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When the time comes for purchasing this land, we will have means. How this means will be brought about it is not for me to say. Perhaps the Lord will open up mines containing gold and silver, or in some other way as seemeth to Him best; wealth will be poured into the laps of the Latter-day Saints till they will scarcely know what to do with it. I will here again prophesy on the strength of former revelation that there are not a people now upon the face of the earth, so rich as the Latter-day Saints will be in a few years to come. Having their millions; therefore they will purchase the land, build up cities, towns, and villages, build a great capital city, at headquarters, in Jackson County, Missouri.

(Orson Pratt J.D. 21:136)

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Banks That Have Failed in 2008 PDF Print E-mail
Friday, 25 July 2008 11:01

Reporting by Rachelle Younglai

Editing by Tim Dobbyn

(Reuters) - Mortgage lender IndyMac Bancorp Inc was seized on Friday by the Federal Deposit Insurance Corp, which will run the bank while it looks for a buyer.

Following is a list of the U.S. banks that have failed so far in 2008:

  • July 11 - IndyMac Bancorp taken over by U.S. regulators. Total assets of $32.01 billion and total deposits of $19.06 billion as of March 31. Estimated cost to FDIC insurance fund between $4 billion and $8 billion.
  • May 30 - First Integrity Bank closed by regulators. First International Bank and Trust takes over all of the Minnesota-based bank's deposits. First Integrity held $54.7 million in assets and $50.3 million in total deposits.
  • May 9 - ANB Financial NA closed by U.S. regulators. Pulaski Bank and Trust Co takes over the insured deposits. ANB Financial had about $2.1 billion in assets and $1.8 billion in total deposits.
  • March 14 - Bear Stearns taken over by JPMorgan Chase, who paid just $2 a share to take over the investment firm, which a little over a year ago was trading for as high as $170 a share. The deal to buy Bear will avert a looming bankruptcy filing by the investment firm and potentially stave off a new crisis in the financial markets.
  • March 7 - Hume Bank closed by U.S. regulators. Security Bank takes over insured deposits. Hume had total assets of $18.7 million and total deposits of $13.6 million.
  • January 25 - Douglass National Bank closed by regulators. Liberty Bank and Trust Co takes over all deposits. Douglass had $58.5 million in total assets and $53.8 million in total deposits.

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