Comments on: This Week’s Bank Failure Surprisingly Costly http://www.nakedcapitalism.com/2008/08/this-weeks-bank-failure-surprisingly.html Sun, 22 Nov 2009 22:11:10 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Anonymous http://www.nakedcapitalism.com/2008/08/this-weeks-bank-failure-surprisingly.html#comment-13809 Anonymous Sun, 31 Aug 2008 04:30:00 +0000 http://www.nakedcapitalism.com/2008/08/this-weeks-bank-failure-surprisingly-costly/#comment-13809 "Banksters" running "Casino Banks".<br/>What more do you need to know?<br/>Earl L. Crockett<br/>Santa Cruz, CA. “Banksters” running “Casino Banks”.
What more do you need to know?
Earl L. Crockett
Santa Cruz, CA.

]]> By: Anonymous http://www.nakedcapitalism.com/2008/08/this-weeks-bank-failure-surprisingly.html#comment-13798 Anonymous Sat, 30 Aug 2008 18:25:00 +0000 http://www.nakedcapitalism.com/2008/08/this-weeks-bank-failure-surprisingly-costly/#comment-13798 Another interesting thing about the FDIC data that was released last week that showed the problem list of banks rose to 117 and had $78bn of troubled assets revealed (on average - though averaged can be misleading) that the asset size of institution on the list increased from $300m to $700m. Looks like the rot is rising! Another interesting thing about the FDIC data that was released last week that showed the problem list of banks rose to 117 and had $78bn of troubled assets revealed (on average – though averaged can be misleading) that the asset size of institution on the list increased from $300m to $700m. Looks like the rot is rising!

]]> By: Anonymous http://www.nakedcapitalism.com/2008/08/this-weeks-bank-failure-surprisingly.html#comment-13797 Anonymous Sat, 30 Aug 2008 17:11:00 +0000 http://www.nakedcapitalism.com/2008/08/this-weeks-bank-failure-surprisingly-costly/#comment-13797 A seemingly good piece on the bank failure at this blog, that wraps it all up in one post <a HREF="http://pimpinturtle.com/2008/08/29/georgia-regulators-close-integrity-bank-10th-bank-failure.aspx" REL="nofollow">Georgia regulators close Integrity Bank</a>. <br/><br/>Frawley was brought in to try and turn the bank around but clearly the former senior mgt had already done the bank in. <br/><br/>"CEO Steve Skow earned $1.8 million that year, while senior lender and executive vice president Doug Ballard earned $847,222. A typical community bank CEO, banking consultants said, earn roughly $300,000 per year." A seemingly good piece on the bank failure at this blog, that wraps it all up in one post Georgia regulators close Integrity Bank.

Frawley was brought in to try and turn the bank around but clearly the former senior mgt had already done the bank in.

“CEO Steve Skow earned $1.8 million that year, while senior lender and executive vice president Doug Ballard earned $847,222. A typical community bank CEO, banking consultants said, earn roughly $300,000 per year.”

]]> By: Anonymous http://www.nakedcapitalism.com/2008/08/this-weeks-bank-failure-surprisingly.html#comment-13795 Anonymous Sat, 30 Aug 2008 16:56:00 +0000 http://www.nakedcapitalism.com/2008/08/this-weeks-bank-failure-surprisingly-costly/#comment-13795 The website is interesting:<br/><br/>http://www.myintegritybank.com/aboutUs.cfm<br/><br/><i> Integrity Bank opened for business on November 1, 2000 in a small, modular building while construction was underway next door. We moved into our new 16,000 square foot building June 4, 2001. You may have seen it on State Bridge Road near the intersection of Kimball Bridge Road.<br/><br/>During the Summer of 2003 we opened the Roswell Financial Center at 900 Woodstock Road in Roswell, Ga. </i><br/><br/>BOARD OF DIRECTORS<br/>Chuck Puckett Chairman<br/>Gerald O. (Neal) Reynolds <br/>Patrick M. Frawley Vice Chairman<br/>Richard H. Peden, Sr. <br/>OFFICERS<br/>Patrick M. Frawley President & Chief Executive Officer<br/>John Brothers - Executive Vice President & Chief Operating Officer<br/>Suzanne Long - Senior Vice President & Chief Financial Officer<br/>Greg Jones - Senior Vice President - Director of Regulatory Relations<br/>David Edwards - Senior Vice President & Chief Credit Officer<br/>Clyde Smith - Senior Vice President - Real Estate Lending (Duluth)<br/>Stacey Mann - EVP Retail and Commercial Banking The website is interesting:

http://www.myintegritybank.com/aboutUs.cfm

Integrity Bank opened for business on November 1, 2000 in a small, modular building while construction was underway next door. We moved into our new 16,000 square foot building June 4, 2001. You may have seen it on State Bridge Road near the intersection of Kimball Bridge Road.

During the Summer of 2003 we opened the Roswell Financial Center at 900 Woodstock Road in Roswell, Ga.

BOARD OF DIRECTORS
Chuck Puckett Chairman
Gerald O. (Neal) Reynolds
Patrick M. Frawley Vice Chairman
Richard H. Peden, Sr.
OFFICERS
Patrick M. Frawley President & Chief Executive Officer
John Brothers – Executive Vice President & Chief Operating Officer
Suzanne Long – Senior Vice President & Chief Financial Officer
Greg Jones – Senior Vice President – Director of Regulatory Relations
David Edwards – Senior Vice President & Chief Credit Officer
Clyde Smith – Senior Vice President – Real Estate Lending (Duluth)
Stacey Mann – EVP Retail and Commercial Banking

]]> By: dryfly http://www.nakedcapitalism.com/2008/08/this-weeks-bank-failure-surprisingly.html#comment-13789 dryfly Sat, 30 Aug 2008 14:26:00 +0000 http://www.nakedcapitalism.com/2008/08/this-weeks-bank-failure-surprisingly-costly/#comment-13789 Puts a whole new meaning on the motto...<br/><br/>"In God We <a HREF="http://www.businessdictionary.com/definition/trust-company.html" REL="nofollow">Trust</a>." Puts a whole new meaning on the motto…

“In God We Trust.”

]]> By: jill http://www.nakedcapitalism.com/2008/08/this-weeks-bank-failure-surprisingly.html#comment-13788 jill Sat, 30 Aug 2008 12:17:00 +0000 http://www.nakedcapitalism.com/2008/08/this-weeks-bank-failure-surprisingly-costly/#comment-13788 Where were the state bank regulators? Where were the state bank regulators?

]]> By: Richard Smith http://www.nakedcapitalism.com/2008/08/this-weeks-bank-failure-surprisingly.html#comment-13785 Richard Smith Sat, 30 Aug 2008 10:06:00 +0000 http://www.nakedcapitalism.com/2008/08/this-weeks-bank-failure-surprisingly-costly/#comment-13785 More on the FDIC tight spot:<br/><br/>http://londonbanker.blogspot.com/2008/08/is-fdic-another-troubled-monoline.html More on the FDIC tight spot:

http://londonbanker.blogspot.com/2008/08/is-fdic-another-troubled-monoline.html

]]> By: James B http://www.nakedcapitalism.com/2008/08/this-weeks-bank-failure-surprisingly.html#comment-13782 James B Sat, 30 Aug 2008 06:59:00 +0000 http://www.nakedcapitalism.com/2008/08/this-weeks-bank-failure-surprisingly-costly/#comment-13782 I wonder how much of the problem is that the FDIC is waiting a long time before shutting down failing banks. he longer they wait, the more the losses mount. By the time they get around to taking over WaMu they'll be losing >50%. I wonder how much of the problem is that the FDIC is waiting a long time before shutting down failing banks. he longer they wait, the more the losses mount. By the time they get around to taking over WaMu they'll be losing >50%.

]]> By: Steve http://www.nakedcapitalism.com/2008/08/this-weeks-bank-failure-surprisingly.html#comment-13780 Steve Sat, 30 Aug 2008 05:36:00 +0000 http://www.nakedcapitalism.com/2008/08/this-weeks-bank-failure-surprisingly-costly/#comment-13780 With FDIC's latest loss forecast for Indymac, we're up to 28% of assets ($8.9B loss on $30.1B in total assets).<br/><br/>For an eye-opening comparison, the final cost to FDIC for the Bank of New England failures (combined balance sheet of $23B) was 4.1% of assets. With FDIC’s latest loss forecast for Indymac, we’re up to 28% of assets ($8.9B loss on $30.1B in total assets).

For an eye-opening comparison, the final cost to FDIC for the Bank of New England failures (combined balance sheet of $23B) was 4.1% of assets.

]]> By: Anonymous http://www.nakedcapitalism.com/2008/08/this-weeks-bank-failure-surprisingly.html#comment-13779 Anonymous Sat, 30 Aug 2008 05:00:00 +0000 http://www.nakedcapitalism.com/2008/08/this-weeks-bank-failure-surprisingly-costly/#comment-13779 The FDIC estimates the cost of the Integrity failure to its deposit-insurance fund will be $250 million to $300 million. My estimate of the FDIC's estimate... wishful thining to farcical. The FDIC estimates the cost of the Integrity failure to its deposit-insurance fund will be $250 million to $300 million. My estimate of the FDIC’s estimate… wishful thining to farcical.

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