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On Friday evening, November 21, three more banks failed and were taken over by the FDIC. There were over 214 branches among the three. This brings the year's total to 22 failed banks:
PFF Bank and Trust, Pomona CA
Downey Savings and Loan, Newport Beach CA
The Community Bank, Loganville GA
On Friday evening, November 21, three more banks failed and were taken over by the FDIC. There were over 214 branches among the three. This brings the year's total to 22 failed banks:
PFF Bank and Trust, Pomona CA
Downey Savings and Loan, Newport Beach CA
The Community Bank, Loganville GA
Downey was one of the biggest banks in the country, although it's not a huge household name or anything like Wash Mutual (largest US bank failure ever).
On Friday evening, November 21, three more banks failed and were taken over by the FDIC. There were over 214 branches among the three. This brings the year's total to 22 failed banks:
PFF Bank and Trust, Pomona CA
Downey Savings and Loan, Newport Beach CA
The Community Bank, Loganville GA
I read an online article last night stating that PFF Bank & Trust and Downey Savings are now part of U.S. Bank, the 6th largest bank (in terms of assets) in the country, and one of the strongest financially.
On Friday evening, November 21, three more banks failed and were taken over by the FDIC. There were over 214 branches among the three. This brings the year's total to 22 failed banks:
PFF Bank and Trust, Pomona CA
Downey Savings and Loan, Newport Beach CA
The Community Bank, Loganville GA
[URL="http://www.fdic.gov/bank/individual/failed/banklist.html"]FDIC: Failed Bank List[/URL]
I think we are going to see quite a bit more as the larger banks use the so called bailout funds for aquisitions. How often is the FDIC: Failed bank list updated?
I think we are going to see quite a bit more as the larger banks use the so called bailout funds for aquisitions. How often is the FDIC: Failed bank list updated?
They (FDIC) usually swoop in and close banks Friday after the market closes. That way there's 2 days (weekend) for people to forget about it and not cause a panic (IMHO).
snippet:
"Federal regulators will guarantee as much as $1.4 trillion in U.S. banks' debt in a bid to get the distressed financial system pumping again."
i guess that is why they added "economy in turmoil" after that statement!
NEW YORK – The Federal Deposit Insurance Corp. said Tuesday the list of banks it considers to be in trouble shot up nearly 50 percent to 171 during the third quarter — yet another sign of escalating problems among the institutions controlling Americans' deposits.
The 171 banks on the FDIC's "problem list" encompass only about 2 percent of the nearly 8,500 FDIC-insured institutions.
Last edited by floridasandy; 11-28-2008 at 03:08 PM..
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