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15 Bank Failures So Far 4 August 09′

Detective Krum

Detective Krum

August 2009 saw 15 bank failures. Three banks failed on Friday August 28, 2009: Affinity Bank in Ventura, California, Mainstreet Bank in Forest Lake, Minnesota and Bradford Bank in Baltimore, Maryland. Wasn’t the bank bailout passed by the US Congress suppose to stop the bank failures or was the bailout a way to consolidate the large wealthy banks and swallow up the smaller banks?

If Chris Dodd, Barney Frank and Chuck Schummer wouldn’t have put TARP together, these banks most likely wouldn’t be in the mess they are.

Texas saw Guaranty Bank from Austin, Texas fail in August and Florida saw Community National Bank of Sarasota County located in Venice, Florida and First State Bank of Sarasota. Then let’s not forget Taylor, Bean & Whitaker being raided by the FBI and 1,000 employees lose their jobs. The ripple down is being felt by servicers of Taylor, Bean & Whitaker’s fall considering they were the 10th largest home loan bank in the country.

To see a complete list of bank failures for August, check the chart below.

List of 15 bank failures in August 2009 & still counting

List of 15 bank failures in August 2009 & still counting

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August 31, 2009 - Posted by | 1 |

2 Comments »

  1. […] Wasn’t the bank bailout passed by the US Congress suppose to stop the bank failures or was the bailout a way to consolidate the large wealthy banks and swallow up the smaller banks? If Chris Dodd, Barney Frank and Chuck Schummer …Page 2 […]

    Pingback by 15 Bank Failures So Far 4 August 09′ « Victory 1 Project | September 4, 2009

  2. In my research, I found that the history of bank failures is also often associated with delays in closure, plus reframing a bank failure as a merger, particularly in countries where bank failures are regarded as comparatively rare:

    http://brucelarochelle.wordpress.com/2011/09/27/financial-institutions-and-the-meaning-of-failure-closure-versus-merger/

    Comment by Bruce La Rochelle | October 17, 2011


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