Reposting this (I wrote it Thursday night before Amtrust and 5 other banks went belly-up) as the Miami Herald reported today, Regulators on Friday shut down Ohio's AmTrust Bank, the fourth-largest bank to fail this year. They also closed five others, bringing to 130 the number of U.S. banks to be brought down so far in 2009 by recession and mountains of bad debt. I wonder who is footing the bill for this Amtrust ad in the Miami Herald that coincidentally appeared today. My post:
According to the FDIC about 26 banks failed in 2008. 3 failed in 2007, 4 in 2004 and 8 in 2002. Lets look at 2009: we have a whopping 124 bank failures nationwide on this list, one third of those since September. That is quite a jump. Here is the list -- Georgia and Illinois are both well represented - I marked Florida Banks in red, they are mostly on the West Coast:
(Hit image to enlarge it)
And there are more...
3 comments:
What will the new year bring? This is not looking good.
Add credit unions and it's even worse. Unfortunately, these banks probably deserved to fail because of reckless lending. It represents a major correction and we may be better off for it.
Wonder what Miami banks are on the watch list. (BTW, it just goes to show you can't always believe ads you read in the papers.)
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