Posts Tagged ‘Puerto Rico Banks’

“For FDIC: April Showers Become Torrential Downpour”

Twenty-three Banks Seized in April

March went out like a lion, April came in like a lamb for the FDIC. But after the first two weeks of April…

All Hell broke loose,

In March, 19 banks were closed by the Federal Deposit Insurance Corporation. In the first two weeks of April the FDIC had to take over only 1 bank, a sign that things might be improving. But there were three more weeks in the month and they were disastrous for the FDIC and for their Deposit Insurance Fund. What started out so quietly ended with 23 bank foreclosures by the end of the month bringing this year’s total to 64.

Yesterday the 7 closures included 3 large banks in Puerto Rico. The week before all 7 banks taken over were in Illinois and the previous week 3 Florida and 2 more California banks were among the 8 banks seized.

Since the beginning of 2008, just over two years, 229 banks, young and old, large and small, urban and rural have been lost. No financial institution has been immune to the virility of this crisis

How much damage did April do to the banking system?

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Posted in Banking, Economy, FDIC Foreclosures | 3 Comments »