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.
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
Security Savings Bank, F.S.B.
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.