1 vote

3 More Banks Gone today-

http://www.bloomberg.com/apps/news?pid=20601103&sid=awVzj7vY...

Three U.S. Banks Shut by Regulators as Financial Crisis Deepens

By Margaret Chadbourn and Ari Levy

Feb. 6 (Bloomberg) -- Three banks, two in California and one in Georgia, were seized today by regulators, bringing this year’s tally of closings to nine as a recession and record foreclosures extend the biggest financial crisis in more than 70 years.

County Bank of Merced, California, with deposits of $1.3 billion and assets of $1.7 billion, was shut tonight by the state’s Department of Financial Institutions, according to an e-mailed statement from the Federal Deposit Insurance Corp. Westamerica Bancorporation, holding company for Westamerica Bank, acquired all the assets and deposits.

The Georgia Department of Banking and Finance closed McDonough-based FirstBank Financial Services Inc., which had $337 million in assets and $279 million in deposits as of Dec. 31, the FDIC said in a statement. The California Department of Financial Institutions shut Culver City-based Alliance Bank, with assets of $1.14 billion and $951 million in deposits. (full article at link)

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wow now its 2 or 3 per

wow now its 2 or 3 per week! kinda like a snowball gaining momentum down hill

"When governments fear the people there is liberty. When the people fear the government there is tyranny."
-Thomas Jefferson

I am more concerned about the return of my money than the return on my money. --Mark Twain

yep

it's going to get worse. my mom works for a local Motel 6. She told me today that the owners sold it today and it will no longer be a Motel 6. She will no longer have a job there with 2 weeks notice. The owners of big businesses are bailing out all over it seems.

2Chronicles 7:14 If my people, which are called by my name, shall humble themselves, and pray, and seek my face, and turn from their wicked ways; then will I hear from heaven, and will forgive their sin, and will heal their land.

SteveMT's picture

Not understanding. These banks had assets and deposits..

Why aren't their "LIABILITIES" mentioned? They must be massive. What is the secret here. Don't get why their positives are only mentioned when that is not the reason why they folded.

bump

up

2Chronicles 7:14 If my people, which are called by my name, shall humble themselves, and pray, and seek my face, and turn from their wicked ways; then will I hear from heaven, and will forgive their sin, and will heal their land.