US BANKS #1 SONG "THE FINAL COUNTDOWN"
The total number of US bank failures now totals 94. This past Friday two more banks were shut down by the FDIC. Two Irwin Union Bank subsidiaries in Kentucky and Indiana were closed by regulators Friday, bringing the total number of U.S. bank failures this year to 94 and punching an $850 million hole in the federal deposit insurance fund. First Financial Bank of Ohio will take over the two banks.
The financial meltdown is cleaning house on banks. The banks that are in great position will continue to take over nonperforming banks. The FDIC closes banks on end of business on Friday. Then, the banks open on Monday under a new entity. There are many changes happening in the banking world. Americans will have fewer choices on where they bank. Less competition means an increase of fees and rates.
What are your thoughts when it comes to bank closings? Are you seeing a pattern?
Make the Call, Set the Plan, Do the Deal$!
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