Friday, January 23, 2009

1st Centennial Bank Closes

Another bank has failed. If you check the Bank Closure Map you will see that 1st Centennial Bank of Redlands, California was closed by state regulators today.

Although the Federal Government has tried to use the bailout money to stem the seizure of banks, it looks like that is not going to be enough to hold the dam. Small banks like this one are the canaries in the coal mine.

Look for the floodgates to burst if Citi or Bank of America get nationalized. And, if some reports are to be believed, they are already looking like they are or will be soon.