WASHINGTON (AP) -- Regulators on Friday shut down a big community bank based in Chicago that has been known for its social activism but racked by financial troubles in recent months. A consortium funded by several of the biggest U.S. financial firms is buying its assets and pledging to operate the new bank by the same principles.
The FDIC also seized seven other banks Friday, bringing to 118 the number of U.S. bank failures this year amid the recession and mounting loan defaults.
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re: "a consortium"
And "the biggest"...get even bigger.
The update link above is from a full two years ago. For the most part quietly, the 'silent kill' on the small and mid-size banks has only increased since then.
The 'Beast' had no comment other than a small belch accompanied by a puff of smoke.
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