The FDIC shut down 5 more banks on Friday. First Regional Bank of LA, First National Bank of Georgia, Community Bank & Trust , Florida Community Bank, Marshall Bank, and American Marine Bank were all closed by the FDIC. Since January of 2008 155 banks have been shut down and there are more to come. 140 failed in 2008 and 15 so far this year. This may seem like a lot but it really isn’t that big a number compared to the 534 banks that failed in 1989. This just highlights that the financial crisis is not yet over for many small and midsized banks. Foreclosures and loan defaults are crippling the balance sheet of smaller banks and they are unable to find adequate capital to stay afloat.
News
bank failures, banks, commercial banks, community bank, fdic banks
I stumbled across a new website called Money Aisle http://www.moneyaisle.com/. Money Aisle is a live auction site where banks bid for your banking business. Money Aisle is a site for consumers looking for the highest rate on CD’s and savings accounts. It seems pretty simple to use. You enter your state pf residence and deposit amount. The minimum deposit is $100. Member banks bid by offering higher interest rates for your business. The winning bank is the one that offers the highest interest rate. Money aisle then puts you in contact with the winning bank. I have never used the site so I can’t speak for its results. It is something that I may be interested in trying out to see how it works.
Finance
banks, cd, money, moneyaisle.com, Personal Finance, savings
