Bank failures continue to come in at an alarming rate. Just today, U.S. regulators announced the collapse of two more banks. So far in July there have been ten bank failures bringing the 2011 total to 58.
Keep in mind the number of failed banks was only 25 just three years ago in 2008. In 2009, failures jumped to 140 and in 2010 they jumped again to 157. For 2011 we’re on pace for well over 100 once again. One look at this FDIC chart shows that there is simply no end in sight…
Why should you care?
Because those 888 banks on the potential failure list contain $397 billion dollars in assets and represent potentially billion’s in charge-offs. As Warren Buffet says, ” When it’s raining gold, reach for bucket not a thimble.”
We’ve already begun the process of filling our bucket.
Contact us today and find out how we can help you fill yours.
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