Your Friday Nite Bank Failure:Bradford Bank
Regulators shut Bradford Bank in Maryland
Regulators shut Bradford Bank in Maryland; 82nd US bank failure this year
http://finance.yahoo.com/news/Regulators-shut-Bradford-Bank-...
WASHINGTON (AP) -- Regulators on Friday shut down Bradford Bank, a small bank in Maryland, marking the 82nd U.S. bank failure this year amid the soured economy and rising loan defaults.
The Federal Deposit Insurance Corp. took over Baltimore-based Bradford Bank, with about $452 million in assets and $383 million in deposits as of June 30. Manufacturers and Traders Trust Co., based in Buffalo, N.Y., has agreed to assume the deposits and assets of the failed bank. The nine branches of Bradford Bank will reopen Saturday as offices of M&T.
In addition, the FDIC and M&T agreed to share losses on about $338 million of Bradford Bank's loans and other assets, the FDIC said. The failure of Bradford Bank is expected to cost the deposit insurance fund an estimated $97 million.
Hundreds more banks are expected to fail in the next few years largely because of souring loans for commercial real estate. The number of banks on the FDIC's confidential "problem list" jumped to 416 at the end of June from 305 in the first quarter. That's the highest number since June 1994, during the savings-and-loan crisis.
.
Three down so far.
Prepare & Share the Message of Freedom through Positive-Peaceful-Activism.
There was a big one:
There was a big one: Guaranty Bank of Austin, TX. $13 billion in assets.
http://s.wsj.net/public/resources/documents/info-Failed_Bank...
This would put the total so far at four.
Looks like the cost to the FDIC was a cool $3 billion.
Total of 3 failed this week
You can add Affinity Bank, Ventura, CA to the list.
One More
Mainstreet Bank, Forest Lake, MN
http://www.fdic.gov/bank/individual/failed/banklist.html
Freedom, Prosperity and Peace
Freedom, Prosperity and Peace