And another bank failure

[Pliablemoose]

Guaranty Bank became the second-largest U.S. bank to fail this year after the Texas lender was shut down by regulators and most of its operations sold at a loss of billions of dollars for the U.S. government to a major Spanish bank.

The transaction approved by the Federal Deposit Insurance Corp. marked the first time a foreign bank has bought a failed U.S. bank.

The bank failure, the 10th largest in U.S. history, is expected to cost the deposit insurance fund an estimated $3 billion.

My bank is a small regional, and evidently fairly liquid so far. How's your's holding up so far?

 

[TheSlamma]

I have BBVA Compass for my checking and ING for my mortgage & savings

ING had 2 losing quarters but got back in the positive this last quarter. Sure love my 4.25% mortgage with them.. but I miss my 4% interest on the savings (down to 1.5% now)

BBVA are the ones that bought Gauranty so I guess they are doin aight.

 

[blackangst1]

My credit union is fine, and my US Bank is fine (AFAIK). Hopefully we dont hit 745 banks like the S&L closures.

 

[Jaskalas]

Originally posted by: blackangst1
My credit union is fine, and my US Bank is fine (AFAIK). Hopefully we dont hit 745 banks like the S&L closures.

Do we even have that many? I figure with buyouts/mergers and such, that the large ones have devoured most of the little ones since then.

 

[blackangst1]

Originally posted by: Jaskalas

Originally posted by: blackangst1
My credit union is fine, and my US Bank is fine (AFAIK). Hopefully we dont hit 745 banks like the S&L closures.

Do we even have that many? I figure with buyouts/mergers and such, that the large ones have devoured most of the little ones since then.

According the the FDIC's 2008 annual report there are 8,430 FDIC-insured commercial banks in the USA.

 

[Pliablemoose]

The estimate is that there will be 200 taken over this year.