Failure Friday didn’t disappoint this week as the Federal Deposit Insurance Corp. closed another seven banks in Florida, Georgia, Illinois, Kansas and Arizona.
That makes 139 bank failures so far this year.
One of them, Hillcrest Bank in Overland Park, Kan., wasn’t all that small - $1.6 billion in assets. Click here to read more from the Associated Press.
Failure Friday is getting to be a regular thing. That’s the day the FDIC likes to swoop in because it then has the weekend to put things in order. Last year, the FDIC shuttered 140 banks. It’ll likely surpass that total next Friday.
Sure is fun hearing the pundits all week, bantering about how the economy and the banking sector are in a slow but steady recovery, and then ending almost every week with yet another rash of bank closings.
All I can say is, TGIFF: Thank God It’s Failure Friday.