Private Equity Leaders Forum 2009, "Buying a Failed Bank"
124 is the number of banks the Federal Deposit Insurance Corp (FDIC) has closed in 2009, including Friday's announcement that Commerce Bank of Southwest Florida, based in Fort Myers, Florida, was closed and that Central Bank of Stillwater, Minnesota, will assume all of the deposits. Now 20 is the number of days left to register for Private Equity Leaders Forum 2009, "Buying a Failed Bank: Opportunities and Pitfalls" (http://www.PrivateEquityLeadersForum.com), December 11th, DLA Piper, New York City, forum where private equity executives will be able to ask their most pressing questions on potentially buying a financial institution to our experienced and distinguished lineup of speakers and panelists.
Reuters pointed out this weekend that the fund's balance went negative as of the end of the third quarter, but the FDIC has plenty of access to funding, including a $500 billion line of credit with the U.S. Treasury Department. The agency earlier this month approved a plan to have banks prepay three years of industry fees to give the FDIC cash to handle the cost of bank failures. The FDIC has estimated the total cost of failures will be $100 billion from 2009 through 2013.
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