Regulators shut down 2 banks in Florida and 1 in California; U.S. bank failures reach 123 this year.   U.S. regulators on Friday shuttered two more banks in Florida and one in California. Though there are some early signs of economic recovery, bank failures continue unabated. This takes the total number of bank failures to 123, compared to 25 in 2008 and 3 in 2007.  The weak economy continues to weigh heavily on banks with a stream of loan defaults. As the industry has to tolerate bad loans that were made during the credit explosion, the trouble in the banking system goes even deeper, increasing the possibility of more bank failures. However, the regulators are trying to avoid panic by seizing banks slowly. Also, the slow seizing could be a strategy as it is hard to get buyers for so many failed banks.  The failed banks were ...

Regulators shut down 5 more banks in Georgia, Michigan, Minnesota, Missouri and California; tally hits 120 so far this year  U.S. regulators on Friday shuttered five more institutions in Georgia, Michigan, Minnesota, Missouri and California , as the recession continues to take its toll on banks. This takes the total number to 120, compared to 25 in 2008 and 3 in 2007.  As the industry has to tolerate bad loans that were made during the credit explosion, the trouble in the banking system goes even deeper, increasing the possibility of more failures. However, the regulators are trying to avoid panic by seizing banks slowly. Also, the slow pace of seizing could be a strategy as it is hard to get buyers for so many failed banks.  The failed banks were -- Georgia-based United Security Bank of Sparta with total assets of $157 million and total deposits ...

Regions Financial (RF) will participate in the Federal Deposit Insurance Corporation’s (FDIC) Transaction Account Guarantee (TAG) Program. Under this program, through June 30, 2010, all non-interest-bearing transaction accounts will be fully guaranteed by the FDIC for the entire amount in the account. Coverage under the TAG is in addition to and separate from the coverage available under the FDIC’s general deposit insurance rules. The TAG was established in Oct. 2008 as part of the FDIC’s Temporary Liquidity Program. The program offered insured institutions the ability to receive unlimited deposit insurance coverage for funds held in qualifying non-interest-bearing transaction accounts. The TAG was intended to facilitate liquidity and stability in view of the economic crisis of late 2008 and 2009. The TAG was scheduled to expire on Dec 31, 2009, but the FDIC has decided to extend the program for an additional six months. While noting evidence ...

For Immediate Release

Chicago, IL – October 21, 2009 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Texas Instruments (TXN), State Street Corporation (STT), Zions Bancorporation (ZION), Comerica Inc. (CMA) and Regions Financial (RF).

Get the most recent insight from Zacks Equity Research with the free Profit from the Pros newsletter: http://at.zacks.com/?id=5513

Here are highlights from Tuesday’s AnalystBlog:

TI Beats; Guidance Conservative

Texas Instruments (TXN) reported third quarter results that beat the Zacks Consensus Estimate by 3 cents. Revenue beat the consensus by 2.1%.

Revenue of $2.88 billion was up 17.2% sequentially, the second straight quarter of 17%+ growth. However, revenue declined 15.0% on a

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Regions Financial (RF) reported a third quarter loss of $437.0 million or 37 cents per diluted share, worse than the Zacks Consensus Estimate of a loss of 26 cents per share. Last year, the company reported a net income of $95 million -- a profit of 13 cents per share. The results suffered mainly due to increased loan loss provisioning, reflective of continued underlying economic weakness and the related loss implications to Regions' loan portfolio. Regions reported a net interest margin of 2.73%, up 11 basis points sequentially, benefiting from continued low-cost deposit growth, especially in non-interest bearing products and improving loan spreads due to better pricing discipline. As a result, taxable equivalent net interest income increased 1.7% sequentially to $845.0 million. According to management, dramatically falling interest rates have worked as a primary headwind for net interest income over the past few quarters. ...

U.S. bank failures continue unabated as U.S. regulators on Friday closed down San Joaquin Bank of Bakersfield, CA. This takes the total number of failed federally insured banks to 99 in 2009, compared to 25 in 2008 and 3 in 2007. As of September 29, San Joaquin Bank, a subsidiary of San Joaquin Bancorp, had about $775 million in assets, $631 million in deposits and 5 branches. The bank had not been included in a previous list of 89 institutions that were undercapitalized as of March 31. But its first quarter amended filing showed that there were additional loan charge-offs and a higher net loss. As of June 30, San Joaquin Bank’s Tier 1 leverage ratio was 4.12% and the total risk-based capital ratio was 6.70%. Though the Tier 1 leverage ratio was above the minimum level of 4% considered adequately capitalized, its total risk-based capital ratio ...

Fifth Third Bancorp (FITB) is planning to acquire banks with the assistance of the Federal Deposit Insurance Corporation (FDIC). The company intends to expand within its operating footprint instead of venturing beyond that. While the company has already evaluated some of the FDIC-assisted purchases, the deposit mix was neither suitable nor large enough. The company intends to acquire such banks with the FDIC’s assistance, which would significantly increase its market share in one or more markets. Fifth Third already has the experience of acquiring such troubled banks. Last year, the company completed the conversion of Bradenton-based Freedom Bank, which bank regulators had declared insolvent on Oct. 31, 2008 and the FDIC was named the receiver. Fifth Third Bank assumed approximately $250 million in failed Freedom Bank’s deposits from the FDIC. The transaction gave Fifth Third approximately $685 million in deposits in the Bradenton-Sarasota-Venice Metropolitan Statistical ...

For Immediate Release

Chicago, IL – September 17, 2009 – Zacks.com releases the latest Zacks Industry Rank. Stocks featured in this week’s analysis include D.R. Horton (DHI), KB Home (KBH), Pulte Homes (PHM), Allstate (ALL), Hartford Financial Services (HIG), Travelers (TRV), Loews (L), Humana (HUM), Stericycle (SRCL), C.R. Baird (BCR), Celgene (CELG), Gilead Sciences (GILD), Anadarko Petroleum (APC), EOG Resources (EOG), AK Steel (AKS), Nucor (NUE), U.S. Steel (X), Fifth Third (FITB), Regions Financial (RF), Suntrust Banks (STI) and Zions Bancorp (ZION).

Zacks Industry Rank Analysis is written by Charles Rotblut, CFA, Senior Market Analyst for Zacks.com.

This week: Third-Quarter Earnings Forecast

Though the economy has stabilized, third-quarter results for the majority of companies will still be below year prior levels.

Per share profits for the S&P

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Though the economy has stabilized, third-quarter results for the majority of companies will still be below year prior levels.

Per share profits for the S&P 500 are projected to fall 15.4%. The median company is forecast to report a 14% drop in per share earnings. (The difference being that the S&P 500 forecast is a weighted projection.) More than 340 companies may have experienced a year-over-year drop in profits.

On a revenue basis, things are not much better. Median company sales are forecast to have dropped 7.2%.* More than 360 companies are expected to report a year-over-year drop in earnings.

It's important to realize that during July and August 2008, the economy was in fairly good shape. Lehman did not collapse until September 2008. Furthermore, the credit crunch's grip severely tightened over the 2-month span of September and October 2008. As a result, many companies are now facing tough

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Regulators shut down 3 more banks including Corus; total failed banks in '09 reach 92   Three more banks including Corus Bank NA, a subsidiary of Corus Bankshares (CORS), were shuttered by the U.S. regulators on Friday as the recession continues to take its toll on banks. This takes the total number of failed federally insured banks in this year to 92, compared to 25 in 2008 and 3 in 2007. Based in Chicago, the Corus Bank was a major lender to condominium, office and hotel projects. Corus is one of the largest banks to fail this year, with about $7 billion in total assets, $7 billion in deposits and 11 branches. Two other small banks were Lacey, WA-based Venture Bank, with $970 million in assets and $903 million in deposits and Woodbury, MN-based Brickwell Community Bank, with $72 million in assets and $63 million in ...