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Zacks Analyst Blog Highlights: JPMorgan Chase, Fifth Third Bancorp, Zions Bancorp, SunTrust Banks and PNC Financial

Posted on: Tue, 17 Nov 2009 17:00:00 EST

Symbols: JPM, FITB, STI, PNC, ZION

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Here are highlights from Monday's Analyst Blog:

Bank Failures Rise to 123

The failed banks were -- Century Bank, FSB of Sarasota, Florida with
$728 million in assets and $631 million in deposits, Orion Bank of
Naples, Florida with about $2.7 billion in assets and $2.1 billion in
deposits and Pacific Coast National Bank of San Clemente, California
with $134.4 million in assets and $130.9 million in deposits.

These bank failures represent another sizable impact on the Federal Deposit
Insurance Corporation's (FDIC) fund for protecting customer accounts, as
it has been appointed receiver for these banks. The failure of Century
Bank is expected to cost the deposit insurance fund about $344 million,
Orion Bank's failure will cost about $615 million and the failure of
Pacific Coast National Bank is expected to cost about $27.4 million.

The FDIC insures deposits at 8,195 institutions with roughly $13.5
trillion in assets. When a bank fails, it reimburses customers for
deposits of up to $250,000 per account. The outbreak of bank failures
has significantly stretched the regulator's deposit insurance fund.
At Jun 30, 2009, the fund corpus fell to $10.4 billion, the lowest since
1993, from $13.0 billion in the prior quarter.

IberiaBank, based in Lafayette, Louisiana will assume both Florida-based
banks' $2.731 billion in deposits. IberiaBank also entered into a
loss-share agreement with the FDIC on $656 million of Century Bank's
assets and on $1.9 billion of Orion Bank's assets.

Tustin, California-based Sunwest Bank will assume all of Pacific Coast
National Bank's deposits and essentially all of its assets.

In the second quarter of 2009, the number of banks on the FDIC's list of
problem institutions grew to 416 from 305 in the first quarter. This is
the highest since the savings and loan crisis in 1994. Increasing loan
losses on commercial real estate are expected to cause hundreds more
bank failures in the next few years. The FDIC anticipates the bank
failures to cost about $100 billion over the next four years.

In order to replenish the declining fund, the FDIC board recently
mandated the U.S. banks to pay fees for three years in advance. Also,
the regulators are considering requesting the healthy banks to bail out
the government soon as it is necessary to replenish the deposit
insurance fund, which has slipped to 0.22% of insured deposits, below
the mandated minimum of 1.15%. The FDIC also has access to the Treasury
Department credit line of up to $500 billion.

The failure of Washington Mutual last year was the largest in U.S.
banking history. It was acquired by JPMorgan Chase (NYSE: JPM).
The other major acquirers of failed institutions since 2008 include Fifth
Third Bancorp (Nasdaq: FITB),
Zions Bancorp (Nasdaq: ZION),
SunTrust Banks (NYSE: STI | Quote | Chart | News | PowerRating)
and PNC Financial (NYSE: PNC).

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For full details on JPMorgan Chase and Co. (JPM) JPM. JPMorgan Chase and Co. (JPM) has Short Term PowerRatings at TradingMarkets. Details on JPMorgan Chase and Co. (JPM) Short Term PowerRatings is available at This Link.

For full details on Fifth Third Bancorp (FITB) FITB. Fifth Third Bancorp (FITB) has Short Term PowerRatings at TradingMarkets. Details on Fifth Third Bancorp (FITB) Short Term PowerRatings is available at This Link.

For full details on Suntrust Banks Inc (STI) STI. Suntrust Banks Inc (STI) has Short Term PowerRatings at TradingMarkets. Details on Suntrust Banks Inc (STI) Short Term PowerRatings is available at This Link.

For full details on Pnc Financial Svcs Grp (PNC) PNC. Pnc Financial Svcs Grp (PNC) has Short Term PowerRatings at TradingMarkets. Details on Pnc Financial Svcs Grp (PNC) Short Term PowerRatings is available at This Link.

For full details on Zions Bancorporation (ZION) ZION. Zions Bancorporation (ZION) has Short Term PowerRatings at TradingMarkets. Details on Zions Bancorporation (ZION) Short Term PowerRatings is available at This Link.

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