Six more banks fail and are taken over by the FDIC as of 1/29/2010. This brings the total to 15 banks since January 1 2010 this year. It seem to be the smaller coummunity banks will be ones going under. At this pace if the FDIC continuies closing down banks they will end up closing about 180 by the end of the year.
What do you think? How many more bank will fail?
Just like in the 1980's it is a consolidation of banks.
But I am just amazed two things:
1) Banks just don't want to loan money. We have buyers with good scores, and liquid assets, but buyers find it hard to get a loan on a second home or investment property. If the banks would loan, it would clean up the inventory and correct it self.
2) Why doesn't the media cover more banks going under? When an article does come out its usually 6pm on a Friday night.
154, the rate may slow down as they are ones that finally gave up limping inot 2010.
Tony, it is very intereting how our government works,laws are passed about Healthcare over the weekend late at night...Banks are taken over Friday evenings...There were the Communists not so long ago, who used to do the same, stealthfully late at night and during the weekends.I wrote a few posts about the banks when they were being taken over in California and discovered some were taken over because the way the government set them up for failure. Now I did not even bother to look for the why when I heared it on the news.
One of our local banks was shut down yesterday. The bank is Community Bank & Trust. They are one of the largest employer's in the county. They pioneered grocery banking, the first bank to use ATM's and have been around for 110 years.
Great news. The bank taking over Community Bank & Trust is going to do business as usual.
Hey Michael, it is harder to get loan already and if rural development does not get funded in May things in this area will be very slow.
Apirl 16 2010 and 49 and counting. The number of banks that have failed this year.
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