Good morning, Netizens...
Things are heating up in the banking industry again.
Friday the FDIC closed a small Florida bank. The Federal Deposit Insurance Corp said First Priority Bank had $259 million in assets and $227 million in deposits and its failure will cost the federal fund that insures deposits an estimated $72 million. SunTrust Banks Inc (NYSE:STI - News) has agreed to assume the insured deposits of First Priority, whose six branches will reopen Monday as branches of SunTrust Bank.
The Federal Deposit Insurance Corporation revealed on Friday that it had issued warnings to four small US banks that lacked sufficient reserves to cover potential loan losses.
The cease-and-desist orders issued in June said the four banks needed to raise more capital, expand their loss allowances and better oversee and diversify their loan portfolios. A fifth bank was cited for violating consumer protection laws.
The banks receiving cease-and-desist orders in June were MetroPacific Bank in Irvine, California; Bank Haven in Haven, Kansas; Clarkston State Bank in Clarkston, Michigan; and Hastings State Bank in Hastings, Nebraska.
Of course if you like things really hot stick around Spokane this week, as temperatures by the middle of the week will hit the mid-90's or above. Once more discerning people throughout our Fair City will be able to save on natural gas and electricity by doing some of Robin Williams' infamous crotchpot cooking. Yes, bring your crotchpots down to the front of the U.S. Bank Building downtown and set up housekeeping once the temperatures begin to rise above 90 degrees. Of course, if you want deep-dish baking, we can arrange for one or more of the Internet Service Providers on the Fifth Floor of the Bank Building to turn up their networks to a red-hot pitch thus creating a high-tech microwave oven for all you discerning Netizens. It will not only bake your bread or chicken cacciatore but can, under certain circumstances, render you sterile. Just remember, just stand back 20 feet when baking with our Internet technology!
According to everything I have seen this morning, there is no breaking news in Spokane, although according to Hank the Retired Longshoreman on West Second Avenue, that is because nobody has looked into room 301 in a certain downtown hotel. It seems a recently-wedded couple in their early sixties managed to break their bed in two last night, creating quite a stir among the other old folks still living in the hotel for retirees. There were lots of gawkers at 1:42 AM this morning, and folks are still talking about it in various coffee shops along West Spokane's Armpit on the World. Talk about a blushing bride!
Well, that's the news that's fit to print and some that isn't. If you didn't like the news this morning, go make some of your own while the day is still young.