OSU Beavers
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Two More Banks Fail
- Thread starter OSU Beavers
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OSU Beavers
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Wow, no replies?
Thomas N. Morgan
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- Florida
OSU - To us appraisers, bank failures don't seem like news. Keep us posted, just the same.
realbiz
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OSU I guess there is no response, because no one is surprised. I saw this on the internet when I got in this afternoon. But, I have not heard anything on the news yet. I think powers to be are trying to keep this on the downlow. But, I expect there are many banks on the borderline of being taken over. I have money still in Indymac that I will be moving this week, but what bank will be safe? Thanks for the posting, some people may not be aware.
Tim The Enchanter
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Notice how this stuff seems to happen on the weekend lately? Or at least that's when it hits the news. 
I can't wait to go in Monday and check the fan.
I can't wait to go in Monday and check the fan.
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I don't know how true this is but I read the regulators do this so they have the weekend to move and settle in.Notice how this stuff seems to happen on the weekend lately? Or at least that's when it hits the news.
Terrel L. Shields
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EXACTLY RIGHT
These two are first of perhaps 200 or more we will see over the next 2 years....
OSU Beavers
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Lenders on the FDIC's "problem list" grew to 90 in the first quarter from 76 in the fourth quarter of 2007, the FDIC said in May.
I'd like to get that list!
I'd like to get that list!
Peacemaker
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The FDIC and OCC have been at the Arizona headquarters of FNB for weeks now, they didn't just move in on a Friday. A good friend of mine is a financial analyst there. We had lunch last week and he told me this, and that they were expecting to be taken over by FDIC. But he also said they had numerous investors seriously interested in the bank. Apparently this is only the second time in 10 years where a bank that "failed" has been able to guarantee all deposits including those over the FDIC limit. From the local articles it does not sound like this bank was in terribly dire straights (compared to some others out there) and I'm curious why the gov't did this now. I'm hoping to get more of the story this week. At the moment, no layoffs are planned, although I'm sure Mutual of Omaha will consolidate and there will be some of that.
I have had many interesting discussions with my friend over the years about how this bank operates and their mortgage (and appraisal) practices (note, i did not do any work for them...) He says less than 1% of their losses are attributed to appraisal issues They got conservative with their lending practices at the first sign of the turn in the market. My opinion at this point is this bank is one of the "good guys" caught up in the market downturn.
I have long suspected that the government likes to break news late on Fridays, to give Wall Street time to let things sink in. But I don't think this is a huge story because this is a smaller bank, the losses are minor, and there's no big scandal involved. If anything it sounds like a 'good news' story in that the government has managed to facilitate a fairly happy ending here. I suspect it's just one in a long line of bank takeovers that are coming, and sad to say, these are not going to be big headline stories because they will become commonplace.
I have had many interesting discussions with my friend over the years about how this bank operates and their mortgage (and appraisal) practices (note, i did not do any work for them...) He says less than 1% of their losses are attributed to appraisal issues They got conservative with their lending practices at the first sign of the turn in the market. My opinion at this point is this bank is one of the "good guys" caught up in the market downturn.
I have long suspected that the government likes to break news late on Fridays, to give Wall Street time to let things sink in. But I don't think this is a huge story because this is a smaller bank, the losses are minor, and there's no big scandal involved. If anything it sounds like a 'good news' story in that the government has managed to facilitate a fairly happy ending here. I suspect it's just one in a long line of bank takeovers that are coming, and sad to say, these are not going to be big headline stories because they will become commonplace.
Austin
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We have dinner at least once a week with our bank CEO and the EX CEO who are both on the board of our bank. Friday night, 48 hours ago the CEO ask me if I had heard the latest rumor and I said I don't think so.
We have a local minority bank I mentioned in a prior post that is under guard with regulators. The only reason they are still open is because it would look bad politically in an election year to close a minority bank and have racial overtones. The rumor is, no rumor my buddy says but fact, is that the largest bank in town has purchased their new 2 million dollar bank building and the minority bank is headed back to the hole in the wall downtown from which they emerged. They already closed and sold all of their new branches. Or worse. Most likely the worst but right after the election of course.
We have a local minority bank I mentioned in a prior post that is under guard with regulators. The only reason they are still open is because it would look bad politically in an election year to close a minority bank and have racial overtones. The rumor is, no rumor my buddy says but fact, is that the largest bank in town has purchased their new 2 million dollar bank building and the minority bank is headed back to the hole in the wall downtown from which they emerged. They already closed and sold all of their new branches. Or worse. Most likely the worst but right after the election of course.
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