Bank Closures - April 30

April 30 was a bad day for banks and total of about $6 billion loss for the FDIC. I say about because I read the press releases last nite but can't get to the releases tonite as their website seems to be down. I was working long hours this weekend, so wasn't I mean I was too tired to write a post. I remember adding in my head that there was about $6 billion with about $5 billion of that from 3 banks in Puerto Rico...yep we bailout their banks as well. I believe there was a total of 6 or 7 banks that went down in flames Friday.  I'll recheck the press releases tomorrow and update this blog post. Sounds like a financial recovery to me....


EDIT UPDATE:

Here is the real scoop with the Friday, April 30, 2010 bank closures.

1. Frontier Bank, Everett, Washington, was closed today by the Washington Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The 51 branches of Frontier Bank will reopen during normal business hours as branches of Union Bank, N.A. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $1.37 billion.
2. BC National Banks, Butler, Missouri, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The four branches of BC National Banks will reopen on Saturday as branches of Community First Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $11.4 million.
3. Champion Bank, Creve Coeur, Missouri, was closed today by the Missouri Division of Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $52.7 million.
4. CF Bancorp, Port Huron, Michigan, was closed today by the Michigan Office of Financial and Insurance Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The 22 branches of CF Bancorp will reopen during normal business hours beginning Saturday as branches of First Michigan Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $615.3 million.
5. Westernbank Puerto Rico, Mayaguez, Puerto Rico, was closed today by the Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The 46 branches of Westernbank Puerto Rico will reopen during normal business hours as branches of Banco Popular de Puerto Rico. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $3.31 billion.
6. R-G Premier Bank of Puerto Rico, Hato Rey, Puerto Rico, was closed today by the Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The 29 branches of R-G Premier Bank of Puerto Rico will reopen during normal business hours as branches of Scotiabank de Puerto Rico. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $1.23 billion.
7. Eurobank, San Juan, Puerto Rico, was closed today by the Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The 22 branches of Eurobank will reopen during normal business hours as branches of Oriental Bank and Trust. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $743.9 million.


Now, what I did this week was put down how many branches were affected. I did this so you could see that when a bank is closed by the FDIC, it usually has more than one branch or building. Many times when we see "XYZ bank" was closed by the FDIC, we assume it only affected one building and maybe only 10-20 employees. As you can see from above most banks that were closed this week, had more than one branch and most had several.

Our totals are;
Bank Closures = 64

Cost to the FDIC (We The People) this week = $7.33 Billion with $5.3 Billion of that going to banks in Puerto Rico.


Cost to the FDIC (We The People) yearly = $16.52 Billion