While you were celebrating Obama and deriding Palin on Friday another another Bank Failed!

(9 am. – promoted by ek hornbeck)

Original article titled Integrity Bank Becomes 10th U.S. Failure This Year , by Alison Vekshin and Ari Levy, via bloomberg.com:

Aug. 29 (Bloomberg) — Integrity Bank of Alpharetta, Georgia, was closed by U.S. regulators today, the 10th bank to collapse this year amid a surge in soured real-estate loans stemming from the worst housing slump since the Great Depression.

Wheee.

Integrity Bank, with $1.1 billion in assets and $974 million in deposits, was shuttered by the Georgia Department of Banking and Finance and the Federal Deposit Insurance Corp. Regions Financial Corp., Alabama’s biggest bank, will assume all deposits from Integrity, which was run by Integrity Bancshares Inc. The failed bank’s five offices will open on Sept. 2 as branches of Regions, the FDIC said.

We have Regions up here in Indiana.  It seems to be solid, but who knows in these perilous financial days?  I guess it’s good that the Feds didn’t have to run the thing.

Banks are being closed at the fastest pace in 14 years as financial companies report more than $505 billion in writedowns and credit losses since 2007. California lender IndyMac Bancorp Inc., which had $32 billion in assets, was closed July 11 in the third-largest bank seizure, contributing to a 14 percent drop in the U.S. deposit insurance fund that had $45.2 billion at the end of the in the second quarter.

Just another fallout of the greed society we’ve set up here in the US.  Oh well….

[poll id=”

590

“]

2 comments

  1. http://online.wsj.com/article/

    And…

    http://scienceblogs.com/pharyn

Comments have been disabled.