902)567-8600
RBC Vice President, Atlantic Provinces, Brian Conway (902)491-4302 mail
RBC Vice President, Halifax Region, Tammy Holland (902)421-8112 mail
RBC Senior Manager, Media & Public Relations, Beja Rodeck (416)974-5506 mail
RBC Ombudsman, Wendy Knight, Toronto, Ontario 1-800-769-2542 mail
Ombudsman for Banking Services & Investments, JoAnne Olafson, Toronto, 1-888-451-4519 mail

"Fighting the Royal Bank of Canada (RBC Bank) one customer at a time"

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