Mark Herrmann's Blog

Back to the future...

This week's butcher's bill...

Seven and out…

From the FDIC: The PrivateBank and Trust Company, Chicago, Illinois, Assumes All of the Deposits of Founders Bank, Worth, Illinois

As of April 30, 2009, Founders Bank had total assets of $962.5 million and total deposits of approximately $848.9 million. …

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $188.5 million. The PrivateBank and Trust Company’s acquisition of all the deposits was the “least costly” resolution for the FDIC’s DIF compared to alternatives. Founders Bank is the 52nd FDIC-insured institution to fail in the nation this year, and the twelfth in Illinois. The last FDIC-insured institution to be closed in the state was The First National Bank of Danville, earlier today.

From the FDIC: Millennium State Bank of Texas, Dallas, Texas

From the FDIC: As of June 30, 2009, Millennium State Bank of Texas had total assets of approximately $118 million and total deposits of $115 million. State Bank of Texas agreed to purchase essentially all of the failed banks assets. … The FDIC estimates that the cost to the Deposit Insurance Fund will be $47 million. State Bank of Texas’ acquisition of all the deposits was the “least costly” resolution for the DIF compared to alternatives. Millennium State Bank of Texas is the 51st FDIC-insured institution to fail in the nation this year and the first in Texas. The last bank to fail in the state was Sanderson State Bank, Sanderson, on December 12, 2008.

From the FDIC: Elizabeth State Bank, Elizabeth, Illinois

As of April 30, 3009, The Elizabeth State Bank had total assets of $55.5 million and total deposits of approximately $50.4 million. …The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $11.2 million. Galena State Bank and Trust’s acquisition of all the deposits was the “least costly” resolution for the FDIC’s DIF compared to alternatives. The Elizabeth State Bank is the 49th FDIC-insured institution to fail in the nation this year, and the tenth in Illinois. The last FDIC-insured institution to be closed in the state was Rock River Bank, Oregon, earlier today.

From the FDIC: First National Bank of Danville, Danville, Illinois

As of April 30, 2009, The First National Bank of Danville had total assets of $166 million and total deposits of approximately $147 million. … The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $24 million. First Financial Bank’s, N.A. acquisition of all the deposits was the “least costly” resolution for the FDIC’s DIF compared to alternatives. The First National Bank of Danville is the 50th FDIC-insured institution to fail in the nation this year, and the eleventh in Illinois. The last FDIC-insured institution to be closed in the state was The Elizabeth State Bank, Elizabeth, earlier today.

From FDIC: John Warner Bank, Clinton, Illinois

As of April 30, 2009, The John Warner Bank had total assets of $70 million and total deposits of approximately $64 million … The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $10 million. State Bank of Lincoln’s acquisition of all the deposits was the “least costly” resolution for the FDIC’s DIF compared to alternatives. The John Warner Bank is the 46th FDIC-insured institution to fail in the nation this year, and the seventh in Illinois.

From the FDIC: First State Bank of Winchester, Winchester, Illinois

As of April 30, 2009, The First State Bank of Winchester had total assets of $36 million and total deposits of approximately $34 million. … The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $6 million. The First National Bank of Beardstown’s acquisition of all the deposits was the “least costly” resolution for the FDIC’s DIF compared to alternatives. The First State Bank of Winchester is the 47th FDIC-insured institution to fail in the nation this year, and the eighth in Illinois

From FDIC: Rock River Bank, Oregon, Illinois

As of April 30, 2009, Rock River Bank had total assets of $77 million and total deposits of approximately $75.8 million … The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $27.6 million. The Harvard State Bank’s acquisition of all the deposits was the “least costly” resolution for the FDIC’s DIF compared to alternatives. Rock River Bank is the 48th FDIC-insured institution to fail in the nation this year, and the ninth in Illinois.

Say it isn't so...

From NYPost:

Don’t be surprised if Slim Jims start disappearing from convenience store shelves — lovers of the dried meat snack may start stockpiling them now that production has been halted.

ConAgra, the maker of Slim Jim, hasn’t produced any new inventory since an explosion destroyed the only plant in the country that made the beef jerky treat in early June. Three people died in the incident, which appears to have been caused by a gas leak.

The company won’t be able to make new Slim Jims for at least another month, which means that, for the time being, there’s a finite supply available to sate the appetites of hungry truckers.

CERN moves forward on cosmic ray/cloud formation theory

“The current understanding of climate change in the industrial age is that it is predominantly caused by anthropogenic greenhouse gases, with relatively small natural contributions due to solar irradiance and volcanoes. However, palaeoclimatic reconstructions show that the climate has frequently varied on 100-year time scales during the Holocene (last 10 kyr) by amounts comparable to the present warming – and yet the mechanism or mechanisms are not understood. Some of these reconstructions show clear associations with solar variability, which is recorded in the light radio-isotope archives that measure past variations of cosmic ray intensity. However, despite the increasing evidence of its importance, solar-climate variability is likely to remain controversial until a physical mechanism is established.

“Estimated changes of solar irradiance on these time scales appear to be too small to account for the climate observations. This raises the question of whether cosmic rays may directly affect the climate, providing an effective indirect solar forcing mechanism. Indeed recent satellite observations – although disputed – suggest that cosmic rays may affect clouds. This talk presents an overview of the palaeoclimatic evidence for solar/cosmic ray forcing of the climate, and reviews the possible physical mechanisms. These will be investigated in the CLOUD experiment which begins to take data at the CERN PS later this year.”

More…

Green shoots?

June US Auto Sales (or lack there of):

• Ford Motor -11%;
• Chrysler Group -42%;
• General Motors -33.4%
• Toyota Motor -32%;
• Honda Motor -30%;
• Nissan -23%;
• Hyundai -18%;
• Volkswagen -18%;
• BMW -20.3%
• Mercedes-Benz -22.6%

BTW - June had 25 selling days, one more than a year ago.

Link-a-palooza

Euro Zone May Unemployment Hits 10-Year High

• CNBC
• 07/02/2009 04:50 AM

Sweden’s Central Bank Cuts Key Rate to Record 0.25%

• Bloomberg
• 07/02/2009 04:48 AM

India labours to bridge the infrastructure gap

• FT
• 07/01/2009 08:51 PM

As deficit grows, Calif. prepares to issue IOUs

• AP
• 07/02/2009 04:51 AM

Aspiring Lawyer Finds Debt Is Bigger Hurdle Than Bar Exam

• NY Times
• 07/01/2009 08:49 PM

Lear to File Bankruptcy After Lenders Agree to Terms

• Bloomberg
• 07/01/2009 08:44 PM

In Skittish Hollywood, Stars Can’t Save ‘Moneyball’

• NY Times
• 07/01/2009 08:50 PM

Credit Card Issuers Raising Rates Ahead of New Law

• Washington Post
• 07/02/2009 04:55 AM

GM Plans ‘Garage Sale’ for Toxic Plants, New Jersey Golf Course

• Bloomberg
• 07/02/2009 04:54 AM

IMF Board Authorizes Debut Bond Issuance to Fund Aid

• Bloomberg
• 07/01/2009 08:44 PM

Link-a-palooza

California Misses Deadline to Avoid the Need for IOUs

• Bloomberg
• 07/01/2009 05:12 AM

Congress Gets Plan for Consumer Protection Agency

• NY Times
• Andrews
• 06/30/2009 08:57 PM

IMF Board Set to Authorize $150 Billion in Bond Debut

• Bloomberg
• 07/01/2009 05:05 AM

Soros Predicts ‘Stop-Go’ Economy, Higher Rates

• CNBC
• 06/30/2009 11:52 AM

Paying college tuition with credit card gets costlier

• USA Today
• 07/01/2009 05:16 AM

Iraq Fails to Award Most Oil Contracts in Bid Round

• Bloomberg
• 07/01/2009 05:11 AM

Euro Hurts Slovakia, Slovenia as Shoppers Seek Hungary Bargains

• Bloomberg
• 07/01/2009 05:06 AM

Russia to recapitalise its banks

• FT
• 06/30/2009 08:58 PM

China Manufacturing Expands a Fourth Month, PMI Shows

• Bloomberg
• 06/30/2009 08:56 PM

China Limits Use of ‘Virtual’ Currency

• NY Times
• 06/30/2009 11:39 AM

U.K. CIPS Factory Index Rises to 13-Month High, Markit Says

• Bloomberg
• 07/01/2009 05:05 AM

Insured Mortgage Defaults Resume Upward Climb

• CNBC
• 06/30/2009 11:53 AM

Gloomy U.S. consumers clip housing recovery hopes

• Reuters
• 06/30/2009 11:39 AM

Monster online jobs index dips in June

• Reuters
• 07/01/2009 05:32 AM

Insured, but Driven Bankrupt by Health Crises

• NY Times
• 06/30/2009 08:56 PM

A Forecast With Hope Built In

• NY Times
• Leonhardt
• 07/01/2009 05:02 AM

Link-a-palooza

Deficit forces California to issue IOUs

• FT
• 06/29/2009 03:43 PM

VIX Below Lehman Bankruptcy Level Leaves ‘Wall of Worry’ Intact

• Bloomberg
• 06/30/2009 05:01 AM

Ruling Adds Teeth to State Oversight of Banks

• Washington Post
• 06/30/2009 04:20 AM

Bernard Madoff Gets 150 Years in Jail for Epic Fraud

• Bloomberg
• 06/29/2009 12:01 PM

U.K. First-Quarter GDP Drops 2.4%, Most Since 1958 

• Bloomberg
• 06/30/2009 04:22 AM

Japan’s Jobless Rate Rises to Five-Year High of 5.2%

• Bloomberg
• 06/30/2009 04:12 AM

China Bank Lending Funneled Into Stocks, News Says

• Bloomberg
• 06/29/2009 04:13 AM

As Iraq Stabilizes, China Eyes Its Oil Fields

• NY Times
• 06/30/2009 05:02 AM

Bundesbank ‘Colossus’ Loses Ability to Dictate ECB Lending Rate

• Bloomberg
• 06/30/2009 04:59 AM

Company Bonds in Europe Post Record First-Half Return

• Bloomberg
• 06/30/2009 04:10 AM

Swiss Banks Shun Americans as U.S. Compels Disclosure

• Bloomberg
• 06/29/2009 04:11 AM

Young Japanese Raise Their Voices Over Economy

• NY Times
• 06/30/2009 04:11 AM

AIG Discloses New Risk on Derivatives Sold to European Banks

• Bloomberg
• 06/30/2009 04:08 AM