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Saturday, July 26, 2008

Bank Failure Friday: Two More Bite the Dust

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.

2 comments:

Anonymous said...

Solid advice, per usual.

Hmmm, Reno and Newport Beach, coincidence? Lol.

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