Good morning to you all:
Before starting, I will report that 5 banks failed last night bringing the total to 120 for the year.
The big failure last night was United Commmerical Bank from San Francisco with assets of 11 billion and deposits of 7 billion dollars.
This bank had 63 USA branches as well as operations in Hong Kong and Shanghai China. East-West bank assumed the assets of this failed
bank and has agreed to share in the losses of around 7.7 billion dollars. This is a further contingency loss for the FDIC.
The California failure so far will cost the FDIC another 1.4 billion dollars and the other 4 will cost them 132 million dollars.
Here is the report from CNN: