Three Other Banks Failed
It seems that, when I was writing this story on Colonial BancGroup and Dwelling House Savings and Loan Association closing on Friday, to be posted on Saturday, I hadn’t yet heard that there were three other banks that closed on the same day. Wow, five banks on one day; that has to be a record.
The other banks were:
Community Bank of Nevada, based in Las Vegas, with assets around $1.52 billion, which had the Feds creating kind of a shell company which they named Deposit Insurance National Bank of Las Vegas, to give people time to move their money to other banks;
Union Bank in Gilbert and Community Bank of Arizona in Phoenix; the first had assets of $124 million, the second assets of $158.5 million, both being absorbed by MidFirst Bank of Oklahoma City.
With everything else that’s going on, and what’s to come, anyone want to bet we hit 100 before year end?