Small Independent Wyoming Bank Fails
Becoming the 53rd bank to fail this year, Bank of Wyoming was closed Friday by state regulators. It only has the one branch, which means it’s totally independent, and is the first bank to close in Wyoming in 18 years.
Last year only 25 banks closed, so we’ve already doubled what we had from last year and we’re barely past the halfway point. And things aren’t looking up.
We all know what’s gone on with the housing market. Seems the commercial market is next, and it’s projected that there will be defaults that could be as high as $700 billion, which would spell another big round of trouble for banking. The government is trying to do its piece, but who knows where it will all fall out. And, oh by the way, it’s estimated that the businesses that might be in trouble also contain around 9 million jobs, which means there could be a new wave of unemployed hitting the rolls during 2010.
Yes, it’s scary indeed.