AND IN THE REAL WORLD – AT 9:28 A.M. ET: Uh, this election is about something, and this is one of the things it's about. We're not exactly in the money:
WASHINGTON (AP) -- Regulators on Friday shut down a total of seven banks in Florida, Georgia, Illinois, Kansas and Arizona, lifting to 139 the number of U.S. banks that have fallen this year as soured loans have mounted and the economy has sputtered.
The Federal Deposit Insurance Corp. took over the banks, the largest of which by far was Hillcrest Bank, based in Overland Park, Kan., with $1.6 billion in assets.
A newly chartered bank subsidiary of Boston-based NBH Holdings Corp. was set up to take over Hillcrest's assets and deposits. The new subsidiary is called Hillcrest Bank N.A.
The FDIC and Hillcrest Bank N.A. agreed to share losses on $1.1 billion of the failed bank's assets. Its failure is expected to cost the deposit insurance fund $329.7 million.
Also shuttered were First Bank of Jacksonville in Jacksonville, Fla., with $81 million in assets; Progress Bank of Florida, based in Tampa, with $110.7 million in assets; First National Bank of Barnesville in Barnesville, Ga., with $131.4 million in assets; Gordon Bank of Gordon, Ga., with $29.4 million in assets; First Suburban National Bank in Maywood, Ill., with $148.7 million in assets; and First Arizona Savings, based in Scottsdale, Ariz., with assets of $272.2 million.
Ameris Bank, based in Moultrie, Ga., agreed to assume the assets and deposits of First Bank of Jacksonville. Bay Cities Bank, based in Tampa, is buying the assets and deposits of Progress Bank.
COMMENT: Welcome to the recovery. I know that a good time is being had by all.
October 24, 2010