Feds close Arkansas National Bank

[susu369]

BENTONVILLE, Ark. — Federal regulators says they've closed ANB Financial National Association banks after discovering "unsafe and unsound" business practices there.

David Barr, a spokesman for the Federal Deposit Insurance Corp. says many customers served by the bank's nine locations had accounts under $100,000, which will be fully insured by the government. Barr says customers can continue to write checks and draw money from ATMs through the weekend.

--snip--

It was the third closure this year of an FDIC-insured bank. Douglass National Bank, a Missouri bank with $58.5 million in assets, was shut in January; another Missouri institution with assets of $18.7 million, Hume Bank, was shut down in March.

--snip--

The FDIC is planning to beef up its staff, including temporarily hiring up to 25 retired FDIC employees who worked in the agency's more than 200-person division that handles failed banks. They will handle an anticipated increase in bank failures.

Full story:
http://www.huffingtonpost.com/2008/05/10/feds-close-arkansas-bank_n_101116.html

[ayeshahaqqiqa]

1. Tip of the iceberg, I fear

I expect many more banks to close. Wonder if it would be wise if you were a depositor to withdraw most of your money over this weekend? I mean, how long before you'll get funds from FDIC?

[Donnachaidh]

4. isn't there a max on what you can take from the atm?

We could never take more than 300 bucks per day from ours. If you have more than that you'd have to cash a check elsewhere...

[iamthebandfanman]

6. depends on ur bank

and what kinda account you signed up for.

mines $500 a day on my checking account ATM card

[ayeshahaqqiqa]

8. thanks for this information

I've never used an ATM machine, so I wouldn't know.

[onethatcares]

2. first thought,

ah gaud, it's started.

[susu369]

3. Of course, " The Dick" reassures everyone

From another thread:
In Northeast Philadelphia Thursday morning, Vice President Dick Cheney said that America's economy “remains the envy of the world,” and that a recent economic “slowdown” could have been much worse without President Bush's economic policies.

[aint_no_life_nowhere]

7. The worse things get, the more Dick will say they could have been even worse

When half of America is living on beans, he'll say that, thanks to his Chimp, we aren't eating each other.

[cliss]

5. Just the beginning.

Expect more. Lots more bank failures.

I'm tempted to say "start at the bottom" meaning, watch for the smaller banks to fold. They will shutter their doors and the FDIC will have to come to the rescue.

MAYBE.

Next, watch the cancer work its way up to the bigger banks, putting a serious strain on the bailout system. I was going to say that - but
I know that the biggest banks are already insolvent.
So - maybe the little guys are stronger, after all:smoke: