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Profile: Martin J. Gruenberg

Martin J. Gruenberg was a participant or observer in the following events:

The Federal Deposit Insurance Corporation (FDIC) spent $314.3 million to shut down 16 banks in June 2009, according to reports released today. The federal insurer closed seven banks on June 25, pushing the number of bank failures for 2009 to 52, more than double the failures for all of 2008. The late June closures included six Illinois regional banks, all controlled by one family whose bank business model, according to the FDIC, “created concentrated exposure in each institution.” The FDIC says that the failure of the six family-owned banks is due to the banks’ investments in collateralized debt obligations and other losses. The failures and subsequent government takeover of the Illinois banks brought total 2009 Illinois bank failures to 12. Local and regional banks have been especially hard hit by plummeting home values that devalued mortgage-backed assets, while rising unemployment rates forced increased numbers of consumers to default on their loans.
June 2009 Bank Failures FDIC Update through July 2, 2009 -
bullet Founders Bank, Worth, Illinois, with approximately $962.5 million in assets, closed. The PrivateBank and Trust Company, Chicago, Illinois, agreed to assume all deposits, approximatedly $848.9 million.
bullet Millennium State Bank of Texas, Dallas, Texas, approximately $118 million in assets, closed. State Bank of Texas, Irving, Texas, agreed to assume all deposits, approximately $115 million.
bullet The First National Bank of Danville, Danville, Illinois, approximately $166 million in assets, closed. First Financial Bank, N. A., Terre Haute, Indiana, assumed all deposits, approximately $147 million.
bullet The Elizabeth State Bank, Elizabeth, Illinois, approximately $55.5 million in assets, closed. Galena State Bank and Trust Company, Galena, Illinois, agreed to assume all deposits, approximately $50.4 million.
bullet Rock River Bank, Oregon, Illinois, approximately $77 million in assets, closed. The Harvard State Bank, Harvard, Illinois, agreed to assume all deposits, approximately $75.8 million.
bullet The First State Bank of Winchester, Winchester, Illinois, approximately $36 million in assets, closed. The First National Bank of Beardstown, Beardstown, Illinois, agreed to assume all deposits, approximately $34 million.
bullet The John Warner Bank, Clinton, Illinois, with approximately $70 million in assets, was closed. State Bank of Lincoln, Lincoln, Illinois, agreed to assume all deposits, approximaedly $64 million.
bullet Mirae Bank, Los Angeles, California, approximately $456 million in assets, closed. Wilshire State Bank, Los Angeles, California, agreed to assume all deposits, approximately $362 million.
bullet MetroPacific Bank, Irvine, California, approximately $80 million in assets, closed. Sunwest Bank, Tustin, California, agreed to assume all non-brokered deposits, approximately $73 million.
bullet Horizon Bank, Pine City, Minnesota, approximately $87.6 million in assets, closed. Stearns Bank N. A., St. Cloud, Minnesota, agreed to assume all deposits, excluding certain brokered deposits, approximately $69.4 million.
bullet Neighbor Community Bank, Newnan, Georgia, approximately $221.6 million in assets, closed. CharterBank, West Point, Georgia, agreed to assume all deposits, approximately $191.3 million.
bullet Community Bank of West Georgia, Villa Rica, Georgia, approximately $199.4 million in assets and approximately $182.5 million in deposits, approved for payout by the FDIC board of directors.
bullet First National Bank of Anthony, Anthony, Kansas, approximately $156.9 million in assets, closed. Bank of Kansas, South Hutchinson, Kansas, agreed to assume all deposits, approximately $142.5 million.
bullet Cooperative Bank, Wilmington, North Carolina, approximately $970 million in assets, closed. First Bank, Troy, North Carolina, agreed to assume all deposits, excluding certain brokered deposits, approximately $774 million.
bullet Southern Community Bank, Fayetteville, Georgia, approximately $377 million in assets, closed. United Community Bank, Blairsville, Georgia, agreed to assume all deposits, approximately $307 million.
bullet Bank of Lincolnwood, Lincolnwood, Illinois, approximately $214 million in assets, closed. Republic Bank of Chicago, Oak Brook, Illinois, agreed to assume all deposits, approximately $202 million. [CNN, 7/2/2009; FDIC.gov, 7/2/2009]

Entity Tags: Martin J. Gruenberg, Sheila Bair, John E. Bowman, Thomas J. Curry, John C. Dugan, Federal Deposit Insurance Corporation

Timeline Tags: Global Economic Crises

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