Failed Banks: FDIC Announces the Closure of 4 More Banks

The Federal Deposit Insurance Corporation (FDIC) announced the closure of four (4) more banks on 7th May 2010.

The Bank of Bonifay #65
The First Federal Bank of Florida, Lake City, Florida, has assumed all of the deposits of The Bank of Bonifay.

As of 31st March 2010, The Bank of Bonifay had approximately $230.2 million in total deposits and $242.9 million in total assets. In addition to assuming the The Bank of Bonifay's deposits, First Federal Bank of Florida will purchase approximately $78.1 million of The Bank of Bonifay's assets, consisting of cash and cash equivalents. The FDIC will retain the remaining assets and will dispose of them at a later date.

The Bank of Bonifay is the 65th FDIC-insured institution to fail in the nation this year, and the tenth in Florida. The last FDIC-insured institution closed in the state was Riverside National Bank of Florida, Fort Pierce, on 16th April 2010.

Access Bank #66
PrinsBank, Prinsburg, Minnesota, has assumed all of the deposits of Access Bank.

As of 31st March 2010, Access Bank had approximately $32.0 million in total deposits and $32.0 million in total assets. In addition to assuming all of the deposits of the failed bank, PrinsBank agreed to purchase essentially all of the assets.

Access Bank is the 66th FDIC-insured institution to fail in the nation this year, and the fifth in Minnesota. The last FDIC-insured institution closed in the state was State Bank of Aurora, Aurora, on 19th March 2010.

Towne Bank of Arizona #67
Commerce Bank of Arizona, Tucson, Arizona, has assumed all of the deposits of Towne Bank of Arizona.

As of 31st March 2010, Towne Bank of Arizona had approximately $113.2 million in total deposits and $120.2 million in total assets. In addition to assuming all of the deposits of the failed bank, Commerce Bank of Arizona agreed to purchase essentially all of the assets.

Towne Bank of Arizona is the 67th FDIC-insured institution to fail in the nation this year, and the second in Arizona. The last FDIC-insured institution closed in the state was Desert Hills Bank, Phoenix, on 26th March 2010.

1st Pacific Bank of California #68
City National Bank, Los Angeles, California, has assumed all of the deposits of 1st Pacific Bank of California, San Diego, California.

As of 31st March 2010, 1st Pacific Bank of California had approximately $291.2 million in total deposits and $335.8 million in total assets. In addition to assuming all of the deposits of the failed bank, City National Bank agreed to purchase essentially all of the assets.

1st Pacific Bank of California is the 68th FDIC-insured institution to fail in the nation this year, and the fifth in California. The last FDIC-insured institution closed in the state was Innovative Bank, Oakland, on 16th April 2010.

Discover How You Can Profit from the Current Banking Crisis

Yes, you can profit from the current banking crisis and, at the same time, help others who are experiencing financial difficulties.

Bill Bartmann, who during the Savings and Loan crisis of the 1980s and 1990s went from bankrupt to billionaire buying bad loans for pennies on the dollar and then collecting on those loans for a profit has created a FREE video where he explains how you too, regardless of your personal circumstances, can profit in this downturn economy.

You can access the video by clicking the link below:

FREE Video: How to Make Money Buying Bad Loans

Failed Banks: FDIC Announces the Closure on Another 7 Banks & How You Can Profit from the Current Economic Crisis

On 23 April 2010, the Federal Deposit Insurance Corporation (FDIC) announced the closure of another seven (7) banks.

Eurobank #58
Oriental Bank and Trust, San Juan, Puerto Rico, to assume all of the deposits of Eurobank.

As of 31st December 2009, Eurobank had approximately $1.97 billion in total deposits and $2.56 billion in total assets. In addition to assuming all of the deposits, Oriental Bank and Trust agreed to purchase essentially all of the failed bank's assets.

Eurobank is the 58th FDIC-insured institution to fail in the nation this year. Eurobank is one of three institutions closed in Puerto Rico on this date.

R-G Premier Bank of Puerto Rico #59
Scotiabank de Puerto Rico, San Juan, Puerto Rico, has assumed all of the deposits of R-G Premier Bank of Puerto Rico.

As of 31st December 2009, R-G Premier Bank of Puerto Rico had approximately $4.25 billion in total deposits and $5.92 billion in total assets. In addition to assuming all of the deposits, Scotiabank de Puerto Rico agreed to purchase essentially all of the failed bank's assets.

R-G Premier Bank of Puerto Rico is the 59th FDIC-insured institution to fail in the nation this year. R-G Premier Bank of Puerto Rico is one of three institutions closed in Puerto Rico on this date.

Westernbank Puerto Rico #60
Banco Popular de Puerto Rico, San Juan, Puerto Rico, has assumed all of the deposits of Westernbank Puerto Rico.

As of 31st December 2009, Westernbank Puerto Rico had approximately $8.62 billion in total deposits and $11.94 billion in total assets. In addition to assuming all of the deposits, Banco Popular de Puerto Rico agreed to purchase approximately $9.39 billion of the failed bank's assets. The FDIC will retain the remaining assets to dispose of at a later stage.

Westernbank Puerto Rico is the 60th FDIC-insured institution to fail in the nation this year. Western Bank was one of three institutions closed in Puerto Rico on this date.

CF Bancorp #61
First Michigan Bank, Troy, Michigan, to assume all of the deposits of CF Bancorp.

As of 31st December 2009, CF Bancorp had approximately $1.43 billion in total deposits and $1.65 billion in total assets. In addition to assuming all of the deposits, First Michigan Bank agreed to purchase approximately $870 million of the failed bank's assets. The FDIC will retain the remaining assets to dispose of at a later date.

CF Bancorp is the 61st FDIC-insured institution to fail in the nation this year, and the second in Michigan. The last FDIC-insured institution closed in the state was Lakeside Community Bank, Sterling Heights, on 16th April 2010.

Champion Bank #62
BankLiberty, Liberty, Missouri, has assumed all of the deposits of Champion Bank.

As of 31st December 2009, Champion Bank had approximately $153.8 million in total deposits and $187.3 million in total assets. In addition to assuming all of the deposits, BankLiberty agreed to purchase approximately $152.6 million of the failed bank's assets. The FDIC will retain the remaining assets to dispose at a later date.

Champion Bank is the 62nd FDIC-insured institution to fail in the nation this year, and the second in Missouri. The last FDIC-insured institution closed in the state was Bank of Leeton, Leeton, on 22nd January 2010.

BC National Banks #63
Community First Bank, Butler, Missouri, has assumed all of the deposits of BC National Banks.

As of 31 December 2009, BC National Banks had approximately $54.9 million in total deposits and $67.2 million in total assets. In addition to assuming all of the deposits, Community First Bank agreed to purchase essentially all of the failed bank's assets.

BC National Banks is the 63rd FDIC-insured institution to fail in the nation this year, and the third in Missouri. The last FDIC-insured institution closed in the state was Champion Bank, Creve Coeur.

Frontier Bank #64
Union Bank, National Association, San Francisco, California, has assumed all of the deposits of Frontier Bank.

As of 31st December 2009, Frontier Bank had approximately $3.13 billion in total deposits and $3.50 billion in total assets. In addition to assuming all of the deposits, Union Bank, N.A. agreed to purchase essentially all of the failed bank's assets.

Frontier Bank is the 64th FDIC-insured institution to fail in the nation this year, and the sixth in Washington. The last FDIC-insured institution closed in the state was City Bank, Lynnwood, on 16th April 2010.

Discover How You Can Profit from the Current Economic Crisis

The current economic crisis makes it an ideal time to make money. And one way in which you can make money during this economic downturn is to buy and then collect on delinquent loans.

This is how Bill Bartmann became a billionaire. That was during the Savings and Loan crisis of the 1980s and 1990s and the current economic situation presents an opportunity many times greater than back then for the savvy investor.

And, if you're thinking that you don't have the education, the skills or the time to take advantage of this opportunity then think again.

1. You don't need to have a special education background to get started in the debt collection business;

2. You can learn the skills that you need to make money buying bad loans;

3. You can outsource the collection component of any delinquent loans that you do purchase and you can do so on a commission basis.

You can also get 100% financing to buy bad loans. To explain this lucrative and time-sensitive opportunity Bill Bartmann has created a FREE video which you can access by clicking the link below:

FREE Video: Make Money Buying Bad Loans

Failed Banks - 8 More Bank Closures Announced by Federal Deposit Insurance Corporation

The Federal Deposit Insurance Corporation (FDIC) announced on 16 April that 8 more banks had closed.

The most recent failed banks are:

1. Innovative Bank, Oakland, CA;

2. Tamalpais Bank, San Rafael, CA;

3. AmericanFirst Bank, Clermont, FL;

4. Riverside National Bank of Florida, Fort Pierce, FL;

5. First Federal Bank of North Florida, Palatka, FL;

6. Butler Bank, Lowell, MA;

7. Lakeside Community Bank, Sterling Heights, MI; and

8. City Bank, Lynnwood, WA.


Innovative Bank
Innovative Bank had approximately $268.9 million in assets and approximately $225.2 million in deposits. Center Bank, Los Angeles, CA has agreed to assume all deposits, excluding certain brokered deposits.

Innovative Bank is the 48th FDIC-insured financial institution nationally to fail this year, and the 3rd in California. The last FDIC-insured institution closed in the state was La Jolla Bank, FSB, La Jolla on 19 February 2010.

Tamalpais Bank
The FDIC has entered into a purchase and assumption agreement with the Union Bank, National Association, San Francisco, California to assume all the deposits of Tamalpais Bank.

At the end of 2009, Tamalpais Bank had approximately $628.9 million in total assets and $487.6 million in total deposits.

The Tamalpais Bank is the 49th FDIC-insured bank to fail this year and the 4th bank in California to fail.

AmericanFirst Bank, Riverside National Bank of Florida and the First Federal Bank of North Florida
The deposits of AmericanFirst Bank, First Federal Bank of North Florida and Riverside National Bank were all acquired by TD Bank, National Association, Wilmington, Delaware. The three failed banks were not affiliated.

At the end of 2009 AmericanFirst Bank had total assets of $90.5 million and total deposits of $81.9 million. The First Federal Bank of North Florida had total assets of $393.3 million and total deposits of $324.2 million. The Riverside National Bank had total assets of $3.42 billion and total deposits of $2.76 billion.

Butler Bank
People's United Bank, Bridgeport, Connecticut has agreed to assume all the deposits of Butler Bank. At the end of 2009, Butler Bank had approximately $268.0 million in assets and approximately $233.2 million in deposits.

Butler Bank is the 47th FDIC-insured financial institution to fail this year and is the first bank to fail in Massachusetts thus far this year. Prior to this failure the last time a bank failed in Massachusetts was in 1994 when the Ludlow Savings Bank closed.

Lakeside Community Bank
The Lakeside Community Bank is first bank to fail in Michigan this year but and the 43rd FDIC-insured bank to fail. The last bank to fail in Michigan was Citizens State Bank in New Baltimore which closed on 18 December 2009.

At the end of 2009 Lake Community Bank had approximately $53.0 million in total assets and $52.3 million in total deposits.

The FDIC was unable to find another institution to take over the banking operations of Lakeside Community Bank and so the FDIC will mail cheques to depositors for their insured balances on Monday, 19 April.

City Bank
Whidbey Island Bank, Coupeville, Washington is assuming all the deposits of City Bank.

At the end of 2009, City Bank had approximately $1.13 billion in total assets and $1.02 billion in total deposits.

City Bank is the 50th FDIC-insured bank nationally to close this year and the 5th bank in Washington to fail this year.

How You Can Profit from the Current Banking Crisis

Bill Bartmann, a leading authority in debt collection, recently stated that he believed that as many as 1,000 banks will eventually fail this year. And so, this could just be the tip of the iceberg.

However, the banking crisis actually creates a special opportunity for ordinary individuals to profit. The opportunity comes through buying bad loans for pennies on the dollar and then collecting many times your initial investment. And the type of delinquent loans that Bill Bartmann recommends the everyday investor purchase are consumer loans such as charged-off credit cards debts.

It's possible to get started with a small investment and there are ways to obtain 100% financing for the loans you purchase. What's more, as well as making money yourself, this is an opportunity where you can also help others who find themselves experiencing financial hardship.

It's what you'd call a WIN-WIN situation.

Bill Bartmann explains the opportunity in greater detail in a special FREE video which you can access by clicking the URL below:

Profit from the Current Banking Crisis

Bill Bartmann Releases Special Report - "Bankrupt to Billionaire: How to Make Money in a Bad Economy"

Billionaire Bill Bartmann has released a new report - "Bankrupt to Billionaire: How to Make Money in a Bad Economy".

One of the aims of this special report is to demonstrate to entrepreneurs as well as other individuals who may simply regard themselves as enterprising rather than entrepreneurial the enormous but time-limited opportunity that currently exists to not only profit during this downturn economy but to profit as a result of it through making money buying "bad" loans.

"Bad" loans is a term coined to describe delinquent loans. It's a subject that Bill Bartmann is an expert on having gone from bankrupt to billionaire through buying such loans for pennies on the dollar and then collecting dimes and quarters on the same.

Over a 12-year period Bill Bartmann purchased over 4.5 million individual delinquents loans with a total face value of $15 billion dollars from over 800 banks. At its peak, his company, Commercial Financial Services (CFS), employed 3,900 people.

Bill Bartmann admits that he thought he would never again see an economic downturn like what occurred in the 1980s and 1990s with the Savings and Loan crisis where 747 savings and loan associations failed. But, naturally, events over the past couple of years have certainly changed that view.

The current crisis is bigger in magnitude than the Savings and Loan Crisis and therefore, for those in the know, so is the opportunity. Hence, while others are lamenting over the current economic climate, Bill Bartmann is relishing it because it represents familiar turf to him. He knows exactly how to use the current economic environment to his advantage.

"When this banking crisis started to happen I realized that I've seen this movie before, and know exactly how it ends. I couldn't believe my good fortune to think that I get to take advantage of this TWICE in one lifetime."
Bill Bartmann

However, this time he has decided to use a different business strategy. Instead of creating one colossal company as he did with CFS, he's decided to create approximately 100 business partnerships. This presents a unique opportunity for individuals to partner with a billionaire. He explains this premise in greater detail in his Special Report.

You can a copy of this FREE Special Report - "How to Make Money in a Bad Economy" by clicking the URL below:

FREE Special Report - How to Make Money in a Bad Economy

And remember...

"If you know what you're doing a "bad" economy can be your greatest opportunity to create wealth."
Bill Bartmann