I can assure you there are many more than 90 on the FDIC watch list.
There are what, 8000 banks in the US? I don't have a number, but I think it's fair to say 75% rode the real estate boon.
<<<just flowing this out, the number 6,000 has been floating out there. I would like to know how many banks we have in all, too.>>>>
And now they must survive the bust.
I would not be surprised to see the total number failed before this is all over around 3-4......
<<<<are we tax payers supposed to pay for all of these banks that get a hand forward? It's not hard to see what is going to happen. I can see now how we may be government names, numbers.>>>>
Omega, I pulled cash out last week, Wondering if I need to pull from two other, Wachovia, Suntrust, actually a third, business, BB&T I hate to do a run on money, but I may be.
If they close, I SHOULD be able to go into the new branch taken over by..XX, if was total about 10k, what would you do? Sorry, lol, I just appreciate your advise, although it makes my ole heart race!
Among his recent accomplishments, Steel [Wachovia's new CEO]
is credited with helping to engineer JPMorgan Chase & Co.’s
recent purchase of Bear Stearns Co.
The Feds can snoop on you and nail you to the wall if you even dare think about cheating on your income tax but yet they seem to always have trouble seeing trouble in their own back yard.
How is it they can pay people huge salaries to regulate the economy but yet when these kind of things happen they say.....geex, we sure didn't see that coming? If they didn't see it coming then why don't they fire incompentant regulaters? And where is Congress when this country is crumbling? They are no where to be found.
I tell you. There are a lot of people that need to go to prison and many others that need to be fired...immediately. This imcompentance cannot go on forever. Since Bush took office there has been more criminal actions in the coporate world as well as the Government world and no one ever has to pay.
Anonymous Coward User ID: 362931 7/13/2008 6:06 AM
On list of risky banks, Georgia companies dominate
'Texas ratio' tries to predict failures; some metro Atlanta execs call it misleading
By RUSSELL GRANTHAM
The Atlanta Journal-Constitution
Published on: 07/13/08
Several Georgia banks dominate a recent ranking of the nation's riskiest financial institutions based on a measure known as the "Texas ratio," which attempts to gauge how likely they will run into deep financial trouble.
A number of them have recently made moves aimed at sidestepping potential failures, such as raising capital or selling assets to shore up cash reserves, according to company filings and interviews with executives.
Such moves could buy time for banks that are struggling to recover from big bets on homebuilders and real estate developers that went sour. After years of bankrolling the once-booming metro Atlanta real estate market, Georgia's banks have the highest proportion of developer loans in the nation.
But while some of those bankers said they're optimistic that the Atlanta economy will eventually rebound and ease the strains on the region's banks, they see more tough days ahead.
"The Texas ratio, yes, it's definitely an indicator, and yes, we're going to have challenges, but we're confident we're going to work through it," said W. David Everitt Jr., chairman of FirstCity Bank in Stockbridge. "It's definitely not 'The sky is falling.' "
The 103-year-old bank, which has about $250 million in assets, was among 25 banks nationwide that had high Texas ratios in a list published last month by research firm SNL Securities. Nine Georgia banks, mostly small, dominated the list.
A securities analyst developed the Texas ratio to predict bank and thrift failures during the savings and loan crisis that centered on that state two decades ago. The ratio compares a financial institution's total problem loans and related assets to its capital and reserves set aside for loan losses. A ratio above 100 percent implies that potential losses could wipe out a bank's capital and cash reserves and cause it to fail. SNL based its computations on banks' regulatory filings from March 31, the latest available.
With Friday's failure of IndyMac Bancorp, four of the five financial institutions that have failed this year nationwide had Texas ratios above 100 percent, according to SNL. IndyMac, a Pasadena, Calif.-based mortgage lender, is the nation's second-largest bank failure, according to American Banker newspaper.
Industry veterans predict that several metro Atlanta banks may fail or be pushed into mergers with stronger banks, but stop short of saying the Texas ratio is foolproof.
"Just the raw numbers do not reflect the people behind the numbers and their ability to access local capital and other resources that would not be reflected in the numbers themselves," said Joe Brannen, president of the Georgia Bankers Association.
Even when a bank does fail, most depositors shouldn't be affected. The Federal Deposit Insurance Corp. insures checking and savings accounts up to $100,000 and certain retirement accounts up to $250,000; families with multiple accounts can be insured to higher limits in some cases.
Alpharetta bank at top of the list
The ratio is "a little misleading," said Patrick Frawley, president and chief executive of Integrity Bank.
The nearly 8-year-old Alpharetta bank landed at the top of SNL's list, with a Texas ratio of almost 372 percent. Its strategy of funding construction in Atlanta's booming northern suburbs fizzled, loading the bank with about $270 million in non-performing loans and other assets. The bank is one of the largest on SNL's list, with $1.2 billion in assets.
Frawley is a former bank regulator turned fix-it guy for banks who was hired last September to help turn Integrity Bank around. Because of certain regulatory limits, only a portion of the bank's loan loss reserves are counted in the Texas ratio, he said. He said the ratio also doesn't reflect the fact that most of the bank's loans are secured with real estate collateral.
*****
TEXAS-SIZE TROUBLE
Several Georgia banks rank high in terms of the so-called "Texas ratio," a risk measure from the days of the savings and loan debacle that sank hundreds of financial institutions in that state in the 1980s. The ratio measures problem loans compared to the banks' equity capital and reserves for loan losses.
National rank Assets* Texas ratio (%)
1. Integrity Bancshares, Alpharetta $1.21 billion 372
4. Triangle Financial Group (The Community Bank), Loganville $625 million 246
8. FirstCity Bank, Stockbridge $255 million 211
11. First Georgia Community Corp., Jackson $293 million 182
14. Omni Financial Services (Omni National Bank), Atlanta $997 million 178
19. First Security National Bank, Norcross $140 million 154
20. Southern Community Bank, Fayetteville $372 million 147
23. FirstBank Financial Services, McDonough $432 million 144
25. Newnan-Coweta Bancshares,** Newnan $240 million 130
EEKS! My business account is at National City bank! Time to change banks!
What really gets me is the bank used to be St. Francis Bank, then it got bought out by Mid America, then 2 months later National City took them over. Now looky.......
No wonder why these assholes will not go live on my deposits.
Anonymous Coward User ID: 467412 7/13/2008 1:26 PM
The Feds can snoop on you and nail you to the wall if you even dare think about cheating on your income tax but yet they seem to always have trouble seeing trouble in their own back yard.
How is it they can pay people huge salaries to regulate the economy but yet when these kind of things happen they say.....geex, we sure didn't see that coming? If they didn't see it coming then why don't they fire incompentant regulaters? And where is Congress when this country is crumbling? They are no where to be found.
I tell you. There are a lot of people that need to go to prison and many others that need to be fired...immediately. This imcompentance cannot go on forever. Since Bush took office there has been more criminal actions in the coporate world as well as the Government world and no one ever has to pay.
Quoting: Rota
Because ut has been created. Watch the documentary the money masters to see what is really going on.
Anonymous Coward User ID: 467510 7/13/2008 4:08 PM
Aside from trying to get their money back, the Russians want to send a strong signal that looting the Federation and exporting the proceeds is no longer a risk-free option. These sorts of signals do have an effect. Fearful of being grabbed on charges of war crimes, Henry Kissinger is still careful in the jurisdictions he visits, as no doubt will be George Bush and Dick Cheney, once they quit office.
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