The Feds Break A Bank Seizure Record
Wow, things are moving fast. Just a week after 8 banks were closed in one week, 7 of them in one day, the federal government broke its own record by closing 9 banks this past Friday. This isn’t anything anyone can be happy about, but it is what it is.
Grouped in with this group was California National Bank, the 4th largest bank to be closed this year, with more than $7 billion in assets. That’s barely more than Corus Bank, which was closed in September right on that $7 billion mark.
The banks that were closed were all in states with real estate woes. And, oddly enough, only 4 states were affected. Three of the banks closed were in California, three in Texas, two in Illinois, and one in Arizona.
For once, I don’t have anything more to share. Commercial lenderes are in trouble, banks are in trouble,… I think that says it all.