Banks closed in Ga, NC, NJ; 79 failures in 2011

[Dover]

Source: AP

WASHINGTON (AP) — Regulators have closed small banks in Georgia, North Carolina and New Jersey, boosting to 79 the number of U.S. bank failures this year.

The Federal Deposit Insurance Corp. on Friday seized Piedmont Community Bank of Gray, Ga., with $201.7 million in assets and $181.4 million in deposits. It also shuttered Blue Ridge Savings Bank, based in Asheville, N.C., with $161 million in assets and $158.7 million in deposits. Also closed was First State Bank in Cranford, N.J., with $204.4 million in assets and $201.2 million in deposits.


Read more: http://www.seattlepi.com/business/article/Banks-closed-in-Ga-NC-NJ-79-failures-in-2011-2219249.php

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It must be Friday.

[BumRushDaShow]

1. Country Bank in Alredo, Illinois also closed today. n/t

[Endangered Specie]

2. Must be a commandment that I missed...

Thou shalt only shutter thy banks on Friday.

[FBaggins]

3. It's pretty standard.

They need the weekend to get things turned over to whoever it going to handle the accounts going forward... so they doors are open again Monday morning.

[wordpix]

4. "Depositors' money.. up to $250,000 per account...not at risk, with the FDIC backed by the gov't"

Unfortunately, the US government is out of money, though. I guess that means China will pay out if depositors want their money? :shrug:


"Depositors' money — insured up to $250,000 per account — is not at risk, with the FDIC backed by the government.

Read more: http://www.seattlepi.com/business/article/Banks-closed-in-Ga-NC-NJ-Ill-80-failed-in-11-2219249.php#ixzz1b0Z8BcLS

[wordpix]

5. "The deposit insurance fund fell into the red in 2009."

Very nice the fund is now up to $3.9 billion, but how much do depositors have in US banks?

Geez, it probably takes just a few banksters to reach that amount in deposits.

[Supersedeas]

6. lesson learned for Banks that are not too big to fail

[Major Hogwash]

7. Money . . it's a drag . . get your hands off of my stack.

You do know that securities are no longer secure, right?