Posted on 04/15/2011 10:13:59 PM PDT by george76
U.S. regulators announced the biggest bank failure so far this year by assets, Birmingham, Ala.'s Superior Bank, as well as the most failures in a single day in 2011, as five other banks were closed in Alabama, Minnesota, Mississippi and Georgia.
The Federal Deposit Insurance Corp. said in addition to Superior, Nexity Bank, also based in Birmingham, was closed, the first failures in Alabama this year. Minnesota and Mississippi also logged their first failures of 2011 with the closures of Rosemount National Bank and Heritage Banking Group, respectively.
(Excerpt) Read more at online.wsj.com ...
This is not ending.
For the first time this year, a bank with over $1 billion in total assets failed
The books are played both ways. Basic accounting courses leads to a skeptical take here. The aggregate $ amount has lessened. It doesn’t end.
Now stop this. Haven’t you heard? Everything is fine now. Durable noodle orders are up so far this year.
This is a horrible headline.
I just can’t imagine anyone banking at “Largest Failure This Year” bank, and I am not surprised that it went out of business.
To make things worse, we’re still borrowing foreign $$$ to pay for this false recovery.
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