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August 15th, 2009, 10:56 AM #1
Colonial Bank failed; 4 other banks tooSAN 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.
- Join Date
- May 31st, 2006
- Houston TX
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)
August 15th, 2009, 11:09 AM #2
- Join Date
- August 15th, 2009
Come to Australia 'We are out of Recession'
August 15th, 2009, 11:19 AM #3
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 weeksJason Bishop
Columbia SC Web Design
August 16th, 2009, 07:41 PM #4
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.