For Immediate Release
Chicago, IL – April 27, 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), U.S. Bancorp (USB), Zions Bancorp (ZION), BB&T Corporation (BBT) and Regions Financial (RF).
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Here are highlights from Monday’s Analyst Blog:
7 Chicago-Area Banks Fail
The seven failed banks together would cost the FDIC’s Deposit Insurance Fund about $973.9 million.
Amcore Bank is expected to cost the deposit insurance fund about $220.3 million, Broadway Bank will cost about $394.3 million, Citizens Bank & Trust Company will cost about $20.9 million, New Century Bank will cost about $125.3 million, Lincoln Park Savings Bank will cost about $48.4 million, Peotone Bank and Trust Company will cost about $31.7 million and Wheatland Bank will cost about $133.0 million.
MB Financial Bank will acquire the deposits of both Broadway Bank and New Century Bank.
Republic Bank of Chicago will assume the deposits of Citizens Bank & Trust Company.
Chicago-based Harris National Association will acquire Amcore Bank’s deposits.
Northbrook Bank and Trust Company will assume the deposits of Lincoln Park Savings Bank.
Itasca-based First Midwest Bank will acquire Peotone Bank and Trust’s deposits and Wheaton-based Wheaton Bank & Trust will acquire the deposits of Wheatland Bank.
In the fourth quarter of 2009, the number of banks on the FDIC’s list of problem institutions grew to 702 from 552 in the third quarter. This is the highest since the savings and loan crisis in the early 1990’s.
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). Other major acquirers of failed institutions since 2008 include U.S. Bancorp (USB), Zions Bancorp (ZION), 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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