BANK BUST FRIDAY !!!! (on Saturday): Windy City Wipeout

[marmar]

Bank Closing Information - April 23, 2010


Wheatland Bank, Naperville, IL
Peotone Bank and Trust Company, Peotone, IL
Lincoln Park Savings Bank, Chicago, IL
New Century Bank, Chicago, IL
Citizens Bank&Trust Company of Chicago, Chicago, IL
Broadway Bank, Chicago, IL
Amcore Bank, N.A., Rockford, IL


www.fdic.gov

[RandomThoughts]

1. Sounds like reprisals.

Maybe some large banks cut there credit lines?

[KharmaTrain]

2. Nope...Small Banks Caught Up With Bad Loans...

Several of these banks are in poor areas where a lot of Freddie & Fannie mortgages were written. When the bubble burst, those mortgages became worthless paper, people began to lose jobs and default on payments...next came defaults on small business loans as consumers stopped spending and those operations went into bankruptcy. Unlike the big guys who tap on Tim Geitner's shoulder and several billion get flushed their way, small banks have just one way to go...FDIC.

[xchrom]

3. Recommend -- this is in part what the lack of a

Main Street recovery program looks like.

[AllentownJake]

4. Chicago Commercial Real Estate Market

Is a fucking nightmare right now.