Posted on 05/14/2013 11:40:16 PM PDT by Olog-hai
Regulators have closed a small bank in Arizona, bringing the number of U.S. bank failures to 13 this year.
The Federal Deposit Insurance Corp. on Tuesday seized Central Arizona Bank, based in Scottsdale, Ariz.
The lender, which operated a single branch, had roughly $31.6 million in assets and $30.8 million in deposits as of March 31.
Western State Bank, based in Devils Lake, N.D., agreed to assume all of the failed bank’s deposits and to buy essentially all of its assets. …
(Excerpt) Read more at hosted.ap.org ...
In a strong economy an average of only four or five banks close each year. The sharply reduced pace of closings shows sustained improvement.
I must have missed a class on propaganda economics somewhere along the line.
“Great News Folks”, “Banks are only failing ten times more than normal”.”Entirely due to the diligent efforts of Obama”. “This proves our plan is working”.
If a Republican was in the white hut, the headlines would be doom and gloom.
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