Friday, August 29, 2008
Integrity Bank in Alpharetta, Georgia Goes Down. Any more to come?
FDIC website. A $1.1 billion asset bank. I'd guess a $200 million to $250 million loss to the FDIC insurance fund. Good to see some geographic diversity to the failures. Not just California and Florida. Last week Kansas, this week Georgia. Diversity rules.
Somehow I missed in my first scan of the press release that the FDIC expects losses to range from $250 million to $350 million which is 23%-32% of assets. This indicates that loss ratios are getting worse, not better. Particularly when considered in the context of the IndyMac trend referred to in my prior post.