Silverton Falls. Bank or Citi Next?
Another bank went bust this weekend. This time, it was Silverton Falls Bank of Silverton, OR.
This closing was actually kind of sad, because unlike other institutions, this one fought hard to stay alive. But, ultimately, it wasn't enough. Undercapitalized and with no way to improve their cash situation, regulators closed it.
Only one bank closing this weekend was surprising. In light of last weekends record four closings, I thought we'd see more.
On the other hand, the elephants have entered the room once again, as Bank of America and CitiBank are now denying there is anything to worry about.
When there is nothing to worry about, there is nothing to talk about. But when people start telling you not to worry - watch out.
This closing was actually kind of sad, because unlike other institutions, this one fought hard to stay alive. But, ultimately, it wasn't enough. Undercapitalized and with no way to improve their cash situation, regulators closed it.
Only one bank closing this weekend was surprising. In light of last weekends record four closings, I thought we'd see more.
On the other hand, the elephants have entered the room once again, as Bank of America and CitiBank are now denying there is anything to worry about.
When there is nothing to worry about, there is nothing to talk about. But when people start telling you not to worry - watch out.
posted by SalsaFix at 3:23 PM
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