Sunday, August 30, 2009

Holy Crimes

This from Joe. My. God.:


Monday, August 31, 2009
This Week In Holy Crimes

Over the last seven days...

New York: Pastor Victor Figueroa sued for $30M for sexually assaulting congregant.
Alabama: Pastor John Picard convicted of 42 counts of sexual battery of six women.
Ontario: Father Bernard Prince defrocked by the Vatican for his conviction for molesting 13 boys.
Virginia: Pastor Gregory Biehl pleads guilty to possession of kiddie porn. Biehl was formerly convicted of climbing a tree to videotape a woman undressing.
North Carolina: Pastor Keith Devon Pettis charged with molesting 12 year-old girl.
Alabama: Pastor David Webb sued by underage victim he transported across state lines for the purposes of sex. Webb was sentenced to five years in prison in May.
Louisiana: Pastor Martin Denesse accused of defrauding 175 people out of the money they paid him to secure a FEMA trailer home after Hurricane Katrina.
Oklahoma: Pastor Joshua Spires charged with ten counts of child molestation.
Virginia: Pastor Steven Bruce Joplin charged with five counts of felony child molestation of pre-teen girls.
Peru: Father Antonio Jose Calle arrested for molesting 9 year-old girl with Down's Syndrome.
New York: Rabbi Yaskov Weiss charged with molesting two 13 year-old boys.

This Week's Winner-
Florida: Pastor Wiklan Moran-Mora didn't want his wife to catch him cheating, so he concocted his own kidnapping, sending his wife multiple text messages saying he was negotiating his release from his captors, all so he could spend more time with his mistress. Moran-Mora's wife called the police and more than a dozen Hillsborough County deputies closed in on his cell phone signal, finding him with his paramou

Saturday, August 29, 2009

#84

Sorry I'm late posting this -- I thought they were through for the day.

My bad.


Press Releases
Pacific Western Bank, San Diego, California, Assumes All of the Deposits of Affinity Bank, Ventura, California

FOR IMMEDIATE RELEASE
August 28, 2009
Media Contact:
LaJuan Williams-Dickerson
(Office) 202-898-3876
Email: lwilliams-dickerson@fdic.gov

Affinity Bank, Ventura, California, was closed today by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Pacific Western Bank, San Diego, California, to assume all of the deposits of Affinity Bank.

Affinity Bank had ten branches. The former Affinity Bank branches located in San Francisco and San Mateo will reopen starting tomorrow and the remaining branches will reopen on Monday as branches of Pacific Western Bank. Depositors of Affinity Bank will automatically become depositors of Pacific Western Bank. Depositors will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branches until Pacific Western Bank can fully integrate the deposit records of Affinity Bank.

This evening and over the weekend, depositors of Affinity Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of July 10, 2009, Affinity Bank had total assets of $1 billion and total deposits of approximately $922 million. In addition to assuming all of the deposits of the failed bank, Pacific Western Bank agreed to purchase essentially all of the assets.

The FDIC and Pacific Western Bank entered into a loss-share transaction on approximately $934 million of Affinity Bank's assets. Pacific Western Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-sharing arrangement is projected to maximize returns on the assets covered by keeping them in the private sector. The agreement also is expected to minimize disruptions for loan customers.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-640-2631. The phone number will be operational this evening until 9:00 p.m., Pacific Daylight Time (PDT); on Saturday from 9:00 a.m. to 6:00 p.m., PDT; on Sunday from noon to 6:00 p.m., PDT; and thereafter from 8:00 a.m. to 8:00 p.m., PDT. Interested parties can also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/affinity-ca.html. The FDIC will make available Chinese-speaking representatives in the following branches: Sunset and Richmond in San Francisco, and San Mateo.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $254 million. Pacific Western Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. Affinity Bank is the 84th FDIC-insured institution to fail in the nation this year, and the ninth in California. The last FDIC-insured institution closed in the state was Vineyard Bank, National Association, Rancho Cucamonga, on July 17, 2009

Friday, August 28, 2009

#83

Press Releases
Central Bank, Stillwater, Minnesota, Assumes All of the Deposits of Mainstreet Bank, Forest Lake, Minnesota

FOR IMMEDIATE RELEASE
August 28, 2009
Media Contact:
LaJuan Williams-Dickerson
(202) 898-3876
Email: lwilliams-dickerson@fdic.gov

Mainstreet Bank, Forest Lake, Minnesota, was closed today by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Central Bank, Stillwater, Minnesota, to assume all of the deposits of Mainstreet Bank.

The eight branches of Mainstreet Bank will reopen on Saturday as branches of Central Bank. Depositors of Mainstreet Bank will automatically become depositors of Central Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branches until Central Bank can fully integrate the deposit records of Mainstreet Bank.

This evening and over the weekend, depositors of Mainstreet Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of June 30, 2009, Mainstreet Bank had total assets of $459 million and total deposits of approximately $434 million. Central Bank will pay the FDIC a premium of 0.10 percent to assume all of the deposits of Mainstreet Bank. In addition to assuming all of the deposits of the failed bank, Central Bank agreed to purchase essentially all of the assets.

The FDIC and Central Bank entered into a loss-share transaction on approximately $268 million of Mainstreet Bank's assets. Central Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-sharing arrangement is projected to maximize returns on the assets covered by keeping them in the private sector. The agreement also is expected to minimize disruptions for loan customers.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-405-7869. The phone number will be operational this evening until 9:00 p.m., Central Daylight Time (CDT); on Saturday from 9:00 a.m. to 6:00 p.m., CDT; on Sunday from noon to 6:00 p.m., CDT; and thereafter from 8:00 a.m. to 8:00 p.m., CDT. Interested parties can also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/mainstreet-mn.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $95 million. Central Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. Mainstreet Bank is the 83rd FDIC-insured institution to fail in the nation this year, and the second in Minnesota. The last FDIC-insured institution to be closed in the state was Horizon Bank, Pine City, on June 26, 2009

#82

Manufacturers and Traders Trust Company, Buffalo, New York, Assumes All of the Deposits of Bradford Bank, Baltimore, Maryland

FOR IMMEDIATE RELEASE
August 28, 2009
Media Contact:
LaJuan Williams-Dickerson
(Office) 202-898-3876
Email: lwilliams-dickerson@fdic.gov

Bradford Bank, Baltimore, Maryland, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Manufacturers and Traders Trust Company (M&T), Buffalo, New York, to assume all of the deposits of Bradford Bank.

The nine branches of Bradford Bank will reopen on Saturday as branches of M&T. Depositors of Bradford Bank will automatically become depositors of M&T. Depositors will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branches until M&T can fully integrate the deposit records of Bradford Bank.

This evening and over the weekend, depositors of Bradford Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of June 30, 2009, Bradford Bank had total assets of $452 million and total deposits of approximately $383 million. In addition to assuming all of the deposits of the failed bank, M&T agreed to purchase essentially all of the failed bank's assets.

The FDIC and M&T entered into a loss-share transaction on approximately $338 million of Bradford Bank's assets. M&T will share in the losses on the asset pools covered under the loss-share agreement. The loss-sharing arrangement is projected to maximize returns on the assets covered by keeping them in the private sector. The agreement also is expected to minimize disruptions for loan customers.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-640-2693. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT. Interested parties can also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/bradford-md.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $97 million. M&T's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. Bradford Bank is the 82nd FDIC-insured institution to fail in the nation this year, and the second in Maryland. The last FDIC-insured institution closed in the state was Suburban Federal Savings Bank, Crofton, on January 30, 200

Tuesday, August 25, 2009

Getting Old

This entire business of getting old is a pain -- in the neck, back, shoulder, wrist, knee, ass, and assorted other places. Bending over can be an adventure, while at the same time, reaching up can also be painful (that's a new one).

Things that were light become heavy, heavy things become near immovable. It's as if much in the world has changed -- even though it hasn't -- I've changed.

As much as I still love the idea of going fishing - its reality now requires all sorts of planning - I've been so tired the next day that I do almost nothing. Simply put, if I have a busy day planned, I don't go fishing the day before.

All this stuff is just minor complaints - my recently diagnosed diabetes is under control. My gross weight loss has ended. I feel, and even look, better than I did eight months ago.

This brings me to my point ---- old folks and the health care "debate".

When you get old (mature, senior, experienced, etc., etc., etc.) most of the changes you experience are negative. Most of the changes are not good ones. You still think "young". You still remember all the things you once did with ease. You know how to do stuff -- and you can actually still do much of it -- just not as fast, and often not as well.

As you get old, you often (unfairly) lose jobs, find your "nest egg" degraded, realize your plans for retirement have gone up in smoke. This, along with disease, chronic conditions, and various physical problems can make you very wary of "change".

Sometimes the call for "my America" is nothing more than a cry for lost youth. It's a call for a time when your life was still unfolding. As a simple example: During the 50's "old folks" often spoke about the time when the U.S. built "real cars", back in the 30's. Back when they used real steel, bumpers, etc. They pined for those "good old days". Now folks look back at those cars from the 50's and 60's and call them "real cars", "classics" -- the old 57 whatsis that ran forever, was a snap to fix, etc., etc., etc.

By every way of measuring the cars of today are better. They are quicker, handle better, use less gas, and require less maintenance. Gone are the days when you had to let a car "warm up" before you could put it in gear and drive off. No longer does each vehicle have its own starting ritual (pump the gas three times, turn the key, hold the throttle half way down, etc., etc., etc.).

We look back at our youth as someway "better" than the present - simply because we were young, and our future was still an exciting mystery.

Now that much of our future is behind us, we are very wary of change.

As you get old mortality becomes a real issue. You know damn well more than half your life is gone. At times you even wonder if you're worth a damn ----- is it any wonder that the nonsense of "death panels" has gained traction? Some of us either think they might be a good idea, or are avoiding end of life issues like crazy.

It's also quite easy for us "seniors" to become total cynics -- we've seen this play before, and it seems to end up helping everyone but "regular" people. Over my lifetime corporations have gained immense power.

Changes to help all have been characterized as "boondoggles", or called "welfare" -- positive programs have been rolled back simply because some folks have been afraid "the others" might get an advantage, even though it would not have hurt them in any way.

I suggest the Obama administration highlight the POSITIVE aspect of universal health care -- instead of only attempting the counter the lies.

People might just listen then.

Friday, August 21, 2009

Up to date list of 2009 bank failures

Since I've fallen behind on my bank failures, here's a list of all FDIC failures in 2009. This brings us up to date - to August 21, 2009:



Bank Failures in Brief 2009

The list of Bank Failures in Brief is updated through August 21, 2009. Please address questions on this subject to the Customer Service Hotline (telephone: 888-206-4662).

August

Guaranty Bank, Austin, TX with approximately $13 billion in assets and approximately $12 billion in deposits was closed. BBVA Compass, Birmingham, AL has agreed to assume all deposits, excluding certain brokered deposits. (PR-150-2009)

CapitalSouth Bank, Birmingham, AL with approximately $617 million in assets and approximately $546 million in deposits was closed. IBERIABANK, Lafayette, LA has agreed to assume all deposits, excluding certain brokered deposits. (PR-149-2009)

First Coweta Bank, Newnan, GA, with approximately $167 million in assets and approximately $155 million in deposits was closed. United Bank, Zebulon, GA, has agreed to assume all deposits, excluding certain brokered deposits. (PR-148-2009)

ebank, Atlanta, Georgia, with approximately $143 million in assets and approximately $130 million in deposits was closed. Stearns Bank, National Association, St. Cloud, MN, has agreed to assume all deposits. (PR-147-2009)

Community Bank of Nevada, Las Vegas, Nevada, with approximately $1.52 billion in assets and approximately $1.38 billion in deposits was closed. The FDIC has created the Deposit Insurance National Bank of Las Vegas, NV ("DINB of Las Vegas") to facilitate the resolution of Community Bank of Nevada, Las Vegas, NV. (PR-146-2009)

Community Bank of Arizona, Phoenix, Arizona, with approximately $158.5 million in total assets, was closed. MidFirst Bank, Oklahoma City, OK, has agreed to assume all deposits, excluding certain brokered deposits (approximately $143.8 million). (PR-145-2009)

Union Bank, N.A., Gilbert, Arizona, with approximately $124 million in assets and approximately $112 in deposits was closed. MidFirst Bank, Oklahoma City, OK, has agreed to assume all non-brokered deposits. (PR-144-2009)

Colonial Bank, Montgomery, Alabama, with approximately $25 billion in assets, was closed. Branch Banking and Trust Company (BB&T), Winston-Salem, NC, has agreed to assume all deposits (approximately $20 million). (PR-143-2009)

Dwelling House Savings and Loan Association, Pittsburgh, Pennsylvania, with approximately $13.4 million in assets, was closed. PNC Bank, Pittsburgh, PA, has agreed to assume all deposits (approximately $13.8 million). (PR-142-2009)

Community First Bank, Prineville, Oregon, with approximately $209 million in total assets, was closed. Home Federal Bank, Nampa, ID, has agreed to assume all deposits, excluding certain brokered deposits (approximately $182 million). (PR-141-2009)

Community National Bank of Sarasota County, Venice, Florida, with approximately $97 million in assets, was closed. Stearns Bank, N.A., St. Cloud, MN, has agreed to assume all deposits (approximately $93 million). (PR-140-2009)

First State Bank, Sarasota, Florida, with approximately $463 million in assets, was closed. Stearns Bank, N.A., St. Cloud, MN, has agreed to assume all deposits, excluding certain brokered deposits (approximately $387 million). (PR-139-2009)

July

Mutual Bank, Harvey, Illinois, with approximately $1.6 billion in assets, was closed. United Central Bank, Garland, Texas, has agreed to assume all deposits (approximately $1.6 billion). (PR-137-2009)

First BankAmericano, Elizabeth, New Jersey, with approximately $166 million in assets, was closed. Crown Bank, Brick, New Jersey, has agreed to assume all deposits (approximately $157 million). (PR-136-2009)

Peoples Community Bank, West Chester, Ohio, with approximately $705.8 million in assets, was closed. First Financial Bank, N.A., Hamilton, Ohio, has agreed to assume all deposits, excluding certain brokered deposits (approximately $598.2 million). (PR-135-2009)

Integrity Bank, Jupiter, Florida, with approximately $119 million in assets, was closed. Stonegate Bank, Fort Lauderdale, Florida, has agreed to assume all deposits, excluding certain brokered deposits (approximately $102 million). (PR-134-2009)

First State Bank of Altus, Altus, Oklahoma, with approximately $103.4 million in assets, was closed. Herring Bank, Amarillo, Texas, has agreed to assume all deposits (approximately $98.2 million). (PR-133-2009)

Security Bank of Gwinnett County, Suwanee, GA; Security Bank of North Fulton, Alpharetta, GA; Security Bank of North Metro, Woodstock, GA; Security Bank of Bibb County, Macon, GA; Security Bank of Houston County, Perry, GA; and Security Bank of Jones County, Gray, GA, with approximately $2.8 billion in combined assets, were closed. State Bank and Trust Company, Pinehurst, Georgia, has agreed to assume all deposits (approximately $2.4 billion). (PR-130-2009)

Waterford Village Bank, Williamsville, New York, with approximately $61.4 million in assets, was closed. Evans Bank, National Association, Angola, New York, has agreed to assume all deposits (approximately $58 million). (PR-129-2009)

Temecula Valley Bank, Temecula, California, with approximately $1.5 billion in assets, was closed. First-Citizens Bank & Trust Company, Raleigh, North Carolina, has agreed to assume all deposits, excluding certain brokered deposits (approximately $1.3 billion). (PR-126-2009)

Vineyard Bank, N.A., Rancho Cucamonga, California, with approximately $1.9 billion in assets, was closed. California Bank & Trust, San Diego, California, has agreed to assume all deposits, excluding certain brokered deposits (approximately $1.6 billion). (PR-125-2009)

BankFirst, Sioux Falls, South Dakota, with approximately $275 million in assets, was closed. Alerus Financial, National Association, Grand Forks, North Dakota, has agreed to assume all deposits (approximately $254 million). (PR-124-2009)

First Piedmont Bank, Winder, Georgia, with approximately $115 million in assets, was closed. First American Bank and Trust Company, Athens, Georgia, has agreed to assume all deposits (approximately $109 million). (PR-123-2009)

Bank of Wyoming, Thermopolis, Wyoming, with approximately $70 million in assets, was closed. Central Bank & Trust, Lander, Wyoming, has agreed to assume all deposits, excluding certain brokered deposits (approximately $67 million). (PR-122-2009)

Founders Bank, Worth, Illinois, with approximately $962.5 million in assets, was closed. The PrivateBank and Trust Company, Chicago, Illinois, has agreed to assume all deposits (approximately $848.9 million). (PR-119-2009)

Millennium State Bank of Texas, Dallas, Texas, with approximately $118 million in assets, was closed. State Bank of Texas, Irving, Texas, has agreed to assume all deposits (approximately $115 million). (PR-118-2009)

The First National Bank of Danville, Danville, Illinois, with approximately $166 million in assets, was closed. First Financial Bank, N.A., Terre Haute, Indiana, has agreed to assume all deposits (approximately $147 million). (PR-117-2009)

The Elizabeth State Bank, Elizabeth, Illinois, with approximately $55.5 million in assets, was closed. Galena State Bank and Trust Company, Galena, Illinois, has agreed to assume all deposits (approximately $50.4 million). (PR-116-2009)

Rock River Bank, Oregon, Illinois, with approximately $77 million in assets, was closed. The Harvard State Bank, Harvard, Illinois, has agreed to assume all deposits (approximately $75.8 million). (PR-115-2009)

The First State Bank of Winchester, Winchester, Illinois, with approximately $36 million in assets, was closed. The First National Bank of Beardstown, Beardstown, Illinois, has agreed to assume all deposits (approximately $34 million). (PR-114-2009)

The John Warner Bank, Clinton, Illinois, with approximately $70 million in assets, was closed. State Bank of Lincoln, Lincoln, Illinois, has agreed to assume all deposits (approximately $64 million). (PR-113-2009)

June

Mirae Bank, Los Angeles, California, with approximately $456 million in assets, was closed. Wilshire State Bank, Los Angeles, California, has agreed to assume all deposits (approximately $362 million). (PR-105-2009)

MetroPacific Bank, Irvine, California, with approximately $80 million in assets, was closed. Sunwest Bank, Tustin, California, has agreed to assume all non-brokered deposits (approximately $73 million). (PR-104-2009)

Horizon Bank, Pine City, Minnesota, with approximately $87.6 million in assets, was closed. Stearns Bank N.A., St. Cloud, Minnesota, has agreed to assume all deposits, excluding certain brokered deposits (approximately $69.4 million). (PR-103-2009)

Neighbor Community Bank, Newnan, Georgia, with approximately $221.6 million in assets, was closed. CharterBank, West Point, Georgia, has agreed to assume all deposits (approximately $191.3 million). (PR-102-2009)

Community Bank of West Georgia, Villa Rica, Georgia, with approximately $199.4 million in assets and approximately $182.5 million in deposits was approved for payout by the FDIC Board of Directors. (PR-101-2009)

First National Bank of Anthony, Anthony, Kansas, with approximately $156.9 million in assets, was closed. Bank of Kansas, South Hutchinson, Kansas, has agreed to assume all deposits (approximately $142.5 million). (PR-96-2009)

Cooperative Bank, Wilmington, North Carolina, with approximately $970 million in assets, was closed. First Bank, Troy, North Carolina, has agreed to assume all deposits, excluding certain brokered deposits (approximately $774 million). (PR-95-2009)

Southern Community Bank, Fayetteville, Georgia, with approximately $377 million in assets, was closed. United Community Bank, Blairsville, Georgia, has agreed to assume all deposits (approximately $307 million). (PR-94-2009)

Bank of Lincolnwood, Lincolnwood, Illinois, with approximately $214 million in assets, was closed. Republic Bank of Chicago, Oak Brook, Illinois, has agreed to assume all deposits (approximately $202 million).
(PR-86-2009)

May

Citizens National Bank, Macomb, Illinois, with approximately $437 million in assets, was closed. Morton Community Bank, Morton, Illinois, has agreed to assume all non-brokered deposits (approximately $400 million). (PR-76-2009)

Strategic Capital Bank, Champaign, Illinois, with approximately $537 million in assets, was closed. Midland States Bank, Effingham, Illinois, has agreed to assume all deposits (approximately $471 million).
(PR-75-2009)
BankUnited, FSB, Coral Gables, Florida, with approximately $12.8 billion in assets, was closed. BankUnited, Coral Gables, Florida, has agreed to assume all deposits (approximately $8.6 billion).
(PR-72-2009)

Westsound Bank, Bremerton, Washington, with approximately $334.6 million in assets and $304.5 million in deposits, was closed. Kitsap Bank, Port Orchard, Washington, has agreed to assume all non-brokered deposits. (PR-69-2009)

America West Bank, Layton, Utah, with approximately $299.4 million in assets, was closed. Cache Valley Bank, Logan, Utah, has agreed to assume all deposits (approximately $284.1 million).
(PR-63-2009)

Citizens Community Bank, Ridgewood, New Jersey, with approximately $45.1 million in assets, was closed. North Jersey Community Bank, Englewood Cliffs, New Jersey, has agreed to assume all deposits (approximately $43.7 million). (PR-62-2009)

Silverton Bank, N.A., Atlanta, Georgia, with approximately $4.1 billion in assets and $3.3 billion in deposits was closed. The FDIC created a bridge bank, Silverton Bridge Bank, N.A., to take over operations. (PR-61-2009)

April

First Bank of Idaho, Ketchum, Idaho, with approximately $488.9 million in assets, was closed. U.S. Bank, National Association, Minneapolis, MN, has agreed to assume all non-brokered deposits (approximately $374 million). (PR-60-2009)

First Bank of Beverly Hills, Calabasas, California, with approximately $1.5 billion in assets and approximately $1 billion in deposits was approved for payout by the FDIC Board of Directors. (PR-59-2009)

Michigan Heritage Bank, Farmington Hills, Michigan, with approximately $184.6 million in assets, was closed. Level One Bank, Farmington Hills, Michigan, has agreed to assume all deposits (approximately $151.7 million). (PR-58-2009)

American Southern Bank, Kennesaw, Georgia, with approximately $112.3 million in assets and approximately $104.3 in deposits was closed. Bank of North Georgia, Alpharetta, Georgia, has agreed to assume all non-brokered deposits. (PR-57-2009)

Great Basin Bank of Nevada, Elko, Nevada, with approximately $270.9 million in assets, was closed. Nevada State Bank, Las Vegas, Nevada, has agreed to assume all deposits (approximately $241.4 million). (PR-55-2009)

American Sterling Bank, Sugar Creek, Missouri, with approximately $181 million in assets was closed. Metcalf Bank, Lee's Summit, Missouri, has agreed to assume all deposits (approximately $171.9 million). (PR-54-2009)

New Frontier Bank, Greeley, Colorado, with approximately $2.0 billion in assets and approximately $1.5 billion in deposits was closed. Deposit Insurance National Bank of Greeley, Greeley, Colorado has agreed to assume the non-brokered insured deposits. (PR-53-2009)

Cape Fear Bank, Wilmington, North Carolina, with approximately $492 million in assets, was closed. First Federal Savings and Loan Association, Charleston, South Carolina, has agreed to assume all deposits, excluding certain brokered deposits (approximately $403 million). (PR-52-2009)

March

Omni National Bank, Atlanta, Georgia, with approximately $956.0 million in assets and approximately $796.8 million in deposits was closed. SunTrust Bank, Atlanta, Georgia has agreed to assume the non-brokered insured deposits. (PR-50-2009)

TeamBank, National Association, Paola, Kansas, with approximately $669.8 million in assets, was closed. Great Southern Bank, Springfield, Missouri, has agreed to assume all deposits (approximately $492.8 million). (PR-46-2009)

Colorado National Bank, Colorado Springs, Colorado, with approximately $123.5 million in assets, was closed. Herring Bank, Amarillo, Texas has agreed to assume all deposits (approximately $82.7 million). (PR-45-2009)

FirstCity Bank, Stockbridge, Georgia, with approximately $297.0 million in assets and approximately $278.0 million in deposits was approved for payout by the FDIC Board of Directors. (PR-44-2009)

Freedom Bank of Georgia, Commerce, Georgia, with approximately $173.0 million in assets and approximately $161.0 million in deposits, was closed. Northeast Georgia Bank, Lavonia, Georgia has agreed to assume all deposits. (PR-37-2009)

February

Security Savings Bank, Henderson, Nevada, with approximately $238.3 million in assets, was closed. Bank of Nevada, Las Vegas, NV has agreed to assume all non-brokered deposits (approximately $175.2 million). (PR-32-2009)

Heritage Community Bank, Glenwood, Illinois, with approximately $232.9 million in assets, was closed. The MB Financial Bank, National Association, Chicago, Illinois has agreed to assume all deposits (approximately $218.6 million). (PR-31-2009)

Silver Falls Bank, Silverton, Oregon, with approximately $131.4 million in assets was closed. Citizens Bank, Corvallis, Oregon has agreed to assume all deposits (approximately $116.3 million). (PR-24-2009)

Pinnacle Bank of Oregon, Beaverton, Oregon, with approximately $73.0 million in assets was closed. Washington Trust Bank, Spokane, Washington has agreed to assume all deposits (approximately $64.0 million). (PR-23-2009)

Corn Belt Bank and Trust Company, Pittsfield, Illinois, with approximately $271.8 million in assets and approximately $234.4 million in deposits, was closed. The Carlinville National Bank, Carlinville, Illinois has agreed to assume all non-brokered deposits. (PR-22-2009)

Riverside Bank of the Gulf Coast, Cape Coral, Florida, with approximately $539.0 million in assets and approximately $424.0 million in deposits, was closed. TIB Bank, Naples, Florida has agreed to assume all non-brokered deposits. (PR-21-2009)

Sherman County Bank, Loup City, Nebraska, with approximately $129.8 million in assets was closed. Heritage Bank, Wood River, Nebraska has agreed to assume all deposits (approximately $85.1 million). (PR-20-2009)

County Bank, Merced, California, with approximately $1.7 billion in assets was closed. Westamerica Bank, San Rafael, California has agreed to assume all deposits (approximately $1.3 billion). (PR-19-2009)

Alliance Bank, Culver City, California, with approximately $1.14 billion in assets and approximately $951.0 million in deposits was closed. California Bank & Trust, San Diego, California has agreed to assume all deposits. (PR-18-2009)

FirstBank Financial Services, McDonough, Georgia, with approximately $337.0 million in assets was closed. Regions Bank, Birmingham, Alabama has agreed to assume all deposits (approximately $279.0 million). (PR-17-2009)

January

Ocala National Bank, Ocala, Florida, with approximately $223.5 million in assets and approximately $205.2 million in deposits, was closed. CenterState Bank of Florida, Winter Haven, Florida has agreed to assume all non-brokered deposits. (PR-14-2009)

Suburban Federal Savings Bank, Crofton, Maryland, with approximately $360.0 million in assets was closed. Bank of Essex, Tappahannock, Virginia has agreed to assume all deposits (approximately $302.0 million). (PR-13-2009)

MagnetBank, Salt Lake City, Utah, with approximately $292.2 million in assets and approximately $282.8 million in deposits was approved for payout by the FDIC Board of Directors. (PR-12-2009)

1st Centennial Bank, Redlands, California, with approximately $803.3 million in assets and approximately $676.9 million in deposits was closed. First California Bank, Westlake Village, California has agreed to assume the non-brokered insured deposits. (PR-7-2009)

Bank of Clark County, Vancouver, Washington, with approximately $446.5 million in assets and approximately $366.5 million in deposits was closed. Umpqua Bank, Roseburg, Oregon has agreed to assume the non-brokered insured deposits. (PR-6-2009)

National Bank of Commerce, Berkeley, Illinois, with approximately $430.9 million in total assets and $402.1 million in total deposits, was closed. In addition to assuming all of the failed bank's deposits, Republic Bank of Chicago, Oak Brook, Illinois agreed to pay a discount of $44.9 million, and will purchase approximately $366.6 million of assets. The FDIC will retain the remaining assets for later disposition. (PR-5-2009)

Water

This from "When Giants Fall". Just something to think about.

August 19, 2009
A Pretty Clear Link

It's not uncommon for people to treat certain resource-related concerns as discrete issues. While they might discuss the efforts of various nations to acquire arable land around the globe or to ensure that sufficient output from local food production is made available for domestic consumption, they might not mention other challenges that helped create the problems to begin with, such as a shortage of potable water or insufficient access to commodities like oil and fertilizer, some of which is made from natural gas. That said, the following report from the BBC News, "Water Crisis to Hit Asian Food," details a clear link between two absolutely essential resources.

Scientists have warned Asian countries that they face chronic food shortages and likely social unrest if they do not improve water management.

The water experts are meeting at a UN-sponsored conference in Sweden.

They say countries in south and east Asia must spend billions of dollars to improve antiquated crop irrigation to cope with rapid population increases.

That estimate does not yet take into account the possible impact of global warming on water supplies, they said.

Asia's population is forecast to increase by 1.5bn people over the next 40 years.

Going hungry

The findings are published in a new joint report by the UN Food and Agricultural Organisation and the International Water Management Institute (IWMI).

They suggest that Asian countries will need to import more than a quarter of their rice and other staples to feed their populations.

"Asia's food and feed demand is expected to double by 2050," said IWMI director general Colin Chartres.

"Relying on trade to meet a large part of this demand will impose a huge and politically untenable burden on the economies of many developing countries.

"The best bet for Asia lies in revitalising its vast irrigation systems, which account for 70% of the world's total irrigated land," he said.

With new agricultural land in short supply, the solution, he said, is to intensify irrigation methods, modernising old systems built in the 1970s and 1980s.

But that, he says will require billions of dollars of investment.

'Scary scenarios'

At the same time as needing to import more food, the prices of those cereals are likely to continue to rise due to increasingly volatile international markets.

The report says millions of farmers have taken the responsibility for irrigation into their own hands, mainly using out-of-date and inefficient pump technology.

This means they can extract as much water as they like from their land, draining a precious natural resource.

"Governments' inability to regulate this practice is giving rise to scary scenarios of groundwater over-exploitation, which could lead to regional food crises and widespread social unrest," said the IWMI's Tushaar Shah, a co-author of the report.

Asian governments must join with the private sector to invest in modern, and more efficient methods of using water, the study concluded.

"Without water productivity gains, south Asia would need 57% more water for irrigated agriculture and east Asia 70% more," the study found.

"Given the scarcity of land and water, and growing water needs for cities, such a scenario is untenable," it said.

The scenarios forecast do not factor in the impact of global warming, which will likely make rainfall more erratic and less plentiful in some agricultural regions over the coming decades.

back again

my computer went kerfluie (or something like that) Monday. I'm finally back on line.

More to come tomorrow.

Saturday, August 8, 2009

The Woman Behind FDR's New Deal

This From "The Economic Populist" - a blog worth reading



Frances Perkins - The Woman Behind FDR's New Deal
Submitted by Robert Oak on Sat, 08/08/2009 - 15:46.


Did you know the first woman cabinet member of the United States was the chief architect of FDR's New Deal? If you didn't, I have a book to recommend. A new biography, The Woman Behind the New Deal: The Life of Frances Perkins, FDR'S Secretary of Labor and His Moral Conscience by Kirstin Downey was recently published.

Imagine, not only are you a woman, subject to enormous misogyny, discrimination and sexism, but you are the very first women in a Presidential cabinet, with all sorts of idiots commenting on your hair, outfits and appearance (sound familiar?).

Then, on top of dealing with all of that noise, you manage to enact some of the most sweeping changes in the history of the United States. Wow!

Here is a partial list of Perkin's accomplishments:

* Social Security
* Unemployment Insurance
* Minimum Wage & Overtime
* 40 hour work week
* stopped child labor

An architect of infrastructure work projects of the 1930's, Perkins also had a hand in the HOLC, the program accredited with stopping the foreclosure crisis of the 1930's. Perkins also had a hand in the National Housing Act, which introduced mortgage insurance through the FHA.

Astounding isn't it. Before Secretary Perkins, there was no social safety net. Imagine, you are disabled, there is no anything to help survive. Thanks to Perkins, America finally obtained policy that didn't pretend if someone falls somehow the world was simply prey and predator and all who fall should be fated to sink.

Consider the politics involved back then for a woman, there was no equal rights, property laws, economic equality for women still were in deference to a male, no workplace discrimination laws....

Yet she managed this level of accomplishment. Note in today's world we cannot get pretty much anything passed which isn't written by corporate special interests.

Recall when FDR stepped into office, 33% of the entire working population could not get a job and 20% of all homes had been foreclosed on.

One needs to put themselves in her shoes, or outfit if you will, and look at the world through her eyes. While she is trying to obtain the most sweeping labor changes, the best legislation in history to address economic inequalities in the United States.....the media is writing about.....her hat. Wouldn't that just drive you nuts if you gave a major corporate presentation to have someone be upset over your colors or your hairdo, completely dismissing what your entire presentation was recommending?

Think about it.

The first public works project was the CCC. This is the program that gave us all of those great park trails, public pools, roads and highways. The CCC employed 3.5 million Americans over 9 years and gave us some incredible public works to boot!

The U.S. Employment Service had placed 26 million Americans in jobs by WWII.

The WPA provided 8 million jobs and provided thousands of bridges and schools, community projects in the U.S. The WPA also provided skills training to millions.

The NRA is attributed to increasing industrial production 22% before the conservative laden supreme court struck it down.

The book is in narrative style, winding through the personal and the professional. Beware there are some hints of the author's politics particularly in the undocumented worker mantra, so while Perkins was clearly on the side of the U.S. worker, this quote shows she recognized the laws of labor economics:

It is generally recognized that the United States can no longer absorb annually hundreds of thousands of immigrants without serious economic and social dislocations. Certain the present restrictions cannot be relaxed while millions of workers are unemployed and maintained at public expense

Frances did fight hard for German-Jew refugees and plain lost the battle.

What is most interesting about the book is the focus of Secretary Perkins as a working woman. The narrative, progressive time line style, gives a strong sense to Perkin's personal experiences as well as the incredible political instincts, the strategy skills which enabled Ms. Perkins to swim among the sharks of D.C.

Perkins also was the breadwinner for the family. Maybe this reality, her own experience in trying to earn a living, in addition to witnessing the Triangle Shirtwaist Factory fire, which generated her steadfast loyalty to American's labor force and middle class.

The Labor Hall of Fame has a lengthy article on Perkins from 1989.

One must wonder most of all, why is it few have heard of Frances Perkins today? She has to be the most effective Secretary of Labor in U.S. history at minimum.

Bravo to author Kirstin Downey for bringing to the modern light such an astounding political figure

Bank Failures

So far there have been 72 outright failures. The FDIC has listed quite a few "troubled banks". Does anyone else think many of our oh-so positive "economic pundits" are smoking all the "green shoots"?

# 72

Community First Bank, Prineville, Oregon, was closed today ... As of July 5, 2009, Community First Bank had total assets of $209 million and total deposits of approximately $182 million.
...
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $45 million. ... Community First Bank is the 72nd FDIC-insured institution to fail in the nation this year, and the third in Oregon. The last FDIC-insured institution to be closed in the state was Silver Falls Bank, Silverton, Oregon, on February 20, 2009.

#'s 70 & 71

irst State Bank, Sarasota, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of May 31, 2009, First State Bank had total assets of $463 million and total deposits of approximately $387 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $116 million. ... First State Bank is the 70th FDIC-insured institution to fail in the nation this year, and the fifth in Florida. The last FDIC-insured institution to be closed in the state was Integrity Bank, Jupiter, on July 31, 2009.

Community National Bank of Sarasota County, Venice, Florida, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of June 30, 2009, Community National Bank of Sarasota County had total assets of $97 million and total deposits of approximately $93 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $24 million. ... Community National Bank of Sarasota County is the 71st FDIC-insured institution to fail in the nation this year, and the sixth in Florida. The last FDIC-insured institution to be closed in the state was First State Bank, Sarasota, earlier today.

Thursday, August 6, 2009

consumer Demand

This direct from Jesse's Cafe Americain. You may not agree --- but it's worth reading



06 August 2009
US Consumer Demand Off a Cliff


As we said, we would be taking a closer look behind the headline GDP numbers recently released. The advantage of procrastination is that eventually a capable person will chart up the data which you have been studying. So thank you to ContraryInvestor for his excellent charts. His site is among the best, and we read it regularly.

The big story is the collapse of the US consumer, unprecedented since WW II, and possibly the Great Depression. This is apparent in the numbers despite the epic restatement of GDP having just been done by the BLS in their benchmark revisions.

If the Fed and Treasury were not actively monetizing everything in sight, we would certainly be seeing a more pronounced deflation as prices fall WITH demand. And if they continue, we may very well feel a touch of the lash of that hyperinflation that John Williams is predicting. We still think a stiff stagflation is more likely, but are allowing that the Fed and Treasury may indeed be 'just that dumb enough' to trigger something less probable.

Until the consumer returns to some semblance of health, there will be no sustained recovery. It really is that simple.



The Fed will have to stop artificially draining credit supply by paying such a high rate of interest on reserves. They know this. It will stimulate lending, even to less worthy borrowers. But this is not a cure. It is one of the paths to more inflation, fresh asset bubbles, and the devaluation of the dollar.



The cure will be to increase the median wage, and to stop the transfer of the national income to fewer and fewer hands. For that is how the system is set up today. It is not the result of 'free markets' but a sustained transfer of wealth through regulatory and tax policies, and a pernicious corruption of the nation most significantly starting in 1980 and reaching its summit under Bush and Obama.

Not only will there be no sustained recovery, but if this trend continues, the pigs feeding at the trough will most likely be slaughtered. It is the lesson of history.

Obama needs to bring in fresh thinking. Volcker and Stiglitz would be a step in the right direction, but it is ironic that they are much older than the Bobsey twins, Geithner and Summers. Bobsey being, of course, Bob Rubin. They should be sacked.

The problem as we see it is that Obama is hopelessly over his head, and failing badly. His stump speeches to admiring crowds, as the most recent in Elkhart, Indiana, ring increasingly hollow.

Look for several third party candidates to rise in the next election, as both the Democrats and the Republicans fail to deliver an honest performance for the country. The problem is that at least one of them will be a toxic choice, probably the one that is most narrowly financed.

It does not look hopeful at this moment in history. But tomorrow is another day.

Wednesday, August 5, 2009

Last weeks Bank Failures

Here it is -- Wednesday, and I missed posting about the latest bank failures.

"The FDIC closed five more banks on Friday, and that brings the total FDIC bank failures to 69 in 2009."

Herring Bank, Amarillo, Texas, Assumes All of the Deposits of First State Bank of Altus, Altus, Oklahoma

Stonegate Bank, Fort Lauderdale, Florida, Assumes All of the Deposits of Integrity Bank, Jupiter, Florida

First Financial Bank, National Association, Hamilton, Ohio, Assumes All of the Deposits of Peoples Community Bank, West Chester, Ohio

Crown Bank, Brick, New Jersey, Assumes All of The Deposits of First Bankamericano, Elizabeth, New Jersey

Mutual Bank, Harvey, Illinois, was closed today by the Illinois Department of Financial Professional Regulation - Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.

Now we're up to date -- sort of.