Comments for "Bank Failure 24: American Sterling Bank, Sugar Creek, Missouri"


first

now i can relax & do my friday routine ,

laters & best luck


This is small fry.. What about the dead whales? or should I rephrase that as zombie monsters?

Evil


pizza time, should we order from nasal mucus infested Domino's?


I wonder if it will pass its stress test...


So it begins...


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Beer
Will it be? Beer. Beer
Or even? Beer. Beer. Beer


Early! 4:29 p.m. Pac time.


Another practice drill for Citi. I do respect that the FDIC is getting in some good training on the smaller banks. My problem with it is banks like American Sterling don't have a derivatives desk. I'll be they don't even do international clearing. For those kinds of things, I hope the FDIC has some people at Lehman (which of course was not an FDIC regulated bank).


What a surprise, an OTS-regulated institution.


Was getting awful thirsty and hungry. They've got to fail some more of those Georgia banks.


Only a 25% loss??? This bank was good for at least another year.


It's a baby...

$171.9 million deposits


If only it was possible to sue the FDIC/Fed - the legal job creation from these bank shotgun weddings alone would knock a nice quarter-point off of the national unemployment #


Only a 25% loss??? This bank was good for at least another year. Laughing out loud


the irony of increased life expectancies from inexpensive public health measures (vaccines, drinking water, etc) is that we get to die from much more costly diseases.


I had a very interesting conversation with a multi-unit residential and CRE developer last weekend. He told me all the community banks he knows have told him they are under FDIC watch and have been notified they will be siezed in due course once the FDIC has staff to do so. After following that up with a few others in conversation I'm led to believe that bank 'failures' are proceeding at a slower pace than they should because of staffing issues at the FDIC.


"the irony of increased life expectancies from inexpensive public health measures (vaccines, drinking water, etc) is that we get to die from much more costly diseases."

I think that some day we are going to have to address whether we should spend money on prolonging lives. I suppose it boils down to who is paying. Until health insurance, which is a recent phenomenon, considering how long humans have lived, life was a genetic lottery. Only those able to pay for their own care could hope to extend their lives.


Just in time, I was getting thirsty.


It is costly only because we have

1. private for-profit insurance companies. (billing, coverage, dumping on the public system)
2. A risk averse FDA. (drug trials are unneccesarily expensive- we could have a system of conditional approval of drugs).
3. Drug companies run by MBAs (Risk averse, shareholder value c**p, inhumane management techniques, no respect for innovators, no understanding of the history of drug discovery)
4. Greedy and arrogant doctors. (I am god and I deserve half a million, even though I depend on a indoctrinated short-skirted ex-cheerleader for keeping up with new drugs)

//the irony of increased life expectancies from inexpensive public health measures (vaccines, drinking water, etc) is that we get to die from much more costly diseases.//

Evil


ho hum. only 42 million for starters (adjustments, later). rounding error stuff.

Sterling in Sugar! That Showed Me!

I guess they were up a creek, and nobody would give them a paddle.


Basel-

Have you priced a 25MGD water treatment plant recently?

Your point is intact, but, they ain't givin' em away.Wink

"The solution to our current problem... is another problem."
-not attributed


The world is not zero-sum. Anyone who is alive is a potential consumer. Give them a decent amount of money to spend.. and as long as they spend it all- things are OK.

//I think that some day we are going to have to address whether we should spend money on prolonging lives. I suppose it boils down to who is paying.//

Evil


Slavery, f**king boys, public executions, plagues and healthy people dying from ordinary infections was also once considered an inevitable part of human history. Why not go back to that 'golden age'?

//I think that some day we are going to have to address whether we should spend money on prolonging lives. I suppose it boils down to who is paying. Until health insurance, which is a recent phenomenon, considering how long humans have lived, life was a genetic lottery. Only those able to pay for their own care could hope to extend their lives.//

Evil


"he world is not zero-sum. Anyone who is alive is a potential consumer. Give them a decent amount of money to spend.. and as long as they spend it all- things are OK."

Would that be enough to pay for an organ transplant?


Medical treatments before the 1930s had no significant impact on life expectancy. Indeed, going to a doctor helped you die more quickly and painfully.

Read some good and varied medical history!

//Only those able to pay for their own care could hope to extend their lives//

Evil


With a population of about 8300 (2000 census), I'd guess the FDIC had to stay in Independence or KC to avoid looking like a flash mob in Sugar Creek.

I just wish the aggregation at the bottom of the bank universe was being accomplished by dis-aggregation at the top of the pile. Citibank would be better (or at least tolerable) split into 100 pieces or so.


One more this week.

American Sterling Bank was closed today making the count to 24 for this year and 49 since start of 2008 for the failed banks in US.
This bank has $181 million in assets and $171.9 million in deposits.

Check the list of all the failed banks at : http://portalseven.com/Failed-Banks-2009

And on Google map see where the banks are failing at : http://portalseven.com/finance/Failed_Banks_Map_2009.jsp

Also for other sectors you can find the layoffs at : Sector wise Layoffs

Do check it.


Pretty sure Basel's comment was metaphorical

eg, the (financial) measures undertaken for present "stability" will cause more expensive long term problems ...

B2 correct me if I'm wrong


BFF Friday
American Sterling gone
"Show me" the money.


The major cost of an organ transplant is keeping people alive + lost income till they get a transplant!

The operation is no more expensive than treating a bad accident with operations and ICU. Most of the drugs to manage chronic rejection (Cyclosporine A, mycophenolate, corticosteroids, older and newer cytotoxics) and prevent opportunistic infections (fluconazole, TMP-SMZ, gancyclovir, atovaquone) are off patent.

PLEASE.. Read a little about stuff before you comment on it!

//Would that be enough to pay for an organ transplant?//

Evil


Based on the FDIC website, this bank actually had negative Tier 1 capital. They had non-performing loans of about $12mm and OREO of $7mm.


It's nice to be a contrarian again. Below is what I see on MarketWatch.com, touting the main story in their "Weekend Edition":

Riding the Recovery -- Five ways to set up your portfolio for a global recovery"


http://www.dqnews.com/Charts/Monthly-Charts/Sac-Bee-Charts/ZIPSACB.aspx

san diego march zips are also up for you disaster-porn-data mavens...

looks like sacto has 'affordable housing'! everyone happy?


They have a picture of a cowboy riding the globe.. I think it is more like slim pickens riding the bomb

//Riding the Recovery -- Five ways to set up your portfolio for a global recovery"//

Evil


doesn't FDIC need to step up their production? I heard there were hundreds of banks that needed to be shuttered. One a week ain't going to cut it.


"Medical treatments before the 1930s had no significant impact on life expectancy. Indeed, going to a doctor helped you die more quickly and painfully."

When I was a kid, the old folks never wanted to go to the hospital, since most folks they knew that went there didn't come back, or at least that's what they recalled from the '40s&'50s.


Would be cool if the FDIC faked us all out and did one of these on, like, a Tuesday or something. This "every Friday" thing is getting old!


Markar,

Shhhh ... we don't want to disturb the status quo. People really might start to think our smoke & mirrors isn't working.


No kidding.. Until the 1930s.. going to hospitals was a bad idea.. period. Exceptions- accidents, fractures and basic surgeries.

After the 1930s, things became better.. however it was only after the 1960s that going to the hospital was a good option for older people. (many antibacterial drugs + other drugs were discovered from 1930 to 1970s)

//When I was a kid, the old folks never wanted to go to the hospital, since most folks they knew that went there didn't come back, or at least that's what they recalled from the '40s&'50s.//

Evil


"The major cost of an organ transplant is keeping people alive + lost income till they get a transplant!"

Really!? There was a point in my life when I was told I'd need a new liver (they thought I had sclerosing cholangitis), and I was told it'd be $750k for the operation. I said screw it, and fortunately made a descent recovery. I still have digestive issues.


" Lucifer (member) wrote on Fri, 04/17/2009 - 8:18pm.

No kidding.. Until the 1930s.. going to hospitals was a bad idea.. period. Exceptions- accidents, fractures and basic surgeries."

We lived in Alabama, so the 40s and 50s were kinda' like the 30s elsewhere Wink


In other news:

http://news.bbc.co.uk/2/hi/uk_news/scotland/glasgow_and_west/8003067.stm

"A spokeswoman for Strathclyde Police confirmed: "At the time of the request, 10 (eight police officers and two police staff) had recorded their religion as Jedi."
She added that the force monitored "six strands of diversity" - age, disability, gender, race religion and belief, and sexual orientation.
The force said the information was provided voluntarily and securely stored.
About 390,000 people listed their religion as Jedi in the 2001 Census for England and Wales. In Scotland the figure was a reported 14,000.""

Unfortunately for the UK, the Force is useless against Islamic extremists:)


Cinco-X (member) wrote

Cinco-X, Those people were right.

Before antibiotics you had to rely on your own immune system. If you were lucky, it still worked, or at least you died quickly.


More BFFs are great for C, WFC, BAC, JPM ! Rally time!!


Sulfanilamide was the first big breakthrough--around the mid-30s, I believe. It wasn't until late in WWII penicillin could be made on a large scale.


They were ripping you off! The great american health care system at work..

For liver transplants, you can use a piece of a HLA matched liver. It is as simple as taking a piece of the healthy matched donors liver (and his operation + recovery) and putting it in your body and connecting major and some minor blood vessels (operation+ recovery + drugs)

PS- Most people do not require liver transplants as a damaged liver with even 5% viable tissue (the functional part) can grow back! Often taking away the dead, diseased and transformed tissue is all that is required to get the viable part of your own liver to grow back!

//Really!? There was a point in my life when I was told I'd need a new liver (they thought I had sclerosing cholangitis), and I was told it'd be $750k for the operation. I said screw it, and fortunately made a descent recovery. I still have digestive issues.//

Evil


Wars have been valuable to advance emergency room procedures as well as surgical procedures. Look at the Iraq death toll and the survival rate incredible improvements.


This is interesting.

http://finance.yahoo.com/news/Washington-Federal-Reports-iw-14961584.html

"We also foresee revenues next quarter being adversely impacted by the higher level of non-performing assets along with accelerated mortgage prepayments due to refinancing."

I wonder if BB thought there would be no losers when he cranked up the refi machine?

Now THAT is truly a zero sum game. Someone bought those old MBS expecting to get 4 years of interest stream, and instead will be lucky to get 1.

Of course, interfering in markets is justifiable when it is for the "greater good", I guess.


It was a BIG one.

Now doctors could treat most common pneumonias, most urinary infections, kidney infections, some types of meningitis, gonorrhea, dysentery, typhoids, genital chancres.

They could also use it to treat post-surgical infections, the early stages of sepsis, nasty post-birth infections in women, prevent infections in wounded soldiers and motorists... It changed the world

AND stimulated investment in drug discovery.

//Sulfanilamide was the first big breakthrough--around the mid-30s, I believe. It wasn't until late in WWII penicillin could be made on a large scale.//

Evil


I agree.. the development of antibiotics, cancer chemotherapy, emergency medicine and surgical procedures have been greatly advanced by wars and conflicts.

//Wars have been valuable to advance emergency room procedures as well as surgical procedures. Look at the Iraq death toll and the survival rate incredible improvements.//

Evil


squid-

Yep, I know. I was just ribbin' him/her/them, etc....

OTQ: Is there a pronoun to designate a singular, specific third person besides "it"?


Oh, terribly sorry, must be the medical ward. Could someone direct me to the BFF thread?

Nostrovia,


The development of penicillins was funded due to WW2.

The antibiotic development program started in WW2 (and continued till the early 1960s) gave us almost all of our current anti-bacterial drugs.

Now that is money well spent!

Evil


--
"American Sterling"

Imported from the mother country?

"Sugar Creek"

Hey, Sugar, are you in the mood for a quickie??

Dopes justwanna have fun
Oh, oh, dopes just wanna have fuuuunnnnnnnnnnn

Jas


Not a friend of Goldman, soon to be Bank of America or Citi. If they rolled up enough regional banks, ...


"Now that is money well spent! "

Pressure produces results.

Jas,

I've been doping around, where ya been?

The fact that you call for open revolution and are still posting gives me hope for our wayward experiment.


If I keep drinking wine for BFF I'm going to need a new liver, too.


L, how do you know so much about medicine?


My occupation involves new drug development. I know the history of that area very well. A bit too well..

//L, how do you know so much about medicine?//

Evil


Beer


L - Great career field. My dr. relative says the AIDS research has landed a lot of beneficial drugs for other issues.


Lucifer-

Your best friend wouldn't work at Jones Day, would he?


DRINK
Beer


--
Hong konger,

Predicting a revolution and calling for one are two totally different things, you know. I only make predictions as to what is most likely to transpire. I am NOT is the solutions business. I leave that to BBAD. They love to offer solutions--dopey ones, of course. Like, throw the bastards out with a vote. What a bunch of morons.

No, there is no hope for America except for a big bloody mess.

Jas


Yes.. many of the techniques used in designing HIV protease inhibitors have produced some good kinase inhibitor-type drugs for Cancers (like Imatinib, Sunitinib).

One of best anti-Hepatitis B drug ( tenofovir) was developed for AIDS. Infact, all anti-HBV drugs ( lamivudine, adefovir , tenofovir , telbivudine and entecavir) started out as anti-HIV drugs.

//My dr. relative says the AIDS research has landed a lot of beneficial drugs for other issues.//

Evil


I hate to say this, but I agree with Jas on this one.

Hopefully, we can restrict the casualties.

//No, there is no hope for America except for a big bloody mess.//

Evil


Nope..

//Your best friend wouldn't work at Jones Day, would he?//

Evil


Jas-

As long as you're not too aggressive, I thoroughly enjoy your viewpoint. Attacking our host...not so much.


So I go to my bank website (small community bank in Georgia) and I see the following message:

******* is participating in the FDIC's Transaction Account Guarantee Program. Under that program, through December 31, 2009, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. In addition all interest bearing checking accounts with ******* are fully guaranteed by the FDIC. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules. If you have questions regarding your FDIC insurance coverage, you may contact a Customer Service Representative for details.

and then this is in the local paper:
*******'s parent company, *******, has received $2.644 million under the U.S. Treasury Department's Capital Purchase Plan, a division of the Troubled Asset Protection Program.

A locally-owned community bank, ******* Bank was one of 13 Georgia banks to receive TARP funds. Of the 13, ******* Bank was one of six in the state that turned a profit last year and the smallest in the state to get funds.

So is this cause for alarm?


I myself find myself afraid of chemicals the gov is spraying in the air via jet engines to neuter the impulse to revolt. I call on all Americans to have a douche bag party to protest this manipulation of the AMerican spirit.

http://afterthecrash.net - Home of the Doomer Story Portal and Other Stuff


Oh, buy guns! No, don't buy guns. Wait, what is this voice I hear in my head. The gov loves me and you. They have only our best interests at ...NO! Stop! Buy Guns!

http://afterthecrash.net - Home of the Doomer Story Portal and Other Stuff


nova-

Forget "tea bags' and go straight to "douche bags"?

All I can say is..."I can go without tea".


This is idiocy!!! Water vapor is the most important greenhouse "gas".. they should ban water vapor.. or even better water.

____________
April 18, 2009
E.P.A. Clears the Way for Regulation of Warming Gases
(http://www.nytimes.com/2009/04/18/science/earth/18endanger.html?_r=1&hp=...)

By JOHN M. BRODER
WASHINGTON - The Environmental Protection Agency on Friday formally declared carbon dioxide and five other heat-trapping gases to be pollutants that threaten public health and welfare, setting in motion a process that for the first time in the United States will regulate the gases blamed for global warming.

The E.P.A. said the science supporting its so-called endangerment finding was "compelling and overwhelming." The ruling triggers a 60-day comment period before any proposed regulations governing emissions of greenhouse gases are published.

Lisa P. Jackson, the E.P.A. administrator, said: "This finding confirms that greenhouse gas pollution is a serious problem now and for future generations. Fortunately, it follows President Obama's call for a low-carbon economy and strong leadership in Congress on clean energy and climate legislation."

Evil


Parasites attack the host.


"drug trials are unneccesarily expensive"
Was that a snark , lucifer? Please try the chemicals out on some rats first, and let the FDA do the trials. Reagan really screwed up by letting the drug makers test their own drugs. BTW, I avoid hospitals unless I am bleeding uncontrollably. Antibiotics can be obtained cheaply from vet suppliers. It has saved me lots. I have a nephew in CA, and though he's insured, doctors have turned him down twice for antibiotics. Both occasions warranted their use. Once was a brown recluse bite from a backpack mailed from the midwest, and the other time he had been sick for two weeks and had goo in his eyes (he thinks the girls like dreadlocks-yuck). I feel sorry for CA residents, this would not happen in "fly-over" country.


Lucifer,

You are quite prolific today. RE water vapor, I think the Obama admin should mandate that every citizen buy and run a dehumifier. Perhaps the rest of the world would join us.


er, make that "dehumidifier" ...


nova- No worries, I've found a source of Tang for you. The 99 cent Only store! I can get "Horchata" flavored Tang for you, too. Ummm, I've haven't tried any myself, but I'm sure it's up to Nestle's quality standards.


Anonymous,

What are you talking about ... fly-over country mailed him the darn brown recluse!


Tang is the new kool-aid.


my comment above about dying from more expensive illnesses was literal, at least in America, where we can't die from old age, but from some "treatable" condition, which inevitably has to be treated, especially if the patient has insurance.

there's actually an increasing body of literature arguing that obesity and smoking would have the positive effects on long term health care costs, primarily because the patients die earlier and because the "system" generally doesn't "mind" when a smoker or an overweight person is suffering from terminal conditions. Contrast that to breast cancer or leukemia, where the system has no compunction about spending gobs of resources, even when the prognosis is near nil.


Bingo another one, Great Basin Bank of Nevada, Elko, NV


Dang, boys, that Thai must be good stuff. Night.


Bank Failure 24: American Sterling Bank, Sugar Creek, Missouri

~~~~

I had no idea this bank was also an HMO ... lol!

HR 676 Medicare for All .... NOW!


great basin had assets of 270.9m and deposits of 221.4m


That's Beer. Beer for those counting.


Yes, a lot of the cost is not about doing a good thorough trial. It is about covering your ass legally, bribing and lobbying.

Let me explain.. Let us say you have developed a new drug to treat a form of cancer. Asking for a good number of patients in each arm of the trial, due diligence, oversight, data auditing etc is fine with me. Say your drug is more effective than existing drugs and is much less toxic than currently used drugs, but you have not done the "right" studies (according to the bureaucrats). Think you can get approved without bribes and high powered lawyers, lobbyists? (Provenge)

Now take another case.. say you have an old antidepressant (Doxepin) .. you want to use it at 1/10th the old approved dose to treat sleep disorders. Think you can get it approved without retesting everything once gain.. Dream on!

The most effective treatment for premature ejaculation in young men is low dose (Sildenafil-Viagra) or any other pde5 inhibitor. These drugs reduce premature ejaculation as well as allow multiple shots. Think the FDA will approve that use.. hahaha

Let us say that an older drug (Methylphenidate-Ritalin) speeds up recovery from stroke in older people. Think the FDA will ever officially approve it? Sure.. pigs can fly!

"Was that a snark , lucifer? Please try the chemicals out on some rats first, and let the FDA do the trials. Reagan really screwed up by letting the drug makers test their own drugs. BTW, I avoid hospitals unless I am bleeding uncontrollably"

Evil


It is the drugs I tell you Smile

//You are quite prolific today. //

Evil


I am anti-doctor. They are technicians at best.

//. I have a nephew in CA, and though he's insured, doctors have turned him down twice for antibiotics. //

Evil


Didn't Great Basin have one of the highest Texas ratios of the remaining banks?


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Well, Lucifer, you could get a bone set. You could get insulin for diabetes. Etc.

I think you mean 1830s.

But yeah, shouldn't there be some limits. As it stands now if you are old, you (or your relatives) can pretty much spend as much as they want on medical care with other people's money.

If you are an alcoholic, just how many liver transplants should you have?

Etc, etc.

And, by the way, non serviam.

lawyerliz--finance the REOs.


Let all the black victim-less drug users locked up in Jail under Bush out and give them guns.

Black Americans will save the day again as always as whitie is f'ing fat and scared to do anything.



The FDA has no problems with approving-

Vioxx- increases mortality by over 3 times in older people.

Plavix- causes more bleeding and prevents fewer clots than low dose aspirin.

Antipsychotics in depression - This is so bad an idea, that I will not even bother. to explain. Except for concurrent PTSD and really bad OCD, these drugs do not add to conventional anti-depressant drugs

No cholesterol lowering drug except 'Statins' have EVER shown any measurable and meaningful reduction in mortality/ morbidity or even in the risk of getting a heart attack in large clinical trials.

No anti-diabetic drug has ever been shown to reduce the substantially increased risk of heart attacks and strokes in type 2 diabetics.

I have much more ammo.

Evil


Byetta?

And by the way, milk thistle is very good for the liver. There is poisoning from a certain kind of mushroom (I forget which one) that this is the only cure for, I believe.

I post this in the knowledge that hardly anyone will read it.

lawyerliz--finance the REOs.


I am anti-doctor. They are technicians at best.


Actually, my MD relative is an ER dr. I wouldn't call that a technician.

Thank you for the info. It has all been very informative & interesting. If I had had the proper career guidance, I would have had your job. Smile


My father, a doctor, was on Plavix and aspirin. He fell off a horse. Said he felt fine. Got back on and rode for an hour. Dropped dead from swelling of the brain.


We will know in a few years. At least, it does not make heart attacks worser like some older anti-diabetics.

//Byetta?//

Evil


Wow, CR must have taken the happy pill in the last thread. That's the longest conversation the great and mighty oz has had with anyone on these here boards. It was like God talking to Satan. CR talking to Lucifer, his fallen angel. Very touching. I don't ever want CR to talk to me. It would ruin it for me.


Yogi - that is eerily like Natasha Richardson's story. Which I guess isn't so terribly uncommon.


Combining Plavix and Aspirin increases the risk of bleeding.. and is not even as good as Aspirin for preventing clots.

Look at a few large clinical trials..

//My father, a doctor, was on Plavix and aspirin.//

Evil


Thanks. There is a bunch of natural stuff, like cinnamon which has been shown to help with blood sugar. Is someone gonna tell me cinnamon is bad?

lawyerliz--finance the REOs.


LL - I have read that a combo of cinnamon & honey is a healing food. I don't remember the particulars. I often have honey/cin toast.


Oh, and turmeric. Every diet should include, if the stomach can handle it. Indian food is delicious, so that's no trouble.


Sterling does not shine...
It's bright luster has faded...
"Suits" swarm it today.

Haiku's not easy
Always counting syllables
Hard, like spelling its


Done