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BANK FAILURE FRIDAY-- AmTrust Goes DOWN (6 Total So Far)

 
GlassPearls
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User ID: 613866
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12/04/2009 06:26 PM
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BANK FAILURE FRIDAY-- AmTrust Goes DOWN (6 Total So Far)
[link to www.calculatedriskblog.com]

Bank # : Name
_____________________________________________________________​

125: Buckhead Community Bank, Atlanta, Georgia (total assets of approximately $874.0 million and total deposits of approximately $838.0 million

126: First Security National Bank, Norcross, Georgia (assets of approximately $128.0 million and total deposits of approximately $123.0 million.)

127: Tattnall Bank, Reidsville, Georgia (assets of $49.6 million and total deposits of approximately $47.3 million)

128: AmTrust, Ohio (assets of approximately $12.0 billion and total deposits of approximately $8.0 billion.)

129: Benchmark Bank, Aurora, Illinois (assets of approximately $170.0 million and total deposits of approximately $181.0 million.)

130: Greater Atlantic Bank, Reston, Virginia (assets of approximately $203.0 million and total deposits of approximately $179.0 million)

FDIC Hit:

125: $241.4 MM
126: $30.1 MM
127: $13.9 MM
128: $2.0 B
129: $64 MM
130: $34 MM


Last Edited by GlassPearls on 12/04/2009 07:22 PM
GlassPearls  (OP)

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12/04/2009 06:27 PM
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Re: BANK FAILURE FRIDAY-- AmTrust Goes DOWN (6 Total So Far)

And from the FDIC: New York Community Bank, Westbury, New York, Assumes All of the Deposits of AmTrust Bank, Cleveland, Ohio

AmTrust Bank, Cleveland, Ohio, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of October 27, 2009, AmTrust Bank had total assets of approximately $12.0 billion and total deposits of approximately $8.0 billion. ...

As part of this transaction, the FDIC will acquire a cash participant instrument. This will serve as additional consideration for the transaction. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $2.0 billion.

Furthermore, the FDIC transferred to New York Community Bank all qualified financial contracts to which AmTrust was a party.

... AmTrust Bank is the 128th FDIC-insured institution to fail in the nation this year, and the second in Ohio. The last FDIC-insured institution closed in the state was Peoples Community Bank, West Chester, which closed on July 31, 2009.


Last Edited by GlassPearls on 12/04/2009 06:28 PM
Anonymous Coward
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12/04/2009 06:28 PM
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Re: BANK FAILURE FRIDAY-- AmTrust Goes DOWN (6 Total So Far)
Hmmm only 4 today. I wonder how many branches?

[link to www.fdic.gov]
Anonymous Coward
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12/04/2009 06:30 PM
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Re: BANK FAILURE FRIDAY-- AmTrust Goes DOWN (6 Total So Far)

And from the FDIC: New York Community Bank, Westbury, New York, Assumes All of the Deposits of AmTrust Bank, Cleveland, Ohio

AmTrust Bank, Cleveland, Ohio, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of October 27, 2009, AmTrust Bank had total assets of approximately $12.0 billion and total deposits of approximately $8.0 billion. ...

As part of this transaction, the FDIC will acquire a cash participant instrument. This will serve as additional consideration for the transaction. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $2.0 billion.

Furthermore, the FDIC transferred to New York Community Bank all qualified financial contracts to which AmTrust was a party.

... AmTrust Bank is the 128th FDIC-insured institution to fail in the nation this year, and the second in Ohio. The last FDIC-insured institution closed in the state was Peoples Community Bank, West Chester, which closed on July 31, 2009.

 Quoting: GlassPearls

Happy days are here again
The skies above are clear again
So let's sing a song of cheer again
Happy days are here again
Anonymous Coward
User ID: 833731
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12/04/2009 06:31 PM
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Re: BANK FAILURE FRIDAY-- AmTrust Goes DOWN (6 Total So Far)
That's a BIG one!

FDIC even more in the hole!
Anonymous Coward
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12/04/2009 06:36 PM
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Re: BANK FAILURE FRIDAY-- AmTrust Goes DOWN (6 Total So Far)
I know people that work there.

Ouch.

More pain in Cleveland
GlassPearls  (OP)

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12/04/2009 06:47 PM
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Re: BANK FAILURE FRIDAY-- AmTrust Goes DOWN (6 Total So Far)
That's a BIG one!

FDIC even more in the hole!
 Quoting: Anonymous Coward 833731

As of this afternoon, $2.3B more in the hole. I updated the original post to summarize the dollars involved.
GlassPearls  (OP)

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12/04/2009 06:53 PM
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Re: BANK FAILURE FRIDAY-- AmTrust Goes DOWN (6 Total So Far)
#129 goes down: [link to www.calculatedriskblog.com]
Anonymous Coward
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12/04/2009 07:11 PM
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Re: BANK FAILURE FRIDAY-- AmTrust Goes DOWN (6 Total So Far)
From the FDIC: MB Financial Bank, National Association, Chicago, Illinois, Assumes All of the Deposits of Benchmark Bank, Aurora, Illinois
Benchmark Bank, Aurora, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of November 16, 2009, Benchmark Bank had total assets of approximately $170.0 million and total deposits of approximately $181.0 million....

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $64 million. ... Benchmark Bank is the 129th FDIC-insured institution to fail in the nation this year, and the twentieth in Illinois. The last FDIC-insured institution closed in the state was Park National Bank, Chicago, on October 30, 2009.
GlassPearls  (OP)

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12/04/2009 07:18 PM
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Re: BANK FAILURE FRIDAY-- AmTrust Goes DOWN (6 Total So Far)
#130 goes down: [link to www.calculatedriskblog.com]

Greater Atlantic Bank, Reston, Virginia (assets of approximately $203.0 million and total deposits of approximately $179.0 million)

Last Edited by GlassPearls on 12/04/2009 07:21 PM
Anonymous Coward
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12/04/2009 07:52 PM
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Re: BANK FAILURE FRIDAY-- AmTrust Goes DOWN (6 Total So Far)
Yowza.

There could still be some on the West Coast to come too.
Follower of Jesus

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12/04/2009 11:48 PM
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Re: BANK FAILURE FRIDAY-- AmTrust Goes DOWN (6 Total So Far)
Hmmm only 4 today. I wonder how many branches?

[link to www.fdic.gov]
 Quoting: Anonymous Coward 774263


Actually it was 6 today

[link to news.ino.com]
Follower of Jesus (FoJ)
Anonymous Coward
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12/05/2009 12:09 AM
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Re: BANK FAILURE FRIDAY-- AmTrust Goes DOWN (6 Total So Far)
O shut there goes the piggy bank worth of pennies!!





GLP