Welcome to Bank Failure Friday where every week, like family Pizza night, we get yet another bank failure.
Update 2. Another one bites the dust. See midtowng's comment.
This is an update. Two more were released after this post making the year's tally 205. Calculated Risk has more.
This week's FDIC seizures are 3 in Florida and one in Georgia:
The 101st failure was American United Bank, of Lawrenceville, Ga., which had $111 million in assets.
The 102nd failure was another Naples, Fla., institution: Hillcrest Bank Florida, which had $83 million in assets.
The 103rd closure was Bradenton, Fla.-based Flagship National Bank, with $190 million in assets.
....and drum roll please, the 100th bank failure was Partners Bank, of Naples, Fla., $65.5 million in assets.
Make that 106
First Dupage Bank of Westmont, Illinois
so they are staggering the press releases now?
hmmm....we might have to make this bank failure Saturday.
Sheila Bair posted a video reassuring the American public that all was well with the banking system and the FDIC was willing and able to take care of it. When government officials voluntarily step in front of the public to reassure them that everything is OK, that's the clearest indication that we are all in very serious trouble. The panic button has been pushed, and not by the public...yet.