BANK....BUST....FRIDAY !!!! ....... 7 More Bite the Dust !!!

[marmar]

Bank Closing Information - March 19, 2010


State Bank of Aurora, Aurora, MN
First Lowndes Bank, Fort Deposit, AL
Bank of Hiawassee, Hiawassee, GA
Appalachian Community Bank, Ellijay, GA
Advanta Bank Corp., Draper, UT
Century Security Bank, Duluth, GA
American National Bank, Parma, OH


www.fdic.gov

[Subdivisions]

1. I believe that's the most on Bank Eated Friday since the beginning of the year. n/t

[Renew Deal]

2. Why are so many of these banks in Georgia?

And not just this week. Every week seems to have one.

[BR_Parkway]

7. They jumped heavy into FL real estate, so now they're losing their butts

[Hoopla Phil]

3. So have we surpassed the bank failure rate for last year?

[udbcrzy2]

4. Stupid question

Are these the kind of banks MoveYourMoney wants us to go to? I'm confused.

[girl gone mad]

5. All depositors are protected by FDIC insurance.

No depositor has lost money at any of these banks.

And you can get a list of problem banks http://cr4re.com/PBLMar1910.html">here, if you're really that concerned about moving your money.

ETA: you can also http://www.bankrate.com/brm/safesound/ss_home.asp">check your bank's rating, which everyone should probably do anyhow.

[ProdigalJunkMail]

8. if they have more than $250K in any of those banks they lost money

the FDIC has limits...

sP

[girl gone mad]

9. Only if the FDIC can't find another bank to assume the deposits..

and there isn't enough collateral to cover the secured debt.

Depositors are actually senior to unsecured bondholders, though they're junior to secured bondholders. In the case of Washington Mutual's bust, the uninsured depositors were made whole while the bondholders were largely wiped out. That set a precedent that has since been largely followed. Unsecured depositors have been, by and large, protected, though that could change in time.

[girl gone mad]

6. One more thing..

The Move Your Money campaign is a reaction to the bailouts, and the reckless behavior the banks engaged in leading up to and following the 2008 crisis. The banks were insolvent and many people wanted them to be put into receivership, which is what happens to the small and mid-sized insolvent banks every Bank Failure Friday.

In other words, the smaller banks are required to play by a certain set of rules while the big banks get to skirt the rules. When a small bank can't meet its obligations, the government steps in, management is out and the assets are sold off. It's a more equitable situation than the virtually unfettered bailouts with no strings attached that the TBTFs were given.

People are moving their money, precisely because of this process, because there is a process and guidelines which have to be adhered to, rather than unlimited risk and unaccountable bankers.

[upi402]

10. Thanks girl gone mad, very useful n/t

[Political Heretic]

11. It's so funny that it feels like no one gives a shit about this.

I suppose its just that people don't know what to post.

If I were to post all the signs and indicators that we are not in a recovery and are poised for a second downward plunge it would take me twentfour hours and be twenty pages long... :(