There are 7 new bank failures reported by the FDIC this week. Since I haven’t published this Friday report for a month there have been another 7 prior to today. This brings up the total to 139 for this year.
Hillcrest Bank
First Suburban National Bank
The First National Bank of Barnesville, Barnesville, GA
The Gordon Bank, Gordon, GA
Progress Bank of Florida, Tampa, FL
First Bank of Jacksonville, Jacksonville, FL
First Arizona Savings, A FSB
WestBridge Bank and Trust Company
Premier Bank
Security Savings Bank, F.S.B.
Shoreline Bank
Wakulla Bank
Haven Trust Bank Florida
North County Bank
I wish to remind readers that I intend these announcements to be a positive thing for the economy. By trying to prevent bank closings, needed liquidity is thwarted from reaching the economy. This is one of the major factors hindering a recovery. Thus when you see the FDIC closing a bank, capital is no longer bring wasted and tied up in failed enterprises. It is a sign of an economy trying to recover.
Interesting concept. But it begs the question; by closing the failures, do the ones that pick up the pieces, continue the same or nearly the same performance or practice? We have seen with great clarity how the consolidation of the financial industry created largest T.B.T.F. which in theory makes sense, but in practice, has created greed beyond imagination. Granted, getting rid of inefficiency is prudent, but then, do we really end up with true economy of value?
[...] far there have been 139 major casualties in 2010 from the Greater Depression. 139 bank failures so far this year means there are many [...]