7 Chicagoland banks failed today

[FarCenter]

Wheatland Bank, Naperville IL 58429
Peotone Bank and Trust Company, Peotone IL 10888
Lincoln Park Savings Bank, Chicago IL 30600
New Century Bank, Chicago IL 34821
Citizens Bank and Trust Company of Chicago, Chicago IL 34658
Broadway Bank, Chicago IL 22853
Amcore Bank, National Association Rockford IL 3735

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

[inna]

1. What are the implications?

WTF is going on?

[lonestarnot]

2. One more than last week.

:shrug:

[Subdivisions]

4. I thought 8 failed last week. I'll go and check it out...ETA:

City Bank Lynnwood WA 21521 April 16, 2010 April 20, 2010
Tamalpais Bank San Rafael CA 33493 April 16, 2010 April 20, 2010
Innovative Bank Oakland CA 23876 April 16, 2010 April 20, 2010
Butler Bank Lowell MA 26619 April 16, 2010 April 20, 2010
Riverside National Bank of Florida Fort Pierce FL 24067 April 16, 2010 April 20, 2010
AmericanFirst Bank Clermont FL 57724 April 16, 2010 April 20, 2010
First Federal Bank of North Florida Palatka FL 28886 April 16, 2010 April 20, 2010
Lakeside Community Bank Sterling Heights MI 34878 April 16, 2010 April 20, 2010

[lonestarnot]

7. I thought six. Is that the right list?

[jotsy]

5. I am not any kind of economic expert.

I ask about big banks and monopolizing, but never get a response as to whether that's the case, much less what it might mean if it is.

[Subdivisions]

3. delete.

[KharmaTrain]

6. Almost All Busted On Bad Mortgages...

Peotone in specific. That was an area where George Ryan (R-Felon) wanted to build a third airport for Chicago...people came rushing in buying up land in anticipation, driving prices up...then the plan fell apart and Ryan went to jail...those who bought the farm land got stuck and went bust.

There's also the ancillary affect of the derivitives game...some of these banks represesnt inner city areas that were at the forefront of the gambling game as those banks wrote mortgages with little concern about capitalization, then insured those mortgages with AIG...and well we know what happened next.

Small banks have been especially hurt by the real estate bust as that is a major part of their business and all of a suden things went from buy to sell...their retail and commercial businesses went bust...hopefully the depositors have their assets insured and new management will come in to straighten things up.

[lonestarnot]

8. New "management." Now will they be crooks too?

[KharmaTrain]

9. Sadly, Your Guess Is As Good As Mine...

If these banks are handed over to a large corporate like Chase or BOA, we know the answer, but there are some other small and regional banks...Harris, for example, that have kept their noses clean and are still more consumer oriented...not as leveraged on real estate...who could have a positive outcome.

One saving grace of this recession/depression has been the FDIC that has had to foreclose on hundreds of banks and people haven't had their savings and checking wiped out. They're done a very good job...and rarely given credit.

[FarCenter]

10. Harris Bank is a subsidiary of Bank of Montreal

BoM is about a $400 billion assets bank, and one of the largest in Canada.