The False Nationalization v. Geithner Plan Dichotomy - The Answer Is Both

[Median Democrat]

I have posted this before and in reference to the Brookings Institutes early report actually advocating a combination of nationaliztion and recapitalization. My take is that the Obama administration has been purposely quiet about its nationalization plans, but if you look at the FDIC takeover list, you will see that in that the federal government has taken over 23 banks in the first four months of 2009 alone, which puts them well ahead of the pace of 25 in 2008.

In other words, the Krugman/Stiglitz v. Geithner/Summers drama is a bit over blown. The facts show that the federal government has been steadily nationalizing failed banks. I also assume that the federal government is reluctant to takeover banks like Citi or B of A due to the complexities and interrelatedness of such institutions. However, as the list below shows, its not due to some idealogical opposition to taking over banks.

http://www.fdic.gov/bank/individual/failed/banklist.html

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This list includes banks which have failed since October 1, 2000.

2009
Bank Name Closing Date Updated Date
New Frontier Bank, Greeley, CO April 10, 2009 April 10, 2009
Cape Fear Bank, Wilmington, NC April 10, 2009 April 10, 2009
Omni National Bank, Atlanta, GA March 27, 2009 March 31, 2009
TeamBank, National Association, Paola, KS March 20, 2009 March 24, 2009
Colorado National Bank, Colorado Springs, CO March 20, 2009 March 24, 2009
FirstCity Bank, Stockbridge, GA March 20, 2009 April 2, 2009
Freedom Bank of Georgia, Commerce, GA March 6, 2009 March 11, 2009
Security Savings Bank, Henderson, NV February 27, 2009 April 2, 2009
Heritage Community Bank, Glenwood, IL February 27, 2009 March 11, 2009
Silver Falls Bank, Silverton, OR February 20, 2009 April 2, 2009
Pinnacle Bank of Oregon, Beaverton, OR February 13, 2009 March 10, 2009
Corn Belt Bank and Trust Company, Pittsfield, IL February 13, 2009 April 2, 2009
Riverside Bank of the Gulf Coast, Cape Coral, FL February 13, 2009 April 2, 2009
Sherman County Bank, Loup City, NE February 13, 2009 April 2, 2009
County Bank, Merced, CA February 6, 2009 April 2, 2009
Alliance Bank, Culver City, CA February 6, 2009 April 2, 2009
FirstBank Financial Services, McDonough, GA February 6, 2009 April 2, 2009
Ocala National Bank, Ocala, FL January 30, 2009 April 2, 2009
Suburban Federal Savings Bank, Crofton, MD January 30, 2009 April 2, 2009
MagnetBank, Salt Lake City, UT January 30, 2009 April 2, 2009
1st Centennial Bank, Redlands, CA January 23, 2009 April 2, 2009
Bank of Clark County, Vancouver, WA January 16, 2009 April 2, 2009
National Bank of Commerce, Berkeley, IL January 16, 2009 April 2, 2009

2008
Sanderson State Bank, Sanderson, TX
En Español December 12, 2008 April 2, 2009
Haven Trust Bank, Duluth, GA December 12, 2008 April 2, 2009
First Georgia Community Bank, Jackson, GA December 5, 2008 April 2, 2009
PFF Bank and Trust, Pomona, CA November 21, 2008 April 2, 2009
Downey Savings and Loan, Newport Beach, CA November 21, 2008 April 2, 2009
The Community Bank, Loganville, GA November 21, 2008 April 2, 2009
Security Pacific Bank, Los Angeles, CA November 7, 2008 April 2, 2009
Franklin Bank, SSB, Houston, TX November 7, 2008 April 2, 2009
Freedom Bank, Bradenton, FL October 31, 2008 April 2, 2009
Alpha Bank & Trust, Alpharetta, GA October 24, 2008 April 2, 2009
Meridian Bank, Eldred, IL October 10, 2008 April 2, 2009
Main Street Bank, Northville, MI October 10, 2008 April 2, 2009
Washington Mutual Bank, Henderson, NV and Washington Mutual Bank FSB, Park City, UT September 25, 2008 April 2, 2009
Ameribank, Northfork, WV September 19, 2008 April 2, 2009
Silver State Bank, Henderson, NV
En Español September 5, 2008 April 2, 2009
Integrity Bank, Alpharetta, GA August 29, 2008 April 2, 2009
The Columbian Bank and Trust, Topeka, KS August 22, 2008 April 2, 2009
First Priority Bank, Bradenton, FL August 1, 2008 April 2, 2009
First Heritage Bank, NA, Newport Beach, CA July 25, 2008 April 2, 2009
First National Bank of Nevada, Reno, NV July 25, 2008 April 2, 2009
IndyMac Bank, Pasadena, CA July 11, 2008 April 2, 2009
First Integrity Bank, NA, Staples, MN May 30, 2008 April 2, 2009
ANB Financial, NA, Bentonville, AR May 9, 2008 April 2, 2009
Hume Bank, Hume, MO March 7, 2008 April 2, 2009
Douglass National Bank, Kansas City, MO January 25, 2008 April 2, 2009

2007 and earlier:
Miami Valley Bank, Lakeview, OH October 4, 2007 April 2, 2009
NetBank, Alpharetta, GA September 28, 2007 April 2, 2009
Metropolitan Savings Bank, Pittsburgh, PA February 2, 2007 April 2, 2009
Bank of Ephraim, Ephraim, UT June 25, 2004 April 9, 2008
Reliance Bank, White Plains, NY March 19, 2004 April 9, 2008
Guaranty National Bank of Tallahassee, Tallahassee, FL March 12, 2004 February 2, 2009
Dollar Savings Bank, Newark, NJ February 14, 2004 April 9, 2008
Pulaski Savings Bank, Philadelphia, PA November 14, 2003 July 22, 2005
The First National Bank of Blanchardville,
Blanchardville, WI May 9, 2003 February 2, 2009
Southern Pacific Bank, Torrance, CA February 7, 2003 October 20, 2008
The Farmers Bank of Cheneyville, Cheneyville, LA December 17, 2002 October 20, 2004
The Bank of Alamo, Alamo, TN November 8, 2002 March 18, 2005
AmTrade International Bank of Georgia, Atlanta, GA
En Español September 30, 2002 September 11, 2006
Universal Federal Savings Bank, Chicago, IL June 27, 2002 April 9, 2008
Connecticut Bank of Commerce, Stamford, CT June 26, 2002 February 2, 2009
New Century Bank, Shelby Township, MI March 28, 2002 March 18, 2005
Net 1st National Bank, Boca Raton, FL March 1, 2002 April 9, 2008
NextBank, N.A., Phoenix, AZ February 7, 2002 February 2, 2009
Oakwood Deposit Bank Company, Oakwood, OH February 1, 2002 February 2, 2009
Bank of Sierra Blanca, Sierra Blanca, TX January 18, 2002 November 6, 2003
Hamilton Bank, N.A., Miami, FL
En Español January 11, 2002 February 2, 2009
Sinclair National Bank, Gravette, AR September 7, 2001 February 10, 2004
Superior Bank, FSB, Hinsdale, IL July 27, 2001 February 2, 2009
The Malta National Bank, Malta, OH May 3, 2001 November 18, 2002
First Alliance Bank & Trust Company, Manchester, NH February 2, 2001 February 18, 2003
National State Bank of Metropolis, Metropolis, IL December 14, 2000 March 17, 2005
Bank of Honolulu, Honolulu, HI October 13, 2000 March 17, 2005

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