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Colonial BancGroup, 4 other banks shut

WASHINGTON — Regulators on Friday shut down Colonial BancGroup Inc., a lender in real estate development, in the biggest U.S. bank failure this year, and also closed four banks in Arizona, Nevada and Pennsylvania.

The closures boosted to 77 the number of federally insured banks that have failed in 2009.

The Federal Deposit Insurance Corp. was appointed receiver of the banks: Montgomery, Ala.-based Colonial, with about $25 billion in assets; Community Bank of Arizona, based in Phoenix; Union Bank, based in Gilbert, Ariz.; Community Bank of Nevada, based in Las Vegas; and Dwelling House Savings and Loan Association, located in Pittsburgh.

The FDIC approved the sale of Colonial’s $20 billion in deposits and about $22 billion of its assets to BB&T Corp., which is based in Winston-Salem, N.C. The failed bank’s 346 branches in Alabama, Florida, Georgia, Nevada and Texas will reopen at the normal times starting on Saturday as offices of BB&T, the FDIC said.

[etc.]

The failure of Colonial is expected to cost the deposit insurance fund an estimated $2.8 billion.

The 77 bank failures nationwide this year compare with 25 last year and three in 2007.

[ . . . ]

The number of banks on the FDIC’s list of problem institutions leaped to 305 in the first quarter — the highest number since 1994 during the savings and loan crisis — from 252 in the fourth quarter. The FDIC expects U.S. bank failures to cost the insurance fund around $70 billion through 2013.

The May closing of struggling Florida thrift BankUnited FSB is expected to cost the insurance fund $4.9 billion, the second-largest hit since the financial crisis began. The costliest was the July 2008 seizure of big California lender IndyMac Bank, on which the insurance fund is estimated to have lost $10.7 billion.

The largest U.S. bank failure ever also came last year: Seattle-based thrift Washington Mutual Inc. fell in September, with about $307 billion in assets. It was acquired by JPMorgan Chase & Co. for $1.9 billion in a deal brokered by the FDIC.

[ . . . ]

http://www.google.com/hostednews/ap/article/ALeqM5gg9RS-ZvzlfzrcnujKaEDMXrYyYgD9A323VG0

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Yeah, obviously the economy is all fixed now . . .

– my note

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It’s official: Colonial BancGroup fails

Bizjournals.comCrystal Jarvis‎29 minutes ago‎
Colonial BancGroup Inc., the third-largest state-chartered bank with $25 billion in assets, was seized by bank regulators Friday in the largest bank failure in Alabama history.

BB&T CFO: Colonial ‘Strategically And Financially Compelling’

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And from the bloomberg bunch –

Fed Signals No Rush to Curtail Stimulus as Slump Ends (Update1)

By Scott Lanman

Aug. 13 (Bloomberg)

Sales at U.S. retailers unexpectedly fell 0.1 percent in July as a boost from the cash-for-clunkers automobile incentive program failed to overcome cuts in other spending, Commerce Department figures showed today.

The Fed reiterated the view from its June statement that the economy is “likely to remain weak for a time.” Efforts to revive the economy by the central bank and U.S. government should “contribute to a gradual resumption of sustainable economic growth,” policy makers said.

[ . . ]

“The Fed’s footprint in the $6.8 trillion market of outstanding Treasuries is smaller than in the market for agency mortgage-backed securities, where the central bank is buying $1.25 trillion from a pool of about $5 trillion. A sudden end to the Fed’s purchases of MBS could be especially “problematic” for that market, Dudley said in the interview.”

[etc.]

The commercial real estate industry, under pressure from falling property values and maturing loans, called last month for an extension of the TALF program. Tumbling property values have made it difficult for owners of commercial real estate to refinance $165 billion in mortgages this year.

The FOMC noted yesterday that consumer spending “remains constrained” by job losses, “sluggish income growth, lower housing wealth and tight credit.”

Policy makers “cite a lot of things to suggest we are not on an upward trajectory yet,” said Robert Eisenbeis, a former research director at the Atlanta Fed who’s now chief monetary economist at Cumberland Advisors in Vineland, New Jersey.

To contact the reporter on this story: Scott Lanman in Washington at slanman@bloomberg.net; Craig Torres in Washington at ctorres3@bloomberg.net.
Last Updated: August 13, 2009 11:19 EDT

http://www.bloomberg.com/apps/news?pid=20601087&sid=ae.3n4bOsQYc

***

My Note –

How does their analysis indicate the “slump ends”? Where do they read that in the numbers? I want to hope for the best, but I’m not going to pretend everything is hunkey-damn-dorey if it isn’t. How is that going to help any?

– my comment

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http://www.fdic.gov/bank/individual/failed/banklist.html

Failed Bank List



The FDIC is often appointed as receiver for failed banks. This page contains useful information for the customers and vendors of these banks. This includes information on the acquiring bank (if applicable), how your accounts and loans are affected, and how vendors can file claims against the receivership. Failed Financial Institution Contact Search displays point of contact information related to failed banks.

This list includes banks which have failed since October 1, 2000.
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Click arrows next to headers to sort in Ascending or Descending order.
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Click arrows next to headers to sort in Ascending or Descending order.

Bank Name

City

State

CERT #

Closing Date

Updated Date

Colonial Bank Montgomery AL 9609 August 14, 2009 August 14, 2009
Union Bank, National Association Gilbert AZ 34485 August 14, 2009 August 14, 2009
Community Bank of Nevada Las Vegas NV 34043 August 14, 2009 August 14, 2009
Community Bank of Arizona Phoenix AZ 57645 August 14, 2009 August 14, 2009
Dwelling House Savings and Loan Association Pittsburgh PA 31559 August 14, 2009 August 14, 2009
Community First Bank Prineville OR 23268 August 7, 2009 August 11, 2009
Community National Bank of Sarasota County Venice FL 27183 August 7, 2009 August 11, 2009
First State Bank Sarasota FL 27364 August 7, 2009 August 11, 2009
First State Bank of Altus Altus OK 9873 July 31, 2009 August 10, 2009
Peoples Community Bank West Chester OH 32288 July 31, 2009 August 10, 2009
Integrity Bank Jupiter FL 57604 July 31, 2009 August 5, 2009
Mutual Bank Harvey IL 18659 July 31, 2009 August 10, 2009
First BankAmericano Elizabeth NJ 34270 July 31, 2009 August 10, 2009
Security Bank of Jones County Gray GA 8486 July 24, 2009 July 30, 2009
Waterford Village Bank Williamsville NY 58065 July 24, 2009 August 11, 2009
Security Bank of Houston County Perry GA 27048 July 24, 2009 July 30, 2009
Security Bank of Gwinnett County Suwanee GA 57346 July 24, 2009 July 30, 2009
Security Bank of North Metro Woodstock GA 57105 July 24, 2009 July 30, 2009
Security Bank of North Fulton Alpharetta GA 57430 July 24, 2009 July 30, 2009
Security Bank of Bibb County Macon GA 27367 July 24, 2009 July 30, 2009
First Piedmont Bank Winder GA 34594 July 17, 2009 August 11, 2009
BankFirst Sioux Falls SD 34103 July 17, 2009 July 23, 2009
Vineyard Bank Rancho Cucamonga CA 23556 July 17, 2009 August 11, 2009
Temecula Valley Bank Temecula CA 34341 July 17, 2009 August 11, 2009
Bank of Wyoming Thermopolis WY 22754 July 10, 2009 July 15, 2009
Elizabeth State Bank Elizabeth IL 9262 July 2, 2009 August 11, 2009
Rock River Bank Oregon IL 15302 July 2, 2009 August 11, 2009
First National Bank of Danville Danville IL 3644 July 2, 2009 August 11, 2009
Millennium State Bank of Texas Dallas TX 57667 July 2, 2009 August 11, 2009
Founders Bank Worth IL 18390 July 2, 2009 August 11, 2009
John Warner Bank Clinton IL 12093 July 2, 2009 August 11, 2009
First State Bank of Winchester Winchester IL 11710 July 2, 2009 August 11, 2009
Community Bank of West Georgia Villa Rica GA 57436 June 26, 2009 August 6, 2009
Neighborhood Community Bank Newnan GA 35285 June 26, 2009 August 6, 2009
Horizon Bank Pine City MN 9744 June 26, 2009 August 11, 2009
MetroPacific Bank Irvine CA 57893 June 26, 2009 August 6, 2009
Mirae Bank Los Angeles CA 57332 June 26, 2009 August 11, 2009
Southern Community Bank Fayetteville GA 35251 June 19, 2009 August 6, 2009
Cooperative Bank Wilmington NC 27837 June 19, 2009 August 6, 2009
First National Bank of Anthony Anthony KS 4614 June 19, 2009 August 6, 2009
Bank of Lincolnwood Lincolnwood IL 17309 June 5, 2009 August 6, 2009
Strategic Capital Bank Champaign IL 35175 May 22, 2009 August 6, 2009
Citizens National Bank Macomb IL 5757 May 22, 2009 August 6, 2009
BankUnited, FSB Coral Gables FL 32247 May 21, 2009 August 6, 2009
Westsound Bank Bremerton WA 34843 May 8, 2009 August 6, 2009
Silverton Bank, NA Atlanta GA 26535 May 1, 2009 August 6, 2009
Citizens Community Bank Ridgewood NJ 57563 May 1, 2009 August 6, 2009
America West Bank Layton UT 35461 May 1, 2009 August 6, 2009
American Southern Bank Kennesaw GA 57943 April 24, 2009 August 6, 2009
Michigan Heritage Bank Farmington Hills MI 34369 April 24, 2009 August 6, 2009
First Bank of Beverly Hills Calabasas CA 32069 April 24, 2009 August 6, 2009
First Bank of Idaho Ketchum ID 34396 April 24, 2009 August 6, 2009
American Sterling Bank Sugar Creek MO 8266 April 17, 2009 August 6, 2009
Great Basin Bank of Nevada Elko NV 33824 April 17, 2009 August 6, 2009
Cape Fear Bank Wilmington NC 34639 April 10, 2009 August 6, 2009
New Frontier Bank Greeley CO 34881 April 10, 2009 August 6, 2009
Omni National Bank Atlanta GA 22238 March 27, 2009 August 6, 2009
FirstCity Bank Stockbridge GA 18243 March 20, 2009 August 11, 2009
Colorado National Bank Colorado Springs CO 18896 March 20, 2009 August 6, 2009
TeamBank, NA Paola KS 4754 March 20, 2009 August 6, 2009
Freedom Bank of Georgia Commerce GA 57558 March 6, 2009 August 6, 2009
Security Savings Bank Henderson NV 34820 February 27, 2009 August 6, 2009
Heritage Community Bank Glenwood IL 20078 February 27, 2009 August 6, 2009
Silver Falls Bank Silverton OR 35399 February 20, 2009 August 6, 2009
Sherman County Bank Loup City NE 5431 February 13, 2009 August 6, 2009
Riverside Bank of the Gulf Coast Cape Coral FL 34563 February 13, 2009 August 6, 2009
Corn Belt Bank & Trust Co. Pittsfield IL 16500 February 13, 2009 August 6, 2009
Pinnacle Bank of Oregon Beaverton OR 57342 February 13, 2009 August 6, 2009
FirstBank Financial Services McDonough GA 57017 February 6, 2009 August 6, 2009
Alliance Bank Culver City CA 23124 February 6, 2009 August 6, 2009
County Bank Merced CA 22574 February 6, 2009 August 6, 2009
MagnetBank Salt Lake City UT 58001 January 30, 2009 August 6, 2009
Suburban FSB Crofton MD 30763 January 30, 2009 August 6, 2009
Ocala National Bank Ocala FL 26538 January 30, 2009 August 6, 2009
1st Centennial Bank Redlands CA 33025 January 23, 2009 August 6, 2009
National Bank of Commerce Berkeley IL 19733 January 16, 2009 August 6, 2009
Bank of Clark County Vancouver WA 34959 January 16, 2009 August 6, 2009
Haven Trust Bank Duluth GA 35379 December 12, 2008 August 6, 2009
Sanderson State Bank
En Español
Sanderson TX 11568 December 12, 2008 August 6, 2009
First Georgia Community Bank Jackson GA 34301 December 5, 2008 August 6, 2009
Community Bank Loganville GA 16490 November 21, 2008 August 6, 2009
Downey Savings & Loan Newport Beach CA 30968 November 21, 2008 August 6, 2009
PFF Bank & Trust Pomona CA 28344 November 21, 2008 August 6, 2009
Franklin Bank, SSB Houston TX 26870 November 7, 2008 August 6, 2009
Security Pacific Bank Los Angeles CA 23595 November 7, 2008 August 6, 2009
Freedom Bank Bradenton FL 57930 October 31, 2008 August 11, 2009
Alpha Bank & Trust Alpharetta GA 58241 October 24, 2008 August 11, 2009
Main Street Bank Northville MI 57654 October 10, 2008 August 6, 2009
Meridian Bank Eldred IL 13789 October 10, 2008 August 6, 2009
Washington Mutual Bank FSB Park City UT 32633 September 25, 2008 August 14, 2009
Washington Mutual Bank Henderson NV 32633 September 25, 2008 April 24, 2009
Ameribank Northfork WV 6782 September 19, 2008 August 6, 2009
Silver State Bank
En Español
Henderson NV 34194 September 5, 2008 August 6, 2009
Integrity Bank Alpharetta GA 35469 August 29, 2008 August 6, 2009
Columbian Bank & Trust Topeka KS 22728 August 22, 2008 August 6, 2009
First Priority Bank Bradenton FL 57523 August 1, 2008 August 6, 2009
First National Bank of Nevada Reno NV 27011 July 25, 2008 August 6, 2009
First Heritage Bank, NA Newport Beach CA 57961 July 25, 2008 August 6, 2009
IndyMac Bank Pasadena CA 29730 July 11, 2008 August 6, 2009
First Integrity Bank, NA Staples MN 12736 May 30, 2008 August 6, 2009
ANB Financial, NA Bentonville AR 33901 May 9, 2008 August 6, 2009
Hume Bank Hume MO 1971 March 7, 2008 August 6, 2009
Douglass National Bank Kansas City MO 24660 January 25, 2008 August 6, 2009

***

http://www.fdic.gov/bank/individual/failed/banklist.html

[And found on this page – ]

http://www.fdic.gov/bank/index.html


Research & Analysis
Access FDIC policy research and analysis of regional and national banking trends.

Bank Data & Statistics
Use searchable databases to find information on specific banks, their branches, and the industry.

My Note – But, the best one is over in the right-hand sidebar –

The Statistics on Banking is a quarterly publication that provides detailed aggregate financial information as well as key structural data (number of institutions and branches) for all FDIC-insured institutions.

In addition to standardized reports, a user has the ability to dynamically generate customized reports for analysis. For example, reports can be created that consist of any combination of single institutions or bank holding companies, standard peer groups of institutions, and custom peer groups of institutions and bank holding companies. For further details, please refer to SDI Home above.

Select one from each of the five categories below:

[etc.]

http://www2.fdic.gov/SDI/SOB/

***

It allows a search for all FDIC insured institutions by state and shows assets and liabilities from loans and securities to overall financial health of the institution. I would take it in perspective to the current economic climate but it gives some interesting insights to the overall financial situation of each state’s banking system.

– my note

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Flaws halt work on Boeing 787 sections
Fri Aug 14, 2009 2:26pm EDT

By Kyle Peterson

CHICAGO (Reuters) – Boeing Co (BA.N) said on Friday an Italian supplier stopped production in June on two sections of its long-delayed 787 Dreamliner after structural flaws were found on fuselages.

[ . . . ]

Flaws were found on 23 airplanes, starting with the seventh in production, Gunter said. She said a solution has been designed and patches will be applied to all the planes built so far.

“They’re continuing to work on the barrels that they have already fabricated,” Gunter said.

“As we implement this change, we are not going to produce any new barrels until there is an engineering change that will keep the subsequent units from needing to be modified,” she said.

The revolutionary carbon-composite 787 airplane has been delayed repeatedly. On June 23, the same day as the Alenia Aeronautica production halt, Boeing announced another delay to the first test flight of the 787.

http://www.reuters.com/article/wtUSInvestingNews/idUSTRE57D1ST20090814

***

Considering things like the above story in the continuing saga of the Boeing pipe dream 787 – even real-time current numbers don’t mean anything is actually assured nor an appropriate projection in the economy / financial sector. – my comment

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World Bank Development Research Programs

Select a Program
(or use links below)
All programsClimate ChangeConflictFinance & Pvt Sector ResearchHuman dev’t & public servicesInternational Migration & Dev’tLiving St’ds Measurem’t StudiesMacroeconomics & GrowthPovertySustainable Rural & Urban Dev’tTrade
Thumbnail image for climate control program Climate Change
The research covers issues of climate change impacts and adaptation for developing countries; national and international possibilities for mitigation of greenhouse gas emissions; and opportunities and challenges for international responses to climate change.
Conflict Economics of Conflict
This research studies three pivotal areas in post-conflict development: democracy and service delivery, powersharing and peace, and informed macroeconomic policy and development.
EA Prospects Icon East Asia’s Economic Prospects
This research aims to identify and analyze some of the principal drivers of current and future growth in the major economies of the region.
Finance Research Finance and Private Sector Development
This research focuses on understanding the role of the financial and private sectors in promoting economic development, and reducing poverty and identifying policies to improve their effectiveness.
Human Development & Public Services Human Development & Public Services
This research examines factors that contribute to human development, especially in the areas of health, education and social protection, how to improve the coverage and quality of services and broader institutions in support of human development, and the effective use of aid.
International Migration & Development
This research includes extensive data-gathering and analysis on the development impact of migration, so as to identify migration policies, regulations and institutional reforms that will lead to improved development outcomes.
LSMS Living Standards Measurement Study (LSMS)
This research provides datasets and methodological lessons from the LSMS household surveys, important tools in measuring and understanding poverty in developing countries.
Macroeconomics & Growth Macroeconomics & Growth
This research seeks to identify the factors behind the diversity in aggregate economic performance across the world and understand how it is affected by policy and institutional changes under different country circumstances.
Poverty Poverty & Inequality
This research aims to improve current data and methods of poverty and inequality analysis, and use it to better understand the effectiveness of specific policies to reduce poverty and inequality.
Sustainable Rural and Urban Development Sustainable Rural and Urban Development
This research aims to formulate sustainable policies to support rural and urban development, and poverty reduction.
Trade Trade & International Integration
This research seeks to better understand the role of international trade in goods and services, foreign direct investment, and migration, in economic development.

Last updated: 2009-03-04

Permanent URL for this page: http://go.worldbank.org/60DJQTKQC0

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NEW YORK (Reuters) – Tremont Group Holdings, which lost more than $3 billion investing clients money with Ponzi mastermind Bernard Madoff, is set to auction most of its remaining hedge fund assets in the coming weeks, the Wall Street Journal reported Friday.

Portfolios recently valued at $420 million, including some hedge fund holdings, will be sold off through an auction managed by investment bank Duff & Phelps, the paper said.

Tremont wants to return as much money as possible to clients in its fund-of-hedge funds business. This unit had a small portion of its client money invested with Madoff, but news of the scandal and Tremont’s exposure last December sparked an exodus by investors.

[etc.]

Madoff feeder Tremont to auction fund assets: report
Fri Aug 14, 2009 4:48pm EDT

http://www.reuters.com/article/innovationNews/idUSTRE57D4LB20090814

Tremont is a unit of customer-owned Massachusetts Mutual Life Insurance Co.

Tremont Group had invested more than half of its assets with Madoff’s firm, primarily through feeder funds that in turn invested solely with the fraudster.

The fund-of-funds unit, Tremont Capital Management, had $200 million out of a total $3 billion in assets before the Madoff fraud was exposed.

[ . . . ]

As of the second quarter, Tremont holdings included investments with Cerberus Capital Management, GoldenTree Asset Management, Perry Partners and Canyon Capital Advisors, among others.

(from Reuters article above)
(Reporting by Joseph A. Giannone; Editing by Bernard Orr)

http://www.reuters.com/article/innovationNews/idUSTRE57D4LB20090814

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My Note – maybe they didn’t hear the cable news experts explain how everything is okay now and its back to business as usual based on the end of the slump news from Fed Chairman Ben Bernanke and other analysts . . .

Don’t they have any way to simply continue telling people how secure it is while gambling away their clients money like the rest of the Wall Street brokers, traders, bankers and hedge fund managers do and have done?

“as it turns out . . . ” (maybe the name of a new soap opera that uses character references from the elite cream of the crop out of Harvard – since they are so good at knowing more of what works than reality can bear – just a thought.)

– cricketdiane, 08-15-09

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***
I just made up this title and it is very appropriate –

The IMF is on the move, the Federal Reserve suggests they will stand pat although they are busy buying up failed securities in the background, the Boeing pipe dream plane stalls from something else, the FDIC continues to arrange for banks failing to buy banks that have failed and generally the news is that it is all okay now – they must be taking some good drugs or have lead in the water or something – ”

Ah, to be paid as an analyst that has been as wrong as they’ve been and still get paid – no, never mind – that doesn’t work for me – that is a degree of insanity I don’t want to bear even though getting paid even after making critical errors as serious as theirs have been might not be too dire . . .

– cricketdiane, 08-15-09
***
I was going to add some other things I had found but, nah – it can wait until tomorrow, except for this –

http://www.reuters.com/article/newsOne/idUSTRE57D45Z20090814

Space review panel says moon, Mars out of reach
Fri Aug 14, 2009 3:27pm EDT

By Irene Klotz

CAPE CANAVERAL, Florida (Reuters) – The U.S. plan to return astronauts to the moon by 2020 will not happen without a big boost in NASA’s budget, leaving only the International Space Station as a viable target for the country’s human space program, according to a presidential review panel.

The Human Space Flight Plans committee, which presented its preliminary findings to the White House on Friday, concluded that a human mission to Mars currently would be too risky.

Developing new spaceships to replace the retiring space shuttle fleet and bigger rockets to reach the moon would require about $3 billion more per year, the panel headed by former Lockheed Martin chief Norm Augustine said.

[ . . .]

The committee said the new U.S. exploration initiative — aimed at landing astronauts on the moon by 2020 — is doomed because its 10-year, $108 billion budget has been shaved by about $30 billion.

“We can’t do this program in this budget,” said panel member Sally Ride, a former astronaut. “This budget is simply not friendly to exploration.”

[ . . . ]

The only human space program affordable under NASA’s existing budget is an enhanced space station, one that has a side benefit of seeding a commercial passenger-launch services market, said the panel, which completed a series of public meetings this week.

[etc.]

NASA currently has no funding in place after 2015 for the space station, a $100 billion project of 16 nations.

Construction of the station is scheduled to be finished next year after seven more flights of the space shuttle, which orbits 225 miles above the planet.

After the shuttles are retired, NASA plans to pay Russia to transport crews to the station. The panel’s recommendations include adding $2.5 billion into NASA’s budget between 2011 and 2014 for commercial launch services to the space station.

http://www.reuters.com/article/newsOne/idUSTRE57D45Z20090814

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So after everybody including China is on their way to manned mission to the moon and other space program missions – here we sit –

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