MarketWatch: Big Texas bank, 3 more fail

Aug 21, 2009, 9:33 p.m. EST

Four more banks fail, with 2009 tally now at 81
Guaranty Bank of Texas joins list of biggest U.S. bank failures of all time

By Benjamin Pimentel & Alistair Barr, MarketWatch


SAN FRANCISCO (MarketWatch) -- The Federal Deposit Insurance Corp. on Friday announced four more bank failures, including a Texas bank with total assets of about $13 billion, pushing this year's tally up to 81.

Guaranty Bank of Austin, Texas became the 81st bank failure of 2009 after it was closed by Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corp. as receiver, the federal agency said late Friday.

Guaranty Bank also joined the list of the 12 biggest U.S. bank failures of all time.

The FDIC said it has entered into a "purchase and assumption agreement" with BBVA Compass of Birmingham, Ala. As of June 30, Guaranty Bank had total assets about $13 billion and total deposits of about $12 billion.

The bank was one of the largest based in Texas, but had been reeling from nearly $1.5 billion in mortgage write-downs.

This year, 81 banks have failed as a lingering recession and surging unemployment leaves the industry nursing heavy loan losses. More than 1,000 banks may fail during the next three to five years, RBC Capital Markets estimated in February. .........(more)

The complete piece is at: http://www.marketwatch.com/story/three-more-bank-failures-as-tally-reaches-80-2009-08-21

:sarcasm:

in reference to:

Texas to revise history textbooks: liberals out, Limbaugh and Gingrich in

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x6367934