(9 am. – promoted by ek hornbeck)
In adding to the angst of the shocking capitalistic disaster otherwise known as “George Bush is our President”, last night the FDIC announced the twelfth bank failure of the year. This time it was Ameribank, Inc of Norfolk, West Virginia. See failed bank list here.
As noted in this diary posted earlier this morning, Congress: “We have never heard language like this” by pfiore8, and in some of the comments therein, this weekend we will be witnessing the doctrine of the transfer of this nation’s wealth in ways that must be making Milton Friedman and Saint Ronnie grin in mummified, shocking glee.
This diary will provide some links and source material for those who would like to follow this catastrofinancefuck a bit more closely.
More on the bank failure:
According to the FDIC press release
Ameribank, Inc., was closed today by the Office of the Thrift Supervision and the Federal Deposit Insurance Corporation (FDIC) was named receiver. The FDIC entered into purchase and assumption agreements with Pioneer Community Bank, Inc., Iaeger, West Virginia, and The Citizens Savings Bank, Martins Ferry, Ohio to take over all of the deposits and certain assets of Ameribank, Inc., Northfork, West Virginia.
Ameribank has five branches located in West Virginia and three branches located in Ohio. Pioneer Community Bank, Inc., Iaeger, West Virginia will assume all deposits for the five branches located in West Virginia. The Citizens Savings Bank, Martins Ferry, Ohio will assume all deposits for the three branches located in Ohio.
The entire list of failed banks with associated background may be seen here:
Here’s a site to see how a particular bank is rated
Blogs with helpful economic analysis:
Please share other sources in the comments if you’d like