Friday Failures

Another busy Friday as those lovable folks at the FDIC continued to cull the ranks of the nation’s banks. Four was the count today with the biggie being Guaranty Bank.

Here are the links:

Guaranty Bank, Austin, Texas

CapitalSouth Bank, Birmingham, Alabama

First Coweta Bank, Newnan, Georgia

ebank, Atlanta, Georgia

Guaranty was sold to the US subsidiary of¬†Banco Bilbao Vizcaya Argentaria¬†of Spain. The news of this transaction actually leaked out earlier in the week. There’s more than a little irony, I suppose, in the FDIC turning to Spanish banks to help bail out our domestic banking industry. Is this how empires crumble?

I would be remiss if I didn’t note that First Coweta Bank is the second bank to fail in Newnan, Georgia in the past several months. Fans of Caddy Shack will understand the allusion.

more: here (A NYT article on the Guaranty failure)

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