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On April 30th, 7 banks were closed, including 3 in Puerto Rico, bringing this year’s total for bank closures to 64. That’s a figure that we didn’t hit last year until August. Based on the speed we’ve been at so far, we could conceivably hit 190 banks or more closed by the end of the [...]
This is scary; so far in 2010, 37 banks have been closed, with 7 banks being closed on Friday. For comparison purposes, last year around this time there were only 21 banks closed. As a matter of fact, there’s the possibility that if 5 banks are closed by this Friday it’ll double what was closed [...]
Last August I wrote a post talking about this study that said 416 banks were in trouble. It seems that the news is much worse about six months later, as the prediction now is that 702 banks, which is one out of every 11 banks in the country, are in trouble. That also includes a [...]
Goodness gracious! When this year began, I never thought that things would get quite this bad. I had predicted 130 banks would close, and we hit that number a couple of weeks ago. Today, that figure has hit 140 banks, and with 10 banks closed over the last couple of weeks, and two weeks to [...]
How about some non-news for a change. This week, not a single bank closed, so we’re still sitting on 98 bank closures. This is a big deal. Why? Because since January 16th, when the first bank closures of the year occurred, this is only the 4th weekend where there wasn’t a single bank closure. And [...]
August is going out with a bang as it concerns bank closings. Last week three more banks were closed. Those banks were: Bradford Bank, based in Baltimore, MD, which operated nine branches, reopened Monday as part of Manufacturers and Traders Trust Company, based in Albany, NY. Mainstreet Bank of Forest Lake, MI, which had eight [...]
I was reading an article on Newsweek’s online site titled Bank On More Failures. The writer was interviewing Lawrence J. White, a professor at New York University’s Stern School of Business on the subject. White basically believes that hundreds of small banks are going to fail, not necessarily because of the real estate problems with [...]
