It's Bank Failure Friday!!!!
And here they are, ordered, and numbered for the year so far, and these are, of course, in addition to the rather unusual Thursday closing yesterday.
- American National Bank, Parma, Oh
- Century Security Bank, Duluth, GA
- Advanta Bank Corp., Draper, UT
- Appalachian Community Bank, Ellijay, GA
- Bank of Hiawassee, Hiawassee, GA
- First Lowndes Bank, Fort Deposit, AL
- State Bank of Aurora, Aurora, MN
- 7 Banks? Woah....
- It's been a bad week for Georgia banks (well, duh, 3 got closed).
- There is some sort of joke about the bank closing in Fort Deposit, I'm just saying.
- Advanta is a big fish. It was a major player in small business credit cards, and the parent company had declared bankruptcy (see here and here) after its credit card debt write-offs exceeded 20%
- Note also that the FDIC could not find a buyer for Advanta, so the taxpayer is on the hook for this.
And we also have some credit union closings.
My bad here, I had the wrong link bookmarked, so I missed a few after the 1st of the year:
- Friendship Community Federal Credit Union, Clarksdale, MS on 2/25/10
- Mutual Diversified Employees Federal Credit Union, Santa Ana, CA on 2/26/10
- Lawrence County School Employees Federal Credit Union, New Castle, PA on 3/5/10
So, here is the graph pr0n:
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