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  1. #1
    Merchant & ABW Ambassador
    Join Date
    May 31st, 2006
    Houston TX
    Colonial Bank failed; 4 other banks too
    SAN FRANCISCO (MarketWatch) -- Colonial BancGroup Inc. became the largest bank failure this year after the Federal Deposit Insurance Corporation seized the struggling Alabama-based lender Friday and sold it to BB&T Corp.

    Late Friday, the FDIC announced four other banks had been closed: Community Bank of Las Vegas and its Arizona subsidiary, Community Bank of Arizona; Union Bank, Gilbert, Ariz; and Dwelling House Savings and Loan, Pittsburgh.

    The Colonial BancGroup deal will knock roughly $2.8 billion off a pool of money, known as the Deposit Insurance Fund, which the FDIC maintains to guarantee bank customer deposits.

    Stay tuned, I am sure that there is more to come. I know the economy is improving but it is not the end of it. So hang tight.

    Here are some sobering facts:

    - 91 banks failed since Sept 25, 2008 when WAMU first fell.
    (avg 8 banks failed every month)

    - 40 banks failed from Oct 13, 2000 to Sept 24, 2008.
    (about avg 5 banks per year)

  2. #2
    Join Date
    August 15th, 2009
    Come to Australia 'We are out of Recession'

  3. #3
    ABW Ambassador netnow22's Avatar
    Join Date
    January 18th, 2005
    Columbia, SC
    I would love too!!!

    We are not even close to out of a recession. The month of June was the high foreclosure rate in history. We are on pace for 1,000,000 foreclosures in 12 weeks

  4. #4
    Newbie weightxprt's Avatar
    Join Date
    August 3rd, 2009
    You know, besides one of my neighboring states (California) we also seem to be looking upward; at least for now...

    Who really knows? It is so hard to keep track of all of this recession stuff. Does anybody REALLY know a remedy to all of the financial problems we have gotten ourselves into?

    If so, and if it is not too POLITICAL, I would love to hear about it.

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