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Archive for July, 2008

IndyMac closed their doors the week of July 7th and the FDIC has taken over the bank. For people who have less than $100,000 in their accounts the FDIC insures their funds. For those that have over $100,000 the bad news is they are not guaranteed to get their money reimbursed.

The FDIC has documented that there are over 90 banks on the watch list. These are banks that are deemed as having risk to fail. The FDIC does not release the names of these banks.  Leasing News printed the following information on their website.

More on Troubled Banks

The Federal Deposit Insurance Corporation (FDIC) reportedly has an official list of 90 troubled banks. ABC News reports they have obtained other lists prepared by several research groups and financial analysts.

The lists use versions of the so-called “Texas ratio” which compare a bank’s assets and reserves to its non-performing loans, based on financial data made public by the FDIC in March, 2008.

Accordingly, banks with a ratio over 100 per cent would be the most likely to fail, based on what happened to Texas savings and loans during the 1980’s, they report.

Bank

City

State

“Texas-ratio”

Colorado Federal Savings Bank

Greenwood Village

CO

244.8

Eastern Savings Bank, FSB

Hunt Valley

MD

222.7

Integrity Bank

Alpharetta

GA

191.6

Ameribank, Inc.

Welch

WV

153.7

First Priority Bank

Bradenton

FL

122.6

First Security National Bank

Norcross

GA

112.1

Magnet Bank

Salt Lake City

UT

110.4

Security Pacific Bank

Los Angeles

CA

102.8

First National Bank of Brookfield

Brookfield

IL

102.1

The State Bank of Lebo

Lebo

KS

100.6

Source: Research Associates of America

The industry experts are predicting that this downturn will continue for awhile. PFC has multiple underwriters that allow us to continue to offer A-D lending to our vendors and clients. If you need a loan and are having trouble obtaining one please contact Pamela Hewett at phewett@pfcfinance.com or Call 1-877-835-1253.

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