A shocking bit of news on Friday came from the Federal Deposit Insurance Corporation, which didn't announce any bank or thrift closings, setting the agency up for its first weekend off in a month.
Because we have no new failures to discuss this week, this is a good time to recap the 19 failures so far this year.
Many of the figures for estimated losses to the FDIC's insurance fund, uninsured deposits and dividends paid on uninsured balances have changed since the original press releases announcing each failure.
When a bank or thrift is closed by a regulator and then placed in FDIC receivership, the FDIC then assesses the institution's assets and liabilities, and selects a buyer or buyers by determining which deal will lead to the smallest possible loss for the agency's deposit insurance fund.In 12 out of 19 failures this year, the agency was able to sell all of the failed institution's deposits, including uninsured balances, thus leaving depositors with no losses -- a remarkable achievement, since this included Washington Mutual, which had a combined $45 billion in its two federal thrift charters, as of June 30.
2008 Bank and Thrift Failures ($Mil)
|Click here for larger image.|
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV