Bank Holiday in Charlotte? (Winston-Salem, Salem: insurance, closing, restaurants) - North Carolina (NC) - City-Data Forum

CharlotteCharlotte · 08-14-2009, 05:32 PM

Has anyone been hearing rumors of this? Quite frankly I don't even know what this would mean. From what I hear banks could be shut down for a set period of time. I know the FDIC insurance fund is ready to run dry and just this evening Colonial Bank went under costing the FDIC insurance fund 2.8 billion dollars which means the FDIC insurance may have just went dry? I just don't know what all this could mean, also banks have been closing every weekend at a faster clip so everyone is saying recovery but I sure as heck don't see it. Just remember current events form future trends

Also I plan on going all short in the market next week because I believe the market top is just about in. Its going to be a bad Fall of 2009 you just wait and see

Barkingowl · 08-14-2009, 05:38 PM

I just heard on the news that Colonial Bank is now BB&T.

SunnyKayak · 08-14-2009, 05:41 PM

that is good or bad for winston-salem

Carolina Blue · 08-14-2009, 05:51 PM

Quote:

Originally Posted by SunnyKayak

that is good or bad for winston-salem

All good. BB&T also has a LARGE presence here in Charlotte. More than just branches, also some corporate staff.

Catrick · 08-14-2009, 05:55 PM

Quote:

Originally Posted by SunnyKayak

that is good or bad for winston-salem

There are no Colonial Banks in North Carolina. So hopefully good for Winston-Salem.

CharlotteCharlotte · 08-14-2009, 06:01 PM

Does anyone know how this works? I mean if Colonial Bank is now BB&T how could this have cost the FDIC Insurance fund 2.8 Billion?

Carolina Blue · 08-14-2009, 06:02 PM

Quote:

Originally Posted by Catrick

There are no Colonial Banks in North Carolina. So hopefully good for Winston-Salem.

Its definitly good. Its good for the folks in Alabama too, because of BB&T's lack of a presence down there. And the deal BB&T got with the FDIC was incredible...

"...The agency said it has entered into a loss-share transaction with BB&T on about $15 billion of Colonial Bank's assets. Analysts had projected that the FDIC would offer about $5 billion..."

Carolina Blue · 08-14-2009, 06:03 PM

Quote:

Originally Posted by CharlotteCharlotte

Does anyone know how this works? I mean if Colonial Bank is now BB&T how could this have cost the FDIC Insurance fund 2.8 Billion?

Basically, they had around $25bn in assets, BB&T purchased $22bn, while the FDIC took around $3bn.

Barkingowl · 08-14-2009, 06:06 PM

And our banking choices lessen. I wonder who'll be the top dog when there's only three or four left?

Catrick · 08-14-2009, 06:31 PM

Quote:

Originally Posted by Barkingowl

And our banking choices lessen. I wonder who'll be the top dog when there's only three or four left?

It's kind of like everything else isn't it? Big chains in stores and restaurants; cable tv, harware stores, cell phone service dwindling down to fewer providers. Now banks. All the "little guys" sqeezed out. Could get pretty depressing.