Now I am not sure my count is totally correct but if I am correct FDIC took down another 8 banks today. Friday is bank take down day and this Friday is the worst in terms of number of banks that I can remember. Certainly bigger dollars have been involved in past take downs but eight in one day is truly impressive. They are:
Sonoma Valley Bank, Sonoma, CA
Los Padres Bank, Solvang, CA
Butte Community Bank, Chico, CA
Pacific State Bank, Stockton, CA
ShoreBank, Chicago, IL
Imperial Savings & Loan Association, Martinsville , VA
Independent National Bank, Ocala, FL
Community National Bank of Bartow, Bartow, FL
Now if you place close attention you will see a pattern here. Go ahead and look, I will wait. Ding, ding, ding, you have it. Yes the taken down banks are by-and-large in states that built the real estate bubble. Go figure.
Disclosures: None.
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