FDIC Shuts Down 5 Bank on June 26th
I am blown away at this. With all the “green shoots” (thank you Ben Bernanke for that term) and supposed health of the financial systems, we continue to have a high rate of bank failures, and have now totaled 45 banks for 2009.
The banks closed on June 26th were:
Mirae Bank, Los Angeles, CA
MetroPacific Bank Irvine, CA
Horizon Bank, Pine City, MN
Neighborhood Community Bank, Newnan, GA
Community Bank of West Georgia, Villa Rica, GA
If you didn’t know the FDIC is running out of money, and they couldn’t find someone to take over the deposits for Community Bank of West Georgia and will be paying out over $180M to depositors.
How many more will we have this year? Will we top 100?
(No Ratings Yet)
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[...] Original post by Ben Kevan’s Blog [...]
[...] Original post by Ben Kevan’s Blog [...]
[...] Original post by Ben Kevan’s Blog [...]
[...] Original post by Ben Kevan’s Blog [...]
Dude, this is *exactly the sort of news you don’t want to read when you’re from the U.S. but traveling in Europe. “Gee, hope my BANK is still solvent when I get home.” Yeesh!!!
[...] Original post by Ben Kevan’s Blog [...]
@Zonker
Hey Joe,
No kidding eh.. just goes to show the solvency of the banks are hidden in “off-balance-sheet” losses. If the biggest banks were required to put their losses on the books and at fair market value the truth of insolvency would be out in the open, which IMO is fair to people of the United States.
However, after Nov 15th the banks are going to be required to move “some” of those off-balance sheet losses back onto their books. This may get more houses on the market instead of banks holding them at inflated prices thus further prolonging the housing led recession.