Thursday, July 26, 2012

FDIC Loaned $618 Billion to Banks During Panic; Who Got How Much?

There are some stunning numbers coming out of the FDIC this morning. Writes Bob English for EPJ:
The FDIC just released "Issuer Reported Debt Details" for the Debt Guarantee Program (DGP) of its Temporary Liquidity Guarantee Program (TLGP)--meaning a detailed list of which banks borrowed on the backs of the taxpayer during the financial panic and how juicy the terms were. A total of $618 billion was guaranteed by the FDIC over an approximate one year period.
Bank America managed to borrow $64 billion at zero percent interest.


Here are the totals, by institution (keep in mind, holding companies and the actual regulated bank might be listed as separate entities):


Total$618,413,398,408
General Electric Capital Corporation$130,850,166,935
Citigroup Funding Inc.$128,997,377,222
BANK OF AMERICA CORPORATION$64,079,465,128
Bank of America, National Association$46,976,837,903
JPMORGAN CHASE & CO.$40,534,011,955
GOLDMAN SACHS GROUP, INC., THE$37,652,426,455
Citibank, National Association$33,056,511,373
MORGAN STANLEY$30,256,932,941
Merrill Lynch & Co., Inc$19,786,359,000
CITIGROUP INC.$13,850,000,000
WELLS FARGO & COMPANY$9,500,000,000
GMAC LLC$7,400,000,000
American Express Bank,  FSB.$5,900,000,000
John Deere Capital Corporation$4,913,503,000
HSBC USA INC.$4,616,910,000
U.S. Bank National Association$4,282,285,453
Regions Bank$4,200,000,000
PNC Funding Corp$3,900,000,000
U.S. BANCORP$3,001,458,750
SunTrust Bank$3,000,000,000
STATE STREET CORPORATION$2,839,431,500
State Street Bank and Trust Company$2,450,000,000
Union Bank, National Association$2,210,000,000
JPMorgan Chase Bank, National Association$1,978,370,371
Sovereign Bank$1,350,000,000
Bank of the West$1,002,889,124
Keybank National Association$1,000,000,000
KEYCORP$937,500,000
Banco Bilbao Vizcaya  Argentaria Puerto Rico$686,440,926
BANK OF NEW YORK MELLON CORPORATION, THE$603,448,298
The Huntington National Bank$600,000,000
SUNTRUST BANKS, INC.$576,000,000
New York Community Bank$512,000,000
Wilmington Trust Company$460,000,000
The Bank of New York Mellon$436,964,547
METLIFE, INC.$397,436,000
Associated Bank, National Association$395,000,000
Fifth Third Bank$285,000,000
Wachovia Bank, National Association$271,452,170
ZIONS BANCORPORATION$254,892,500
Wells Fargo Bank, National Association$250,868,606
Sovereign Bancorp, Inc.$250,000,000
USAA Capital Corporation$221,000,000
Texas Capital Bank, National Association$149,900,656
HSBC Bank USA, National Association$125,688,079
Oriental Bank and Trust$105,000,000
WASHINGTON FIRST FINANCIAL GROUP, INC.$90,638,211
NEW YORK COMMUNITY BANCORP, INC.$90,000,000
Amalgamated Bank  (Pooled Funding Trust 1) $85,000,000
National Consumer Cooperative Bank  (Pooled Funding Trust 1)$75,000,000
AnchorBank, FSB  (Pooled Funding Trust 1) $60,000,000
Provident Bank  (Pooled Funding Trust 1)$51,500,000
Banner Bank$50,000,000
Integra Bank National Association  (Pooled Funding Trust 2)$50,000,000
Renasant Bank  (Pooled Funding Trust 2)$50,000,000
The Frost National Bank$46,936,918
Amboy Bank  (Pooled Funding Trust 1)$46,000,000
Sterling Bank$42,750,000
Bank of the Cascades$41,000,000
Superior Bank  (Pooled Funding Trust 2)$40,000,000
First Merchants Bank NA  (Pooled Funding Trust 2)$36,352,000
American National Bank  (Pooled Funding Trust 2)$35,000,000
Access National Bank  (Pooled Funding Trust 1)$30,000,000
Wilmington Savings Fund Society, FSB  (Pooled Funding Trust 1)$30,000,000
State Bank of Long Island  (Pooled Funding Trust 2)$29,000,000
Preferred Bank  (Pooled Funding Trust 1)$26,000,000
Manufacturers and Traders Trust Company$24,250,000
RBS Citizens, National Association$22,641,280
The Park Avenue Bank  (Pooled Funding Trust 1)$20,000,000
Lafayette Bank and Trust Company, NA (Pooled Funding Trust 2)$16,530,000
First Merchants Bank of Central Indiana, NA (Pooled Funding Trust 2)$15,011,000
Patriot Bank  (Pooled Funding Trust 1)$15,000,000
Carver Federal Savings Bank$14,068,000
BAC Florida Bank$14,000,000
NCB, FSB$13,688,000
Comerica Bank$13,066,197
Commerce National Bank (Pooled Funding Trust 2)$11,107,000
Community FirstBank of Charleston  (Pooled Funding Trust 1)$10,300,000
Crescent Bank  (Pooled Funding Trust 1)$10,100,000
The Bank of Holland$10,000,000
TCM Bank, National Association$9,550,000
CHAMBERS BANCSHARES, INC.$8,460,000
BankTrust$7,921,779
Nara Bank$7,281,438
Enterprise Bank & Trust$7,250,000
CNB BANCSHARES, INC.  (Pooled Funding Trust 2)$6,500,000
The Bank of Northern Michigan$6,000,000
The La Porte Savings Bank  (Pooled Funding Trust 1)$5,000,000
Premier Bank  (Pooled Funding Trust 2)$4,000,000
1ST SOURCE CORPORATION$3,824,457
COASTAL COMMUNITY INVESTMENTS, INC.$3,750,000
Capital One, National Association$2,750,000
Palm Desert National Bank$2,605,522
STONEBRIDGE FINANCIAL CORP.$2,075,000
Macon Bank, Inc.$2,014,602
Bradford Mid-Tier Company$2,000,000
D. L. Evans Bank$1,317,490
EQUITY BANK HOLDING COMPANY, INC.$1,250,000
FEB BANCSHARES, INC.$1,250,000
Compass Bank$1,000,000
Washington First International Bank$1,000,000
FIRST HORIZON NATIONAL CORPORATION$860,000
First Hawaiian Bank$825,203
Alma Bank$750,000
Meridian Bank Texas$750,000
The University National Bank of Lawrence$750,000
Tri-State Bank of Memphis$750,000
Vectra Bank Colorado, National Association$660,354
TREATY OAK BANCORP, INC.$550,000
FIFTH THIRD BANCORP$500,000
Patriot Bank Minnesota$500,000
Watertown Savings Bank$259,409
PROMERICA Bank$245,000
Bank of Monticello$240,000
QUEENSBOROUGH COMPANY, THE$200,000
Community Bank of Central Wisconsin$150,000
Colorado Mountain Bank$50,000
First Midwest Bank$50,000
The Bank of Commerce$38,000
American Savings Bank, FSB$1,922
Citizens Bank of Pennsylvania$733
Central Bank$0

Here's some early analysis from English.




4 comments:

  1. Thank you for posting this item, it is stunning.

    Never again can true Capitalism be blamed for market failure in the U.S., as it no longer exists.

    What was done with any loans secured at little to no interest? Was the money speculated with in some sort of high risk undertakings? Was it 'parked' somewhere and receiving interest, or lent out at a higher rate, amounting to effectively free money(carry trade)? To what extent are public guarantees still in effect? What was the FDIC criteria on qualification for this program?

    And of course what would the result be today if this bailout and all the others had not happened?

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  2. Citizens Bank of Pennsylvania borrowed $733? I would think the cost of applying for the loan would be more than that. Seems really weird.

    Do you have a table that shows the terms? Or did they all get interest free loans. Were these paid back? And when?

    I don't see my bank on there anywhere, I presume that is a good sign...

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    Replies
    1. The CEO of Citizens had lunch with a Fed official and finding he had forgotten his wallet, the official hit their account with the Fed (or something like that).

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  3. Here is the link (which appears in my post):

    http://www.fdic.gov/regulations/resources/tlgp/total_debt.html

    $44.8 billion is still outstanding, with the last issue maturing in 2019! Though, most outstanding mature over the next year.

    Also, these were not direct loans by the FDIC--it only guaranteed the paper. Banks raised the money by issuing short and long term debt in various markets, including commercial paper, Fed Funds and interbank lending.

    ReplyDelete