FDIC Seizes Chicago Based ShoreBank (Fail)
I expect more failed banks inside this failing state in the near future, this bank actually had a fairly large amount on deposit, $1.54billion. Is the FDIC going to have a party when the 115th bank is seized next Friday? Oh wait never mind, they just seized three more banks, two in Fla, one in Va.
(Associated Press)”ShoreBank lost $39.5 million in the second quarter amid soured real estate loans. The bank had been under a so-called “cease and desist” order from the FDIC for more than a year, requiring it to boost its capital reserves. ShoreBank was able to raise more than $146 million in capital this spring from several big Wall Street institutions.”