It's Bank Failure Friday!!!
And here they are, ordered, and numbered for the year so far.
There are no bank failures this wee, but we have two credit union failures:
- Montauk Credit Union, New York, NY
- Bethex Federal Credit Union, Bronx, NY 09/18/2015
I am not sure why credit unions are failing more than commercial banks, there are only 6 bank failures so far this year.
Part of it might be that the numbers of credit unions migh have fallen a lot less than those of banks, because, as non-profits, there is less impetus to merge, particularly since 2B2F* will never be a viable strategy for non-profit financial institutions.
*Too Big To Fail.
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