“39th Bank Failure in the First 7 Months of 2012”

 

We continue to be told, everything is under control. I don’t know about you, but every time I hear about a bank failure it’s a concern.

 

Banks are supposed to be a safe place that are supposed to be trusted to do what is right or am I just kidding myself?

 

When I read that the assets of these failed banks are being taken over by larger banks, which means fewer banks. I can understand some attrition, but I don’t like where these number are going.

 

Let me know what you think?

 

Another Bank failureGeorgia Bank Seized, 39th Bank Failure of the Year

 

By: Joe Adler

 

Regulators in Georgia closed the $217-million-asset Jasper Banking, which became the industry's 39th bank to fail

 

Friday's closure was the ninth failure in Georgia this year. The failed bank, located in Jasper, will reopen Saturday under the banner of Stearns Bank out of St. Cloud, Minn.

 

In a deal with the Federal Deposit Insurance Corp., Stearns agreed to assume all of Jasper Banking Co.'s $213 in deposits and acquire roughly all of its assets. The FDIC and Stearns also agreed to share losses on $106 million of those assets.

 

The failure is estimated to cost the FDIC just over $58 million.

 

Stearns has been one of the busiest failed-bank acquirers. Stearns has acquired seven banks in Arizona, Florida, Georgia and Minnesota since 2008, including Georgia's Covenant Bank in March.

 

 image:Salvatore Vuono/freedigitalphotos.net

 

Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

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4 Comments on 39th BANK FAILURE IN THE FIRST 7 MONTHS OF 2012

AUG
02
1,048,905 Points 397 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

WOW! 39? Really? I did not know that. Shocking number. Reminds me of 2008
5:41am • #1
631,975 Points 3 Featured Posts Outside Blog Attended Rain Camp

Good morning Joe,

Amazing how this type of information is "missed" by the mainstream media...
9:42am • #2
354,520 Points 30 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Hi Joe,

There seems to be a kind of a hush all over the world... I wonder how many people know about this? The media seems to focus on European failures but doesn't mention 39 banks have failed in 2012?  I know more about Tom Cruise's marriage failure than I do about bank failures. Isn't that a shame!

Something is wrong with this picture.
3:51pm • #3
872,774 Points 47 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master
Joe, someone I know said their grandfather said that when there is a bank on every corner, then we are in trouble. I took from that inference that we shouldn't want too many banks? But I don't know. What do you think?
6:17pm • #4


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Joe Petrowsky

Manchester, CT

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Joe Petrowsky NMLS# 6869 - Right Trac Financial Group, Inc

Address: 110 Main St., Manchester, CT, 06042

Office Phone: (860) 647-7701 x 116

Cell Phone: (860) 836-9294

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