So certain was I that there wouldn’t be any seizures that I didn’t even bother checking the FDIC website. Shame on me for underestimating Sheila. In fact, the agency took over Horizon Bank in Bellingham, Washington. Here’s the link to the FDIC’s site.

I won’t insult you by predicting a lot of small bank failures this year. That’s kind of like forecasting the sunrise. What will be interesting is whether the authorities decide to bite the bullet on commercial real estate or just keep on with extend and pretend. If they do face reality then we should expect a tsunami of takeovers.