Bank failure Friday brings two more failed banks...
The following banks were closed by the Office of the Comptroller of the Currency (OCC) on July 25th 2008:
FDIC Announcement: First National Bank of Nevada, Reno, NV (Bank Homepage)
FDIC Announcement: First Heritage Bank, N.A., Newport Beach, CA (Bank Homepage)
Both banks appeared to specialize in 'small business loans'. Expect many many more of these as I argued in Regional Banks: Dead Men Walking.
Be careful out there. Under no circumstances should you have a balance at any one bank in excess of the FDIC insured limit...
Strength in equities, especially financial equities, is to be sold.
Saturday, July 26, 2008
Bank Failure Friday: Two More Bite the Dust
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2 comments:
Solid advice, per usual.
Hmmm, Reno and Newport Beach, coincidence? Lol.
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