I've always been a fan of another week coming to an end -- marking Friday's showing with a salutatory TGIF. It's a day that most Americans spend getting comfy for the weekend, hitting a club, taking a road trip, etc. But before you rush to the ATM to withdraw cash for your weekend rendezvous, you might want to pay close attention to whether your bank will still be in business by Monday morning.
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:
Whatever your pick, be forewarned. Mind your assets -- it's OK to be fashionably late for the party. Cheers!
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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