Bank Failures 38 & 39: Southern Community Bank, Fayetteville, Georgia and Cooperative Bank, Wilmington, North Carolina
Submitted by
CalculatedRisk on Fri, 06/19/2009 - 2:16pm (48 comments)
in
Adding to BFF
PBGC Assumes Pensions at Lehman Brothers Holdings Inc
The PBGC will take over the plan’s assets and use insurance funds to pay guaranteed benefits earned under the plan, which ended as of Dec. 12, 2008. At that time, the Lehman Brothers Holdings Inc. Retirement Plan had a shortfall of $115 million, with $800 million in assets to cover $915 million in benefit liabilities. The $115 million underfunding figure has been revised upward from previously announced estimates, which had been made before December asset information was available.
TGIBFF
Thank God its Bank Failure Friday!!!
~miser
How bad were these banks that mark to mirage couldn't save them?
Well they ARE an hour ahead of Corpse, I mean Corus.
So many bad banks, so little time.
The FDIC is behind the 2 per week schedule, so those new examiner teams should be getting their rookie seasons soon.
I can't believe they're still pecking away at these little country banks.
They should swallow banks like these a dozen at a time.
Well, at least there is something in this world we can rely on.
So my running tally for 2009 brings this up to:
FDIC Loss estimates: $11.16B
on total Assets of $34.85B and total insured deposits of $26.57B
bottoms up suckas
wow, if one had rode CORS from early march to early may - 10x return - holy penny stocks batman
Looks like Gary was right on the money with his prediction of 2 pigs and 2 bank failures before he made it home to Brooklyn.
I can't remember where I found it, but someone on another site had created an Excel sheet with all the banking institutions and their Texas ratios. Southern Community had a ratio of 210 from when that file was created but on the other hand Cooperative only had a 34 ratio.
It is 5:33 PM in Chicago ... Corus branches close at 6 PM on Fridays ... just saying ...
best to all
My meds have kicked in so I'd like to offer Gary a
for his prediction.
Comrade Terry (profile) wrote on Fri, 6/19/2009 - 6:24 pm
I can't believe they're still pecking away at these little country banks.
They should swallow banks like these a dozen at a time.
What? And blow their smokescreen that the banking system AS A WHOLE is "really solvent"?
's 38 & 39!! Wow, a lot happened while I was in hibernation!
[Corus]
Vulture1 to Vulture2: Naaaaah.
they both fly off
[Corus]
Three thousand four hundred and eighty banks set for a fall...
Three thousand four hundred and eighty banks set for a fall...
Take two out...
Spread their assets about...
Three thousand four hundred and seventy eight banks set for a fall...
very good rob dawg
Just try singing that through even once fast...
Now, what did I do with my tongue?
Every time a bank closes a taxpayer somewhere loses a deduction.
...But some money gets its wings...
could turn into a really long night at the shredder s)
dont get your ties caught boy-os.
I have the tune "the Corus Countdown" in my head, sung, of course, to tune of Europe's 80's classic "The Final Countdown"
YouTube - Europe - The Final Countdown (Live)
Thanks for posting that, Basel II.
Isn't that something, that Lehman Brothers, a company that made its living dispensing financial advice, didn't even fund its own defined benefit pension plan? The PBGC is in it deep.
Hey cut me some slack. I am currently on the couch at my sister's summer house in Chatham on Cape Cod. I can barely move after my 2.5 lb lobster. Nom nom nom.
Pizza - i love traditions!
Dawg thats hilarious! thx
Mr.Sparkle - not'in compared to the few trillion that we are on the hook for.
I have got to start paying attention. Corus is going to be closed down today?
I tried to short FAS (none available at Vanguard) today; I should have bought more FAZ when I got shot down on FAS.
....must be tough, Dawg..........closest to that here is a 2oz scorpion
I'd just like to say that these are some of Soylent's finest pieces yet. He's really getting darker.
I hope he's got something really black cooked up for Corus.
@ Rich
Maybe the Lehman Brothers BK was by design?
You know, Jeb and all...
Lehman Brothers collapse costs Fla. and its citizens $1 billion» TCPalm.com
Lots of corpses under that TARP.
is there a plotted map of where all the failed banks have been so far? along with the size of the fail?
"I can barely move after my 2.5 lb lobster. Nom nom nom."
No, Dawg. No slack for you.
Bastard....
"Lehman Brothers, which built the nation’s railroads"
So I guess one brother was Irish and the other Chinese?
Bank robbers may have to find another line of work.....more unemployment....
Yeah, it sort of moots Willie Sutton's answer to why he robbed banks...
I have family in Wilmington, NC. This is the second bank failure there this year (Cape Fear was the first).
Maybe the FDIC is just going through the local Yellow Pages under "Banks". Cape Fear, Cooperative, ...
first national bank of anthony, Kansas joins the trilogy
DRINK
OT, but while we wait on the FDIC, please visit this comment thread on a L.A. real estate blog for some serious comic relief.
https://www.blogger.com/comment.g?blogID=4846814498283585105&postID=5834041789129887122&isPopup=true
fdic already spoke....
callin the pig...
SUUUUWWWWEEEEE!!!!!
I'm not saying Crescent State should be worried, but they should take a good look around.
FDIC: Failed Bank Information - Bank Closing Information for First National Bank of Anthony, Anthony, KS
DRINK - BF
I'm on that thing, man. Currently "Slim Chance" from Red Hook, one of the local microbrews. Words well as "lager and lime" or a shandy. Sort of like Michelob in the '70's before they started making it sweeter. The old American brews taste like they have rice and sugar added. They won't hold a head, either.
Sheila Bair wants a seat at the regulatory table. BWAHAHAHA!! Hey Sheila, you are nothing but a low level bureaucrat, now pay up! Oh yeah, and Dimon needs his man-massage.