Third in three weeks, I believe.
The FDIC expects $83 mm of losses on $214 mm of "assets." That's just a horrific loss percentage at 39%.
Think about that for a second: at best, the $214 mm of reported assets is actually worth $133 million. Things seem to be getting worse and worse from the perspective of what the reported assets of these banks are worth. Doesn't give me much confidence in the reported balance sheets of the big banks.
As of May 26, 2009, Bank of Lincolnwood had total assets of approximately
$214 million and total deposits of $202 million. Republic Bank of Chicago agreed
to purchase approximately $162 million in assets. The FDIC will retain the
remaining assets for later disposition.
....
The FDIC estimates that the cost to the Deposit Insurance Fund will be $83
million. Republic Bank of Chicago's acquisition of all the deposits was the
"least costly" resolution for the DIF compared to alternatives. Bank of
Lincolnwood is the 37th FDIC-insured institution to fail in the nation this year
and the sixth in Illinois. The last bank to fail in the state was Citizens
National Bank, Macomb, on May 22, 2009.
