August 21st - HAPPY BFF!

Happy Bank Failure Friday everyone. And this was a doozy. The feds finally shut down Guaranty Bank with the following rational:
Guaranty had $13.5 billion in assets and $12 billion in deposits and “was in an unsafe and unsound condition because of the deteriorating quality of its loan portfolio, critically deficient earnings, capital insolvency and strained liquidity position,” the Office of Thrift Supervision, the lender’s regulator, said in a statement.
Now if that's the reason they got shut down than exactly why are BofA, Wells Fargo, and Citi still in business? Ohhhh right, they purchased our government so they get to stay in business. I love zombies!

Three other banks made the list including the popular dot com era bank pioneer ebank.
2. Capital South Bank - Birmingham, Alabama
3. First Coweta - Newman, Georgia
4. ebank - Atlanta, Georgia

That takes us to 81 for the year but don't worry, Ben says were about to turn the corner.

No comments:

Happy Super Tuesday!