June 4, 2010 Bank failures grow to 80 for the year. On Friday, Federal and State regulators closed 2 small banks, one located in Mississippi and the other in Illinois. Assets of the two failed banks totaled $77.4 million, and at a cost to the FDIC's DIF of $15.8 million. In May, the number of bank failures total 14, with assets totaling $6.25 billion and at a cost to the FDIC of $838.4 million, compared to April when there were 23 bank failures, with assets totaling $39.0 billion and at a cost to the FDIC of $9.42 billion.
|FDIC Bank Failures|
|Year||No. of Failed Banks||Total Assets of Failed Banks||Loss to FDIC's DIF|
Since the start of the financial crisis in 2007, there have been 248 bank failures with assets totaling a staggering $615.2 billionand deposits totaling $430.2 billion, and at a cost to the FDIC of $69.0 billion.
In 2009, there were 140 bank failures with assets totaling $170.9 billion and at an estimated cost to the FDIC's DIF of $36.43 billion, the five largest bank failures being BankUnited with $12.8 billion in assets, Colonial Bank with $25 billion in assets, Guaranty Bank with $13 billion in assets, United Commercial Bank with $11.2 billion in assets, and AmTrust Bank with $12 billion in assets.
In 2008, there were 25 bank failures with assets totaling $373.6 billion. Washington Mutual Bank, which failed Feb 2008 and with assets totaling $307 billion, is by far the largest US bank failure in recent history. Below is a list of bank failures, compiled from theFDIC's failed bank data - FDIC failed bank list.
The collapse of the housing market, and the increase in mortgage delinquencies and home foreclosures, coupled with the credit crisis have all led to a dramatic increase in bank failures over the past few years. When banks fail, the FDIC is appointed as receiver. Depositors are protected up to the FDIC insurance limit. In most cases, the FDIC arranges for the branches and insured deposits to be transferred to another well capitalized bank, and banking services for the failed bank's customers generally continue uninterrupted.
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The total number of oz in this non delivery month equates to 55,000 oz.
The action is clearly in the gold arena.
As for our two major physical ETF's, the Central Fund of Canada and PHYS, here are their premiums to NAV:
Here is a great report on the jobs number from Dave Kranzler:
John Williams of ShadowStats.com reports:
Robert Reich is the former Labour secretary in the Clinton administration and is a professor at Berkeley. He latest commentary is quite the piece.
Reich correctly addresses the average length of unemployment rising to 34.4 weeks from 33 weeks. He correctly states that the consumer is tapped out,
and that many Americans are discouraged looking for a job as businesses simply do not hire. Banks continue not to loan to anybody as they park their excess reserves
at the Fed. In Reich's opinion, the usa is falling into a double dip recession:
For those of you who think that the only problems are over in Europe, guess again: