Posted on 01/30/2009 3:28:26 PM PST by rabscuttle385
WASHINGTON (Reuters) - U.S. bank regulators on Friday closed MagnetBank, a small Utah bank, bringing the total of bank failures this year to four.
The Federal Deposit Insurance Corp said it could not find a buyer for MagnetBank's banking operations, but that it had approved the payout of the bank's insured deposits.
FDIC was named as the receiver of the bank, which had total assets of $292.9 million and total deposits of $282.8 million.
(Excerpt) Read more at uk.reuters.com ...
Obamma’s fault.
I guess the Utah bank didn’t understand the rules of pay to play.
The bailout, what a failure. What bad information did the soros wing of the lib party give to Bush? This is all too coincidental.
Not big enough to not fail.
Well, we’ll see if Soros and his buddies come to the rescue, the way they did for IndyMac.
Is four in one month really all that many? I mean, I am as much a doom and gloomer as anyone, but I am not sure that is all that many, all things considered.
Am I off base here?
Geez: NObama’s administration must be using “new math”.
I can name more than 4 banks that failed, and a couple are here in Nevada.
IndyMac Bank, A bank in Hermosa Beach (?), Washington Mutual, Wachovia, ..........
This cannot possibly be only the 4th-—unless they are only counting THIS CALENDAR YEAR....
In that case, that makes 4 banks in 30 days.
At this rate, over 50 banks will fail in 2009.
My gut feeling is this bank was in a Democratic controlled county and controlled by a Democratic controlling group of individuals for political gain and profit, any body else get that feeling. Maybe we ought to be looking at most of these small banks going under and link them to the Democrats.
Whats the over under on 275 this year?
last report I saw...the bank had Texas Ratio of 385 which was #2 on the list of bad/boys....
I'm glad you complained because the admin's have now changed the thread title to clear things up.
Note the bulge at about 1990. Then be prepared for another in 2009-10.
During the last Great Depression the banks closed because they simply did not have enough cash on hand to stifle the depositor runs. Today the Fed can make all the cash they want at the push of a button.
Two more since Magnet. Up to 6 for January.
Looks like the other two were closed after I posted.
Per the Deseret News
http://www.deseretnews.com/article/1,5143,705281473,00.html
MagnetBank didn’t have any checking accounts.
So that makes things more understandable.
***During the last Great Depression the banks closed because they simply did not have enough cash on hand to stifle the depositor runs.***
Courtesy of fractional reserve banking.
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