These two were seized and sold immediately. Otherwise, same drill as before.
WASHINGTON, July 25 (Reuters) - U.S. regulators took over two banks on Friday and sold them to Mutual of Omaha Bank, the sixth and seventh bank failures this year as financial institutions struggle with a housing bust and credit crunch.
Two weeks after the Federal Deposit Insurance Corp seized IndyMac Bancorp Inc (IDMC.PK: Quote, Profile, Research, Stock Buzz), the Office of the Comptroller of the Currency said it closed First National Bank of Nevada and First Heritage Bank NA of California.
First National had total assets of $3.4 billion and $3 billion in deposits while First Heritage had assets of $254 million and $233 million in deposits, regulators said.
The FDIC said the cost of the transactions to its insurance reserve is estimated to be $862 million, adding that the two failed banks represent just 0.3 percent of the $13.4 trillion in total industry assets at about 8,500 FDIC-insured institutions.
The FDIC said the 28 offices of the two banks will reopen on Monday as Mutual of Omaha Bank. Over the weekend, customers can access their money by writing checks, using automatic teller machines or debit cards.
Ok, where should I put my money again?
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Remember the 5:00 horror?
Back in the early days, back when we still cherished the idea that some day, one day, we'd live under a Constitutional, legitimate government again, the Bush administration was in the habit of releasing "bad" (for them) news at 5:00 on a Friday. All you had to do was wait for it.
But after awhile, they stopped that, I imagine because important people noticed, and shortly the horror was every day of the week at any hour of the day.
So, as long as the banking situation is in 5:00 horror mode, I'm not going to worry too much, because the situation is as under control as it can be.
When the horror starts happening all the time, I'll worry more than I already do.
[ ] Very tepidly voting for Obama [ ] ?????. [ ] Any mullah-sucking billionaire-teabagging torture-loving pus-encrusted spawn of Cthulhu, bless his (R) heart.
"First they ignore you, then they ridicule you, then they fight you, then you win." -- Mahatma Gandhi