Regulators shut down two more banks on Friday, including yet another financial institution in the Atlanta area.
The Georgia Department of Banking and Finance closed Haven Trust, of Duluth, Ga., and the Federal Deposit Insurance Corp. took over as receiver. It arranged for BB&T Corp., of Winston-Salem, N.C. to take over Haven Trust's $515 million in deposits.
BB&T is one of the 15 biggest recipients of taxpayer capital through the Treasury Department's $700 billion Troubled Asset Purchase Program. BB&T sold $3.3 billion of preferred stock to the government.
Of the 25 bank failures in the United States this year, five have been in Georgia.
First Georgia Community Bank, of Jackson, Ga., was taken over on Dec. 5, and Community Bank, in Loganville, Ga., was seized on Nov. 24.
The other casualties in that state were Alpha Bank & Trust of Alpharetta, Ga., which was shut down on Oct. 24, and Integrity Bank, also of Alpharetta, which was closed on Aug. 29. Integrity was the biggest of the failed Georgia institutions, with $974 million in deposits. It became part of Regions Bank.
The Texas Department Banking shut down Sanderson State Bank in Sanderson, Tex., on Friday. The FDIC arranged for Pecos County State Bank to take over its $27.9 million in deposits.
Sanderson State Bank was the second Texas institution to fail since the financial crisis began. Franklin Bank, which was based in Houston, was shut down in November. Its $3.7 billion in deposits were acquired by Prosperity Bancshares Inc., also of Houston.
Prosperity Bank said in November it would not apply for TARP funds.
More bank failures.
I wrote this article this morning at http://www.KeepAmericaAtWork.com that explains why these are happening.
Nobody will listen to me, but thats ok as the story has to be told and our experts are too involved to take an objective look at it.
Article follows ===
I'm so sick of all of these so called experts.
You write them and write them and they ignore you because they don't think you're correct.
Yet they are continuously proven wrong time after time.
I don't even have the time to be researching this because I need to be worrying about paying my telephone bill today somehow so that I will have internet access tomorrow.
But if I don't write about it and tell it the way it is, who else will step up to the plate because this story has to be told.
Because sooner or later, somebody that is in a position to make some changes is going to realize that what we talk about here is correct and that their armies of "Yes" men and women are just doing what they get paid for and saying "yes" whenever the decision maker asks them if its right.
So lets disect this global economic crisis because they sure as hell arent doing it.
The Countries that are suffering the most are:
Canada
China
Mexico
Japan
Germany
United Kingdom
Saudi Arabia
Venezuela
South Korea
France
Nigeria
Taiwan
Malaysia
Brazil
Well, what do you know ?
According to this link here, those are the top 15 countries that America buys things from.
http://www.census.gov/foreign-trade/statistics/highlights/top/top0810yr.html
So according to my theory.
If we ship all of our jobs offshore, we receive the following benefits
Our town's, counties, states and federal budgets are devastated
Our retailers, manufacturers and raw material producers are devastated
The countries that rely on us to buy their goods are devastated
So you see, the American consumer, who apparently accounts for far more then 70% of the World's purchases are the vital link in this economic chain.
You put us out of work so that we're not making any money or making substantially less money then what it costs to have an excess to buy the things we want with and we quit buying and the whole World's economic train comes to a halt.
Put us back to work at full pay and watch it pick up steam again.
It really is that simple and why our political and corporate leaders can't see this is beyond me.
Perhaps they don't want too because it will affect their pocket books.
If that is the case, vote them out of office, because your one vote does make a difference.
I have to agree with you 100% all the jobs are or have gone overseas due to cheap labor and corporate greed. It is now time to pay the piper and many more corporations are headed out the door. May they all joke on their greed! I am not in favor of bailouts let them all go down the tube. For the common man or working man who has money in the banks they are insured up to I believe now 200,000. Let all the greedy so in so's choke on their greed. This bailout money will never help the common man only the ones who are rich. The American people can rebound with all the greedy people gone. Who in the hell is going to pay for this bailout since so many jobs are now low paying and all the profits of sales are going across the ocean into american companies that have their home offices in other countries to avoid taxes. All the washington politicans should be put on a raft in the middle of the pacific ocean with a gallon of water and a can of sardines for each one with a note (hope you make it!). Or maybe we need a million man march to D.C. so we can tar and feather them and run them out of town. I own a small company and it is a slow time due to weather. I wonder if I can get some of this bailout money to get me through the winter? They would laugh at me and say your not rich enough to get any money.
It seems that everyday a new American industry is asking from US government a bailout because of impending financial exigency. The government created the $750 billion TARP program to bailout troubled financial institutions in order to stave off a possible depression. This is like how getting a payday loan in order to hold you over until your next payday can also stave off a possible depression. A string of catastrophic bank failures would just make things worse, but it seems hard to justify giving the banks funds after they use those funds to give out corporate bonuses and buy corporate jets. You don't see people doing this with a payday loan now, do you?