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Regulators Close Downey, Other Banks

The FDIC expected that losses to its insurance fund from the Community Bank's failure would range between $200 million and $240 million.

Good News for Depositors

While the pace of failures has certainly picked up lately, the good news is that the FDIC continued its recent streak of avoiding any losses to depositors. In all of the failures following the shutdown of Silver State Bank on Sept. 5, the FDIC has managed to sell all deposits, including those exceeding deposit insurance limits, to other institutions.

Please click here for a summary of the previous 19 bank closings this year, including losses to depositors and to the FDIC's insurance fund.

Free Bank and Thrift Ratings

Financial Strength Ratings on each of the nation's 8,600 banks and savings and loans are available at no charge on the Banks & Thrifts Screener. In addition, the Financial Strength Ratings for 4,000 life, health, annuity, and property/casualty insurers are available on the Insurers & HMOs Screener.

Philip W. van Doorn joined TheStreet.com Ratings., Inc., in February 2007. He is the senior analyst responsible for assigning financial strength ratings to banks and savings and loan institutions. He also comments on industry and regulatory trends. Mr. van Doorn has fifteen years experience, having served as a loan operations officer at Riverside National Bank in Fort Pierce, Florida, and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a Bachelor of Science in business administration from Long Island University.
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