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Is Your Bank About To Go Under?
Wanna know what the odds are? Me neither…but in case you want to peek, ABC News has compiled a list of the likely suspects to fail. By comparing a bank’s assets and reserves with it’s non-performing loans (”Texas Ratio”), these banks have been noted by economists as ones to watch for sure signs of danger. And while watching the line of people outside IndyMac asking for their money was a strange site, I am thinking it might become more commonplace. Here are the 10 banks that researchers have found to match the warning signs I listed above:
Colorado Federal Savings Bank
Eastern Savings Bank, FSB
Integrity Bank
Ameribank, Inc.
First Priority Bank
First Security National Bank
Magnet Bank
Security Pacific Bank
First National Bank of Brookfield
The State Bank of Lebo
No one is saying that they are going to fail, they are just guessing at it and comparing their numbers to what happened in Texas savings and loans during the 1980’s. Thus, the “Texas Ratio” way of looking at the bank’s numbers.
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4 Comments so far
Time to move your money away from these banks*laughs*. Seriously, the way to ensure that your money is safe is to deposit your money just below $100k to ensure its covered by the bank’s insurance. I’m not saying that if you have $1M you deposit it to 10 banks, obcourse you can also invest them in mutual funds, real estate, treasury bills etc..
My 2 cents worth.
Sam
Fix My Personal Finance
http://fixmypersonalfinance.com
That is as long as the insurance stays solvent. Remember our natural disasters and how the insurance companies went out of business?
I think this abc story may cause some unnecessary runs…
[...] [Source: ABC News via My Two Dollars] [...]