Credit Card Brains

The fourth this year:

First Integrity, National Association, Staples, Minnesota, with $54.7 million in total assets and $50.3 million in total deposits as of March 31, 2008, was closed today by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation was named receiver.

The FDIC Board of Directors today approved the assumption of all the deposits of First Integrity by First International Bank and Trust, Watford City, North Dakota. . . .

In addition to assuming all of the deposits of the failed bank, First International will purchase approximately $35.8 million of First Integrity’s assets for a total premium of $2.03 million. The FDIC will retain approximately $18.9 million in assets for later disposition. . . .

The transaction is the least costly resolution option, and the FDIC estimates that the cost to its Deposit Insurance Fund is approximately $2.3 million. First Integrity is the fourth FDIC-insured bank to fail this year, and the first in Minnesota since Town & Country Bank of Almelund, on July 14, 2000. Last year, three FDIC-insured institutions failed.

(hat tip, cd)

Once again Haloscan is having performance problems.

I’ve switched to JS-kit until Haloscan starts working again.

JS-kit has a number of new features (that I haven’t tried), and allows for threading (replies to individual comments).

Let me know what you think. I’m open to suggestions - Haloscan’s reliability is a major issue.

Best to all

From The Canadian Press: CIBC loses $1.11 billion in quarter on massive credit-market hit

Canadian Imperial Bank of Commerce (TSX:CM) posted a net loss of $1.11 billion in the second quarter as it booked a massive hit tied to the credit market.
…
The results in the second quarter of the bank’s financial year included a loss of $2.48 billion, or $1.67 billion after tax, on writedowns of structured credit, added to $3.46 billion in first-quarter writedowns.
…
The CIBC World Markets investment banking division … warned that “market and economic conditions relating to the financial guarantors may change in the future, which could result in significant future losses.”
…
The bank said it expects Canadian economic growth “to remain very sluggish in the coming quarter, held back by weak exports as the U.S. appears to be entering a mild recession.”

Just a couple billion (and change) more …