Two more banks seized by Feds..


Nevada’s First National Bank and California-based First Heritage Bank. From the WaPo link:

The banks, owned by First National Bank Holding Co. of Scottsdale, Ariz., are the sixth and seventh to fail this year as the financial-services industry grapples with failed loans stemming from the worst housing slump since the Depression.

It’s not the housing slump, its the bullshit loans and subprime mortgages that did these banks in. Don’t you just love how the MSM paints this bullshit? Mutual of Omaha came to the rescue it seems. From the LRJ link:

The Omaha, Neb.-based insurance company is buying First National Bank of Nevada, which was placed under federal receivership late Friday, the first Nevada-based bank to be seized in 18 years.

Mutual of Omaha will assume the $3 billion in deposits at First National and an affiliated institution, First Heritage Bank of Newport Beach, Calif., Federal Deposit Insurance Corp. officials announced Friday evening. Mutual of Omaha also will acquire some of the banks’ assets in the deal.

The sale means that all of First National’s depositors — even those with uninsured deposits exceeding the FDIC’s $100,000 limit — will avoid any losses.

I love how the MSM is keeping us informed on this shit, don’t you m’dear reader? I wasn’t aware of any other bank failing but IndyMac. WaPo has a small blurb about some of the other banks that have failed in the last year or so:

U.S. bank regulators closed First Integrity Bank, based in Minnesota, and ANB Financial in Arkansas in May; Hume Bank in Missouri in March; and Douglass National Bank in Missouri in January. The four lenders had $2.2 billion in assets and losses estimated at $225 million.

Yet the Republican’s want less oversight, not more, they want their free market capitalism don’t ya know?

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About Dusty, hells most vocal bitch

I am a..brown Cali bitch that is quite the opinionated,political, pain-in-the-ass, in your face kinda girl that also loves baseball and music to a fault. Two things are infinite: the universe and human stupidity; and I'm not sure about the universe.--Albert Einstein-*

Posted on July 26, 2008, in bank failures, banks close, FDIC, subprime debacle. Bookmark the permalink. Leave a comment.

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