Four More Banks Shut Down
July 18, 2009 by Stephen Kersey
Filed under Business
The United States federal regulators shut down four more banks on Friday — upping the total in 2009 from 53 to 57. All four banks were appointed to the FDIC.
Two of the four banks were located in the state of California. South Dakota and Georgia were the locations of the other two banks.
The two banks in California were Vineyard Bank and Temecula Valley Bank. Of the four banks that were shut down by regulators on Friday, these two were also the two biggest.
In Georgia, the failed bank was First Piedmont Bank. BankFirst was the failed bank located in South Dakota.
First-Citizens Bank and Trust will assume Temecula Valley Bank’s deposits. California Bank & Trust will assume Vineyard Bank’s deposits.
First American Bank and Trust will assume the deposits of First Piedmont Bank, while Beal Bank Nevada entered into a similar deal with the deposits of BankFirst.
Skinny Piggy Bank (Image: Flickr)
And this is why one should not keep any money in any bank. This country is on the very fast track to socialism. History has a bad habit of repeating itself. Need I say Holocaust?