I have a feeling we're going to be seeing a lot more of this:
Two weeks after the Federal Deposit Insurance Corp seized IndyMac Bancorp, 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, characterized as undercapitalised, had total assets of US$3.4 billion (S$4.6 billion) and US$3 billion in deposits. First Heritage, described as critically undercapitalised, had assets of US$254 million and US$233 million in deposits, regulators said.
A foreshadowing if ever there was one. Glad I do my banking overseas now, with a stable bank and a rising currency. Too often we take such simple things as this for granted. Not any longer, it seems.
rate
email
print
link to this page
Comments: 14
for the last 16 years we've been playing a shell game with our own money and letting the idiots, (not a word I use lightly), in suits siphon off it with charges.
What is the GD?
497 people viewed this article! Was it linked somewhere else? Can't believe you only have a few comments.