Tamalpais Bank, San Rafael, California, was closed today by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Union Bank, National Association, San Francisco, California, to assume all of the deposits of Tamalpais Bank.
The seven branches of Tamalpais Bank will reopen on Monday as branches of Union Bank, N.A.
As of December 31, 2009, Tamalpais Bank had approximately $628.9 million in total assets and $487.6 million in total deposits. Union Bank, N.A. paid the FDIC a premium of 2.0 percent to assume all of the deposits of Tamalpais Bank. In addition to assuming all of the deposits, Union Bank, N.A. agreed to purchase essentially all of the failed bank’s assets.
The FDIC and Union Bank, N.A. entered into a loss-share transaction on $522.3 million of Tamalpais Bank’s assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $81.1 million.
Tamalpais Bank is the 49th FDIC-insured institution to fail in the nation this year, and the third in California. The last FDIC-insured institution closed in the state was Innovative Bank, Oakland, earlier today.
Check all the banks failed in California at : California Bank Failures
The FDIC press release is available here.
Tags: 2010 Failed Banks, 49th Bank Failure, bank failures, California Bank Failures, Failed Bank 49, Failed Banks, Failed Banks 2010, Failed Banks April, Failed Banks April 16, Failed Banks in California, FDIC, Friday Bank Failures, Friday Failures, Tamalpais Bank, Union Bank
Innovative Bank, Oakland, California, was closed today by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Center Bank, Los Angeles, California, to assume all of the deposits of Innovative Bank.
The four branches of Innovative Bank will reopen during normal business hours beginning Saturday as branches of Center Bank.
As of December 31, 2009, Innovative Bank had approximately $268.9 million in total assets and $225.2 million in total deposits. Center Bank paid the FDIC a premium of 0.5 percent to assume all of the deposits of Innovative Bank. In addition to assuming all of the deposits, Center Bank agreed to purchase essentially all of the failed bank’s assets.
The FDIC and Center Bank entered into a loss-share transaction on $178.1 million of Innovative Bank’s assets.
As part of this transaction, the FDIC will acquire a value appreciation instrument. This instrument serves as additional consideration for the transaction.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $37.8 million.
Innovative Bank is the 48th FDIC-insured institution to fail in the nation this year, and the 3rd in California. The last FDIC-insured institution closed in the state was La Jolla Bank, FSB, La Jolla, February 19, 2010.
Check all the banks failed in California at : California Bank Failures
The FDIC press release is available here.
Tags: 2010 Failed Banks, 48th Bank Failure, bank failures, California Bank Failures, Center Bank, Failed Bank 48, Failed Banks, Failed Banks 2010, Failed Banks April, Failed Banks April 16, Failed Banks in California, FDIC, Friday Bank Failures, Friday Failures, Innovative Bank
Butler Bank, Lowell, Massachusetts, was closed today by the Massachusetts Division of Banks, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with People’s United Bank, Bridgeport, Connecticut, to assume all of the deposits of Butler Bank.
The four branches of Butler Bank will reopen during normal business hours beginning Saturday as branches of People’s United Bank.
As of December 31, 2009, Butler Bank had approximately $268.0 million in total assets and $233.2 million in total deposits. People’s United Bank did not pay the FDIC a premium to assume all of the deposits of Butler Bank. In addition to assuming all of the deposits, People’s United Bank agreed to purchase essentially all of the failed bank’s assets.
The FDIC and People’s United Bank entered into a loss-share transaction on $206.1 million of Butler Bank’s assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $22.9 million.
Butler Bank is the 47th FDIC-insured institution to fail in the nation this year, and the first in Massachusetts. The last FDIC-insured institution closed in the state was Ludlow Savings Bank, Ludlow, October 21, 1994.
Check all the banks failed in Massachusetts at : Massachusetts Bank Failures
The FDIC press release is available here.
Tags: 2010 Failed Banks, 47th Bank Failure, bank failures, Butler Bank, Failed Bank 47, Failed Banks, Failed Banks 2010, Failed Banks April, Failed Banks April 16, Failed Banks in Massachusetts, FDIC, Friday Bank Failures, Friday Failures, Massachusetts Bank Failures, People's United Bank
TD Bank, National Association (N.A.), Wilmington, Delaware, acquired the banking operations, including all the deposits, of three Florida-based institutions. To protect depositors, the Federal Deposit Insurance Corporation (FDIC) entered into a purchase and assumption agreement with TD Bank, N.A.
The institutions were closed by their respective chartering authority, and the FDIC was named receiver for each institution. AmericanFirst Bank, Clermont, was closed by the Florida Office of Financial Regulation; First Federal Bank of North Florida, Palatka, was closed by the Office of Thrift Supervision; and Riverside National Bank of Florida, Fort Pierce, was closed by the Office of the Comptroller of the Currency. The three failed institutions were not affiliated with one another.
The branches of the three closed institutions will reopen as branches of TD Bank, N.A. under their normal business hours, including those with Saturday hours. Depositors will automatically become depositors of TD Bank, N.A. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. AmericanFirst Bank has three branches in Florida; First Federal Bank of North Florida has eight branches in Florida; and Riverside National Bank of Florida has 58 branches in Florida.
Customers of the three failed institutions should continue to use their former branches until they receive notice from TD Bank, N.A. that it has completed systems changes to allow other TD Bank, N.A. branches to process their accounts as well. Over the weekend, depositors can access their money by writing checks or using ATM or debit cards.
As of December 31, 2009, AmericanFirst Bank had total assets of $90.5 million and total deposits of $81.9 million; First Federal Bank of North Florida had total assets of $393.3 million and total deposits of $324.2 million; and Riverside National Bank of Florida had total assets of $3.42 billion and total deposits of $2.76 billion. Besides assuming all the deposits from the three Florida institutions, TD Bank, N.A. will purchase virtually all their assets.
The FDIC and TD Bank, N.A. entered into a loss-share transaction on $2.20 billion of the failed institutions’ assets. Initially, TD Bank, N.A. and the FDIC will share in the losses on assets on a 50% – 50% basis.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for AmericanFirst Bank will be $10.5 million; for First Federal Bank of North Florida, $6.0 million; and for Riverside National Bank of Florida, 491.8 million. TD Bank, N.A.’s acquisition of all the deposits of the three institutions was the “least costly” option for the FDIC’s DIF compared to alternatives.
These were the 44th, 45th, and 46th banks to fail in the nation this year, and the seventh, eighth, and ninth banks to close in Florida. Prior to these failures, the last bank closed in the state was Key West Bank, Key West, on March 26, 2010.
Check all the banks failed in Florida at : Florida Bank Failures
The FDIC press release is available here.
Tags: 2010 Failed Banks, 44th Bank Failure, 45th Bank Failure, 46th Bank Failure, AmericanFirst Bank, bank failures, Failed Bank 44 45 46, Failed Banks, Failed Banks 2010, Failed Banks April, Failed Banks April 16, Failed Banks in Florida, FDIC, First Federal Bank of North Florida, Florida Bank Failures, Friday Bank Failures, Friday Failures, Riverside National Bank of Florida, TD Bank
The Federal Deposit Insurance Corporation (FDIC) approved the payout of the insured deposits of Lakeside Community Bank, Sterling Heights, Michigan. The bank was closed today by the Michigan Office of Financial and Insurance Regulation, which appointed the FDIC as receiver.
The FDIC entered into an agreement with First Michigan Bank, Troy Michigan, to accept the failed bank’s direct deposits from the federal government, such as Social Security and Veterans’ payments.
The FDIC was unable to find another financial institution to take over the banking operations of Lakeside Community Bank. As a result, checks to depositors for their insured funds will be mailed on Monday, April 19th. Brokered deposits will be wired once brokers provide the FDIC with the necessary documents to determine if any of their clients exceed the insurance limits. Customers who placed money with brokers should contact them directly for more information about the status of their funds.
As of December 31, 2009, Lakeside Community Bank had approximately $53.0 million in total assets and $52.3 million in total deposits.
Lakeside Community Bank is the 43rd FDIC-insured institution to fail this year, and the first in Michigan. The last institution closed in the state was Citizens State Bank, New Baltimore, on December 18, 2009. The FDIC estimates the cost of the failure to its Deposit Insurance Fund to be approximately $11.2 million.
Check all the banks failed in Michigan at : Michigan Bank Failures
The FDIC press release is available here.
Tags: 2010 Failed Banks, 43 rd Bank Failure, bank failures, Failed Bank 42, Failed Banks, Failed Banks 2010, Failed Banks April, Failed Banks April 16, Failed Banks in Michigan, FDIC, Friday Bank Failures, Friday Failures, Lakeside Community Bank, Michigan Bank Failures
Beach First National Bank, Myrtle Beach, South Carolina, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank of North Carolina, Thomasville, North Carolina, to assume all of the deposits of Beach First National Bank.
The seven branches of Beach First National Bank will reopen on Monday as branches of Bank of North Carolina.
As of December 31, 2009, Beach First National Bank had approximately $585.1 million in total assets and $516.0 million in total deposits. Bank of North Carolina did not pay the FDIC a premium for the deposits of Beach First National Bank. In addition to assuming all of the deposits of the failed bank, Bank of North Carolina agreed to purchase essentially all of the assets.
The FDIC and Bank of North Carolina entered into a loss-share transaction on $497.9 million of Beach First National Bank’s assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $130.3 million.
Beach First National Bank is the 42nd FDIC-insured institution to fail in the nation this year, and the first in South Carolina. The last FDIC-insured institution closed in the state was Victory State Bank, Columbia, on March 26, 1999.
Check all the banks failed in South Carolina at : South Carolina Bank Failures
The FDIC press release is available here.
Tags: 2010 Failed Banks, 42 nd Bank Failure, bank failures, Bank of North Carolina, Beach First National Bank, Failed Bank 42, Failed Banks, Failed Banks 2010, Failed Banks April, Failed Banks April 9, Failed Banks in South Carolina, FDIC, Friday Bank Failures, Friday Failures, South Carolina Bank Failures
Nonfarm payroll employment increased by 162,000 in March, and the unemployment rate held at 9.7 percent, the U.S. Bureau of Labor Statistics reported today.Temporary help services and health care continued to add jobs over the month. Employment in federal government also rose, reflecting the hiring of temporary workers for Census 2010. Employment continued to decline in financial activities and in information.
Household Survey Data
In March, the number of unemployed persons was little changed at 15.0 million, and the unemployment rate remained at 9.7 percent.
Among the major worker groups, the unemployment rates for adult men (10.0 percent), adult women (8.0 percent), teenagers (26.1 percent), whites (8.8 percent), blacks (16.5 percent), and Hispanics (12.6 percent) showed little or no change in March. The jobless rate for Asians was 7.5 percent, not seasonally adjusted.
The number of long-term unemployed (those jobless for 27 weeks and over) increased by 414,000 over the month to 6.5 million. In March, 44.1 percent of unemployed persons were jobless for 27 weeks or more.
The civilian labor force participation rate (64.9 percent) and the employment population ratio (58.6 percent) continued to edge up in March.
The number of persons working part time for economic reasons (sometimes referred to as involuntary part-time workers) increased to 9.1 million in March. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job.
About 2.3 million persons were marginally attached to the labor force in March, compared with 2.1 million a year earlier. (The data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey.
Among the marginally attached, there were 1.0 million discouraged workers in March, up by 309,000 from a year earlier. (The data are not seasonally adjusted.) Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. The remaining 1.3 million persons marginally attached to the labor force had not searched for work in the 4 weeks preceding the survey for reasons such as school attendance or family responsibilities.
Establishment Survey Data
In March, nonfarm payroll employment rose by 162,000. Job growth continued in temporary help services and in health care. Federal government employment increased due to the hiring of temporary workers for Census 2010. Job losses continued in financial activities and in information.
Temporary help services added 40,000 jobs in March. Since September 2009, temporary help services employment has risen by 313,000.
Employment in health care continued to increase in March (27,000), with the largest gains occurring in ambulatory health care services (16,000) and in nursing and residential care facilities (9,000).
In March, employment in mining increased by 8,000. Monthly job gains in mining have averaged 6,000 over the past 5 months.
Employment in federal government was up over the month, reflecting the hiring of 48,000 temporary workers for the decennial census.
Manufacturing employment continued to trend up in March (17,000); the industry has added 45,000 jobs in the first 3 months of 2010. Over the month, job gains were concentrated in fabricated metal products (9,000) and in machinery (6,000).
Employment in construction held steady (15,000) in March. The industry had lost an average of 72,000 jobs per month in the prior 12 months.
Over the month, employment changed little in transportation and warehousing, leisure and hospitality, retail trade, and wholesale trade.
In March, financial activities shed 21,000 jobs, with the largest losses occurring in insurance carriers and related activities (-9,000). Employment in the information industry decreased by 12,000.
The average workweek for all employees on private nonfarm payrolls was up by 0.1 hour to 34.0 hours in March. The manufacturing workweek for all employees increased by 0.2 hour to 39.9 hours, and factory overtime was up by 0.1 hour over the month. In March, the average workweek for production and nonsupervisory employees on private nonfarm payrolls increased by 0.2 hour to 33.3
hours.
In March, average hourly earnings of all employees on private nonfarm payrolls fell by 2 cents, or 0.1 percent, to $22.47, following a 4-cent gain in February. Over the past 12 months, average hourly earnings have risen by 1.8 percent. In March, average hourly earnings of private production and nonsupervisory employees fell by 2 cents, or 0.1 percent, to $18.90.
The change in total nonfarm payroll employment for January was revised from -26,000 to +14,000, and the change for February was revised from -36,000 to
-14,000.
Source : U.S. Bureau of Labor Statistics
Tags: Unemployment rate, Unemployment rate at 9.7, Unemployment Rate March 2010, Unemployment Rate U6, US Unemployment Rate, US Unemployment Rate 03/2010
The euro area1 (EA16) seasonally-adjusted unemployment rate was 10.0% in February 2010, compared with 9.9% in January. It was 8.8% in February 2009. The EU271 unemployment rate was 9.6% in February 2010, compared with 9.5% in January. It was 8.3% in February 2009. For the euro area this is the highest rate since August 1998 and for the EU27 since the start of the series in January 2000.
Eurostat estimates that 23.019 million men and women in the EU27, of whom 15.749 million were in the euro area, were unemployed in February 2010. Compared with January 2010, the number of persons unemployed increased by 131 000 in the EU27 and by 61 000 in the euro area. Compared with February 2009, unemployment went up by 3.139 million in the EU27 and by 1.844 million in the euro area.
These figures are published by Eurostat, the statistical office of the European Union.
Among the Member States, the lowest unemployment rates were recorded in the Netherlands (4.0%) and Austria (5.0%), and the highest rates in Latvia (21.7%) and Spain (19.0%).
Compared with a year ago, all Member States recorded an increase in their unemployment rate. The smallest increases were observed in Luxembourg (5.4% to 5.5%), Germany (7.3% to 7.5%), and Belgium (7.7% to 8.0%). The highest increases were registered in Latvia (13.2% to 21.7%), Estonia (7.6% to 15.5% between the fourth quarters of 2008 and 2009) and Lithuania (8.1% to 15.8% between the fourth quarters of 2008 and 2009).
Between February 2009 and February 2010, the unemployment rate for males rose from 8.5% to 10.0% in the euro area and from 8.2% to 9.8% in the EU27. The female unemployment rate increased from 9.2% to 10.0% in the euro area and from 8.4% to 9.3% in the EU27.
In February 2010, the youth unemployment rate (under-25s) was 20.0% in the euro area and 20.6% in the EU27. In February 2009 it was 18.4% in both zones. The lowest rate was observed in the Netherlands (7.3%), and the highest rates in Latvia (41.3% in the fourth quarter of 2009) and Spain (40.7%).
In the USA, the unemployment rate was 9.7% in February 2010. In Japan it was 4.9% in January 2010.
Check the hostprical unemployment rates in Euro area at :
Unemployment Rate – Euro area
Find the Eurostat press release regarding this here : Euro area unemployment rate at 10.0%
Desert Hills Bank, Phoenix, Arizona, was closed today by the Arizona Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with New York Community Bank, Westbury, New York, to assume all of the deposits of Desert Hills Bank.
The six branches of Desert Hills Bank will reopen on Monday as branches of New York Community Bank.
As of December 31, 2009, Desert Hills Bank had approximately $496.6 million in total assets and $426.5 million in total deposits. New York Community Bank did not pay the FDIC a premium to assume all of the deposits of Desert Hills Bank. In addition to assuming all of the deposits, New York Community Bank agreed to purchase essentially all of the failed bank’s assets.
The FDIC and New York Community Bank entered into a loss-share transaction on $325.9 million of Desert Hills Bank’s assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $106.7 million.
Desert Hills Bank is the 40th FDIC-insured institution to fail in the nation this year, and the first in Arizona. The last FDIC-insured institution closed in the state was Valley Capital Bank, N.A., Mesa, on December 11, 2009.
Check all the banks failed in Arizona at : Arizona Bank Failures
The FDIC press release is available here.
Tags: 2010 Failed Banks, 41 th Bank Failure, Arizona Bank Failures, bank failures, Desert Hills Bank, Failed Bank 41, Failed Banks, Failed Banks 2010, Failed Banks in Arizona, Failed Banks March, Failed Banks March 26, FDIC, Friday Bank Failures, Friday Failures, New York Community Bank
Unity National Bank, Cartersville, Georgia, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank of the Ozarks, Little Rock, Arkansas, to assume all of the deposits of Unity National Bank.
The five branches of Unity National Bank will reopen on Saturday as branches of Bank of the Ozarks.
As of December 31, 2009, Unity National Bank had approximately $292.2 million in total assets and $264.3 million in total deposits. Bank of the Ozarks did not pay the FDIC a premium to assume all of the deposits of Unity National Bank. In addition to assuming all of the deposits, Bank of the Ozarks agreed to purchase essentially all of the failed bank’s assets.
The FDIC and Bank of the Ozarks entered into a loss-share transaction on $206.1 million of Unity National Bank’s assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $67.2 million.
Unity National Bank is the 40th FDIC-insured institution to fail in the nation this year, and the seventh in Georgia. The last FDIC-insured institution closed in the state was McIntosh Commercial Bank, Carrollton, earlier today.
Check all the banks failed in Georgia at : Georgia Bank Failures
The FDIC press release is available here.
Tags: 2010 Failed Banks, 40 th Bank Failure, bank failures, Bank of the Ozarks, Failed Bank 40, Failed Banks, Failed Banks 2010, Failed Banks in Georgia, Failed Banks March, Failed Banks March 26, FDIC, Friday Bank Failures, Friday Failures, Georgia Bank Failures, Unity National Bank
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