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Banks # 18 and # 19 Gone for 2008
Old 11-08-2008, 03:43 PM   #1
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Banks # 18 and # 19 Gone for 2008

Cost to FDIC between $1.6 & 1.8B.

My Way News - Regulators shut banks in Texas, California
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Old 11-08-2008, 03:46 PM   #2
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Wow, Security Pacific was a prominent LA bank for many years. My ex-wife had her first job there, in the 70s.

Ha
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Old 11-08-2008, 04:09 PM   #3
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Wow, Security Pacific was a prominent LA bank for many years. My ex-wife had her first job there, in the 70s.

Ha
I turned down an offer at SPIB SF. Fabulous view. Interviewer said her people work hard, deserve the view. Must have been the late '70s. A few years later the international banks were moving to less prestigious offices.
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Old 11-08-2008, 05:25 PM   #4
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sheesh!
anyone know of a link for the complete list of 19?
TG for local credit unions.
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Old 11-09-2008, 12:48 AM   #5
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Here: FDIC: Failed Bank List

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Old 11-09-2008, 05:19 AM   #6
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And now for some CU Information as of Oct 16,2008:

"Thirteen federally insured credit unions have failed in 2008. Twelve were involuntary liquidations, of which four were purchase and assumptions, and one was an assisted merger. The number of problem code 4 and 5 credit unions has risen from 211 at year-end 2007 to 246 at September 30. These institutions represent 2.08 percent of total insured shares. Sixty-four percent of these problem code credit unions have less than $10 million in shares.

NCUSIF insurance loss expense totaled $137.2 million through September 30, 2008. The Provision for CU Losses (Reserves) account totaled $128.6 million on September 30, down from the August month-end level of $138.6 million.

The NCUSIF equity ratio is 1.28 percent, based on insured shares of $601.6 billion at June 30, 2008. The NCUSIF is expected to end the year with a 1.28 percent equity ratio based on estimated 6.85 percent annual insured share growth.

By statute, NCUSIF is not permitted to consider the temporary increase in the level of insured shares to $250,000 (thru December 31, 2009), when calculating the 1 percent capitalization deposit adjustment or setting premium charges for credit unions.

The NCUA Chief Financial Officer will report on the condition of the NCUSIF at both the November and December Board meetings."

Source of Data: http://www.ncua.gov/NCUABoard/Calend...16_results.htm

This info is available monthly pertaining to Credit Unions. I guess CU numbers are not BIG enough to get any expanded news coverage.
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Old 11-09-2008, 05:27 AM   #7
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Security Pacific National Bank (SPNB) was a large US bank headquartered in Los Angeles, California. In 1992 Bank of America acquired SPNB. A new Security Pacific Bank emerged in February 2005, the result of a name change by a bank formed from the merger of Network Bank USA and Golden Pacific Bank. The new Security Pacific Bank (which failed on November 7, 2008)[1] has no relation to Bank of America or the former Security Pacific National Bank.
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Old 11-09-2008, 08:02 AM   #8
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Security Pacific National Bank (SPNB) was a large US bank headquartered in Los Angeles, California. In 1992 Bank of America acquired SPNB. A new Security Pacific Bank emerged in February 2005, the result of a name change by a bank formed from the merger of Network Bank USA and Golden Pacific Bank. The new Security Pacific Bank (which failed on November 7, 2008)[1] has no relation to Bank of America or the former Security Pacific National Bank.
Thanks for the clarification riskadverse.

Ha
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