Introducing our Failed Bank List of 2009
Announcing our ongoing commitment to keep track of failed banks. Some banks are larger than others, but even the small ones still have an impact on their communities. We will provide the list along with some brief notes about the acquiring bank. One special feature of our list, is a map of failed banks per state. Here is a screenshot of banks that have failed per state.
The List of Failed Banks Has Grown, But the Worst May Be Over
There is a lot of talk in mainstream media about failed banks, so we went directly to the source--the FDIC, to find out the full story. Here, you can see clearly that last year, 26 banks failed in total. As you can see from the chart there was very little activity in the first half of the year, then bank failures steadily increased from July through December.
Rising Number of Bank Failures Reflects the Signs of the Times
Perhaps one of the most telling signs of an economy on a downward spiral is the rapid dissolution of its banking industry. For the US, there definitely is a trend that not even the government’s $700 billion bailout package can stop. In fact, the latest news to hit the stands is the rescue package that the government has agreed to release to ailing banking giant Citigroup to the tune of $326 billion, $20 billion in direct investments and $306 billion to guarantee the company’s troubled assets. This crucial deal is one more of the many government moves to support the financial sector, and more importantly, avoid a much-dread collapse of the Citigroup which would further damage investor and consumer confidence in the entire US banking system. The deluge of financial woes on the once largest bank in the US is testament to the reality that even the biggest of them are not immune to the possibility of a bank failure.
Merrill Lynch, Morgan Stanley Battle Independent Brokerages For Wealthy Investors
U.S. Bank Acquires FBOP Corporation’s 9 Failed Banking Subsidiaries
Assessing the Impact of the FDIC’s Temporary Liquidity Guarantee Program
FDIC Chairman Shelia Bair on The State of American Banking – Summary and Analysis
Citibank Credit Card Interest Skyrockets In Anticipation of Federal Regulation
Commerce Bank of Southwest Florida Fails, Becomes 123 Bank to Close in 2009
ING Direct Black Friday Special: Save ‘Til You Drop
Savers Left With Fewer Options as Hudson City Savings Lowers Top CD Rates
Wells Fargo Settles $1.4 Billion Lawsuit Regarding Auction-Rate Securities
‘Too Big To Fail’ Firms May Be Broken Down To Smaller Size
