2009-09-23 12:22:03 -
Zacks.com announces the list of stocks featured in the Analyst Blog.
Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: First Financial Bank (FFBC), JP Morgan Chase (JPM), Fifth Third Bancorp (FITB), U.S.
Bancorp (USB) and SunTrust Banks (STI).
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Here are highlights from Tuesday’s Analyst Blog:
94 Bank Failures So Far in '94
Hamilton, Ohio-based First Financial Bank (FFBC) will assume all of the deposits of the two banks. So there will be no losses to any depositor. The FDIC and First Financial Bank reached a loss-share agreement covering about $2.5 billion of the two banks' combined assets.
In the second quarter of 2009, the number of banks on the FDIC's list of problem institutions grew to 416 from 305 in the first quarter. This is the highest since the savings and loan crisis in 1994. Increasing loan losses on commercial real estate are expected to cause more bank failures in the next few years. The FDIC anticipates the bank failures to cost about $70 billion over the next five years.
Recently, the FDIC allowed private investors to buy failed financial institutions. The regulator’s board voted to reduce the cash that private equity funds must maintain in banks they acquire.
The FDIC is considering borrowing money from the government to replenish the deposit insurance fund as it has slipped to 0.22% of insured deposits, below the mandated minimum of 1.15%. The agency has already raised $5.6 billion through an added assessment.
The failure of Washington Mutual last year is the largest bank failure in U.S. history. It was acquired by JP Morgan Chase (JPM). The other major acquirers of failed institutions since 2008 include Fifth Third Bancorp (FITB), U.S. Bancorp (USB), Zions Bancorp (ZION), SunTrust Banks (STI), and several others.
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