FDIC Friday Failed Bank List

[FarCenter]

United Commercial Bank of San Francisco is a significant loss to the FDIC insurance fund. The rest are small.

http://www.fdic.gov/bank/individual/failed/banklist.html

United Commercial Bank, San Francisco, California, - The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $1.4 billion.

Gateway Bank of St. Louis, St. Louis, Missouri, - The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $9.2 million.

Prosperan Bank, Oakdale, Minnesota, - The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $60.1 million.

Home Federal Savings Bank, Detroit, Michigan, - The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $5.4 million.

United Security Bank, Sparta, Georgia, - The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $58 million.

[virgogal]

1. The FDIC must be just about out of money. Makes me a tad

nervous.

[nc4bo]

2. Naw, the printing presses are all tooready, very willing and quite able to make the magic money. nt

[virgogal]

4. There ya go----a quick and easy solution.

[dixiegrrrrl]

3. If the FDIC had followed the law and closed these banks when they should have

the cost to FDIC would been extremely small.
Part of closing a bank is getting some other bank to take it over, and other banks do not want to take the bad debts, so the FDIC has to take them, and to pay the other banks to take the closed bank.
But legally, banks are not supposed to remain open once they are underwater.
And many banks have been underwater for years, never got foreclosed, and the debts kept accumulating
via foreclosures.
Dumb and dumber.