CHESSNOID

I guess there were 4 more banks that closed its branches and gave them to the FDIC to handle.  It’s hard to believe that since I posted YTD Bank Closures 114 as of 8.20.2010 there was actually 4 more that closed. 8 is a lot on one Friday for the FDIC.

This has to do with homeowners simply defaulting on loans in mass quantities.  Doesn’t matter the reason at this point whether it is loss of job, medical bills, or people just walking away from a bad investment (jingle mail).  The bottom line is the housing market has not bottomed out like many real estate experts and analysts predicted 6 months ago.  I still believe we are just taking a break in the free fall economy.  I also believe we are in a depression caused by both President Bush and Obama and their failed economic policies.  Even if you don’t believe that, all you have to do is look around  you.

Calculated Risk:

From the FDIC: Rabobank, National Association, El Centro, California, Acquires All the Deposits of Two Banks in California

As of June 30, 2010, Butte Community Bank had total assets of $498.8 million and total deposits of $471.3 million; and Pacific State Bank had total assets of $312.1 million and total deposits of $278.8 million. … The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for Butte Community Bank will be $17.4 million; and for Pacific State Bank, $32.6 million. … These closings bring the total for the year to 116 banks in the nation, and the seventh and eighth in California.

From the FDIC: Pacific Western Bank, San Diego, California, Assumes All of the Deposits of Los Padres Bank, Solvang, California

As of June 30, 2010, Los Padres Bank had approximately $870.4 million in total assets and $770.7 million in total deposits. … The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $8.7 million. … Los Padres Bank is the 117th FDIC-insured institution to fail in the nation this year, and the eighth in California.

From the FDIC: Westamerica Bank, San Rafael, California, Assumes All of the Deposits of Sonoma Valley Bank, Sonoma, California

As of June 30, 2010, Sonoma Valley Bank had approximately $337.1 million in total assets and $255.5 million in total deposits. … The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $10.1 million. … Sonoma Valley Bank is the 118th FDIC-insured institution to fail in the nation this year, and the ninth in California.

Eight down today.