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Old 12-04-2009, 08:15 PM
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Bank failure tally reaches 130

Regulators shutter Cleveland-based AmTrust Bank, and five other banks. Closures will cost the FDIC $2.384 billion.

The nation's tally of 2009 bank casualties hit 130 Friday when regulators shuttered a large Ohio bank, an Illinois bank, a Virginia bank and three small Georgia banks.

The largest bank to fail was AmTrust Bank in Cleveland.

Regulators also closed Benchmark Bank in Aurora, Ill., and Greater Atlantic Bank in Reston, Va.

The Buckhead Community Bank in Atlanta, Ga., First Security National Bank in Norcross, Ga., The Tattnall Bank in Reidsville, Ga., were also closed.

Customers of all the six failed banks are protected, however. The Federal Deposit Insurance Corp., which has insured bank deposits since the Great Depression, currently covers customer accounts up to $250,000.

AmTrust Bank. The Office of Thrift Supervision closed AmTrust Bank because it "was in an unsafe and unsound condition because of substantial loan losses, deteriorating asset quality, and insufficient capital."

"Last week, the FDIC announced that 552 banks are at risk of going under, the highest level since 1993, when the agency had red-flagged 575 banks."

http://money.cnn.com/2009/12/04/news...lure/index.htm
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Old 12-04-2009, 08:59 PM
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ROFL. Dang Natural, arent you just a ray of sunshine. :-p
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Old 12-04-2009, 09:21 PM
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ROFL. Dang Natural, arent you just a ray of sunshine. :-p
LOL I am not a ray of sunshine, I am rather like the solar wind that shine once in a the while

Seriously when I was reading this: "Closures will cost the FDIC $2.384 billion" I thought damn who will pay for this, first I was thinking about the other banks, then second I say to myself, the bank fees will go kissing the sky.
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Last edited by Franc Tireur; 12-04-2009 at 09:27 PM.
 
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Old 12-04-2009, 09:55 PM
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What the He**.....we all end up paying...

Years ago the banks were about the depositors...

Now they are about making the bucks...their operating policies do not take into consideration that you can only squeeze a rock so hard and there is no juice left....
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