This new wave of closures will cost the FDIC $419.3 million for just the Georgia banks. The other closures will cost less, though. Just around $232.6 million per bank. Just small change in the bucket, I suppose.
We’re on a bad path this year. Last year was of course a horrible year for banks. So many banks closed I had to start keeping my money buried in the yard. Sure, the interest rate isn’t great, but you can’t beat the security. And, of course, no ATM fees.
But this year I thought, hey, why not give the bank another try. I mean, things seem to be stabilizing. Interest rates are leveling off. And c’mon, banks will probably do everything they can to keep customers happy, right?
Well, it seems some banks just couldn’t cut it. These latest closures are hopefully the last of the worst of last year. But maybe they’re just the tip of the iceberg.
Only time will tell, but we’ve got to keep an eye out for the warning signs. If Washington needs to keep bailing out your local bank, what’s that going to do to the struggling recovery?
Share your thoughts on my blog. We all need to stick together on this one.