FDIC Bank Foreclosure Streak: Batting .667 on Fridays

After a cold streak in early August where it missed closing banks two Fridays in a row, the Federal Deposit Insurance Corporation is en fuego. It has closed U.S. banks three of the last three Friday nights, including tonight's announcement that Silver State Bank (SSBX) of Henderson, NV, joins the list.

If you go all the way back to July 11th of this year, the Fed has closed banks on 6 of the last 9 Fridays. That works out to a 0.667 failed-bank batting average, which is darn respectable. Now that the FDIC has started hitting for average rather than going only for homeruns -- we haven't had another multi-billion dollar IndyMac -- I'm expecting the FDIC can keep this hitting pace up for some time.

Go guys, go.

[via FDIC]

Comments

[bobtailnag]

Uh, uh, totally disagree - Henderson is definitely the last one on the list. Definitely. Definitely.

2008 Sep 06 08:47 AM

[Jimmy Lathrop]

Paul, your article reminds me of that scene in the movie "Office Space" where the two Bobs - the restructuring consultants - lay out their theory that if you fire a worker on Friday, they are less likely to come back to the job on Monday and go postal.

As an aside, closing a bank on Friday after trading prevents a run on the bank stock, and it gives regulators the opportunity to invade the branches and take over the operations on the weekend so that on Monday it can resume operations without disrupting depositor confidence. That's the theory, of course. We know how Office Space ended.

2008 Sep 06 09:25 AM

[W.C. Varones]

Heckuva job, Bairie!

wcvarones.blogspot.com...

2008 Sep 06 11:16 AM

[Big Al45]

The streak should continue for some time.

The more interesting question is: when will FDIC start closing multiple banks each Friday.

2008 Sep 06 11:52 AM

[GKM]

Closures are by appointment only. Book early. Book often.

2008 Sep 07 12:44 AM

[pravin404]

Failed Banks Total Goes to 89 in 2009 and 114 since 2008 as of Sept 4.

Check all the failed banks in 2009 at
portalseven.com/Failed...

Check map of failed banks at :
portalseven.com/Failed...

2009 Sep 07 09:39 AM