I think we should put together a weekly betting site which guesses how many banks fail and the total cost to the FDIC each week.
This is becoming so routine it's becoming guaranteed like death and taxes.
Ok, this week 6 banks were shut down by the FDIC.
The list, along with the FDIC costs is:
- American Marine Bank, WA, $58.9 million
- Community Bank & Trust, GA, $354.5 million
- First National Bank of Georgia, GA, $260.4 million
- First Regional Bank, CA, $825.5 million
- Marshall Bank, MN, $4.1 million
- Florida Community Bank of Immokalee, FL, $352.6 million
Total FDIC costs, $1.86 billion. This brings this years tally to 15 and last year was 140.
American Marine Bank is located on Bainbridge Island, which is a super rich area, so this is most interesting.
You know your weekend is ready to start now that Bank Failure Friday is here.