Eight banks were taken over by the FDIC yesterday. That brings the total for 2010 to 118 – and the FDIC is predicting that the total for this year of recovery will be even higher than it was last year (2009 total was 140).
ShoreBank Corp., the Chicago lender operating under a Federal Deposit Insurance Corp. cease-and- desist order for 13 months, and seven other banks were shut by regulators as 2010 bank failures climbed to 118.
ShoreBank’s 15 branches, including those in Chicago, Cleveland and Detroit, will open as Urban Partnership Bank, according to statements from the FDIC.
“The good news is that the bank, under this new management, will still be there and serving the South Side community,” said Dory Rand, referring to Urban Partnership’s William Farrow. Rand is president of the Chicago-based Woodstock Institute, a non-profit that studies community lending. “They have made the South Side a decent place to live and work and do business.”
Regulators also closed four banks in California, two in Florida and one in Virginia. All eight closures cost the FDIC’s deposit-insurance fund $473.5 million, the agency said yesterday. This year’s bank failures will surpass last year’s total of 140, FDIC Chairman Sheila Bair said last month in a Bloomberg Television interview.
Wow. Recovery summer is just chugging along, isn’t it?
The only recovery this summer is the people who are admitting that Obama lied to them and that Obamanomics is a complete disaster for America. They are taking the first step toward recovery. The next step is to vote the Democrat Obama-enablers out in November. Remember – a vote for any Democrat – at any level – will send a signal to the Democrats that they are getting away with their agenda. Send a message at every level – vote them all out. Local, state and Federal. Vote them out.
Welcome to the effort to recover our nation.