For Immediate Release
Chicago, IL – January 26, 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: Washington Federal Inc. (WFSL), JPMorgan Chase (JPM), PNC Financial (PNC), BB&T Corporation (BBT) and Regions Financial (RF).
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Here are highlights from Monday’s Analyst Blog:
2010 Bank Failures Tally Reaches 9
The failure of Charter Bank is expected to cost the deposit insurance fund about $201.9 million, Columbia River Bank is expected to cost about $172.5 million, Premier American Bank is expected to cost about $85 million, Evergreen Bank is expected to cost about $64.2 million and Bank of Leeton is estimated to cost about $8.1 million.
Tacoma, Washington-based Columbia State Bank will assume the deposits and assets of Columbia River Bank. The FDIC has agreed to share losses with Columbia State Bank on $697.4 million of Columbia River Bank’s loans and other assets. Plano, Texas-based Beal Financial Corp. agreed to buy the deposits and assets of Charter Bank. FDIC will share losses with Beal Financial on $805.5 million of the Charter Bank’s loans and other assets. Roseburg, Oregon-based Umpqua Bank will assume the deposits and assets of Evergreen Bank. The FDIC will share losses with Umpqua Bank on $379.5 million of Evergreen Bank’s loans and other assets. Sunflower Bank, based in Salina, Kan., will assume the deposits of Bank of Leeton.
Bank failures started this year with the failure of Bellingham, Washington-based Horizon Bank. Washington Federal Inc. (WFSL) will assume all of the deposits of Horizon Bank. 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 PNC Financial (PNC), BB&T Corporation (BBT) and Regions Financial (RF). Though current signals indicate that the economy may stabilize, we expect loan losses on commercial real estate portfolio to remain high for banks that hold large amounts of high-risk loans.
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