Nearly 10 banks have failed so far this year and as financial institutions struggle with billions of dollars worth of sour mortgage portfolios, you can best believe that more failures will soon follow. And after analyzing recent collapses, a pattern seems to be developing.
Recent Bank Closures:
- IndyMac Bancorp., seized on July 11 -- a Friday.
- 1st National Bank of Nevada and First Heritage Bank, both seized on July 25 -- another Friday
- And on Aug. 1, First Priority Bank of Bradenton, Fla., seized on -- you guessed it -- a Friday.
Whatever your pick, be forewarned. Mind your assets -- it's OK to be fashionably late for the party. Cheers!
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Reader Comments (Page 1 of 1)
8-07-2008 @ 2:37PM
David said...
Quit trying to scare people. There were too many banks trying to make big profits off of inflated home values during the housing boom and they got burned. Normally banking regulations are supposed to prevent bank 'bankruptcy,' but this didn't happen, and banks, like any other business, can go under. It is the Feds job to clean up the mess and make sure it doesn't snowball and that the fewest amount of people get hurt from this. You are yelling fire in a crowded theater, and that is not good no matter what.
8-07-2008 @ 2:47PM
UTFB said...
It's done that way to try and keep everything nice and tidy. They work all weekend so that your money will be there on monday. Who cares what the name on the door is. Go back to the Keating crises of the 70's when Mr. Soros needed a rescue. It really is better that they do it that way.
8-07-2008 @ 3:49PM
jim hamby said...
what about creditunions,,,,the ncua
8-09-2008 @ 1:40AM
Delta said...
Yelling "fire" in a crowded theater is totally inappropriate....unless...um...the theater is on fire?....burn baby burn would be more appropriate in your world David?
8-14-2008 @ 1:52PM
Joanie said...
PEOPLE DO YOUR HOMEWORK.....
ITS NOT ABOUT WHAT WEVE BEEN TOLD....
ITS ABOUT THE TRUTH.....
GET THE MOVIE:
THE MONEY MASTERS...( UNITED STATES NOTE vs. THE FEDERAL RESERVE NOTES)
WATCH IT... SHARE IT..... PASS IT ON.....
WHEN YOU FAIL TO PLAN... YOU ARE PLANNING TO FAIL..
WWW.THEPHONEMONOCLE.COM
9-01-2008 @ 11:47AM
zandor said...
Now is the beginning of the end for the FIRST NATIONAL BANK empire...(FNBN,FNBOmaha,FNBCOLO,etc..)