For Immediate Release
Chicago, IL – March 2, 2010 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: JPMorgan Chase (JPM), SunTrust Banks (STI), PNC Financial (PNC), BB&T Corporation (BBT) and Regions Financial (RF).
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Here are highlights from Monday’s Analyst Blog:
2 More Bank Failures, Tally Hits 22
The failure of Carson River Community Bank is expected to cost the deposit insurance fund about $7.9 million and Rainier Pacific Bank is likely to cost about $95.2 million.
Reno, Nevada-based Heritage Bank of Nevada will assume all of the deposits and about $38 million of assets of Carson River. Heritage Bank entered into a loss-share transaction with the FDIC on $28.5 million of Carson River’s assets.
Umpqua Bank of Roseburg, Oregon will assume all of the deposits and about $670.1 million of Rainier Pacific Bank’s assets. The FDIC and Umpqua Bank agreed to a loss-share agreement on $578.1 million of Rainier Pacific’s assets.
Increasing loan losses on commercial real estate are expected to cause hundreds more bank failures in the next few years. The FDIC anticipates bank failures to cost about $100 billion over the next three years.
The failure of Washington Mutual in 2008 was the largest in U.S. banking history. It was acquired by JPMorgan Chase (JPM). The other major acquirers of failed institutions since 2008 include SunTrust Banks (STI), PNC Financial (PNC), BB&T Corporation (BBT) and Regions Financial (RF).
We expect loan losses on the commercial real estate portfolio to remain high for banks that hold large amounts of high-risk loans.
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