And here they are, ordered, and numbered for the year so far.
- Haven Trust Bank Florida, Ponte Vedra Beach, Fl
- North County Bank, Arlington, WA
It’s a 2 closure Friday again for banks, which these days qualifies as low key, but the credit union world was far more active, with NCUA taking 3 wholesale credit unions into receivership today, they are not showing up on the full NCUA list, which only covers retail institutions:
Nearly two years after Wall Street’s giants were rescued by the federal government, regulators on Friday took over three financial institutions that provide the underpinning for hundreds of the nation’s credit unions.
The three entities, known as wholesale credit unions and located in Connecticut, Illinois and Texas, were seized by regulators from the National Credit Union Administration, which supervises about 7,500 credit unions that provide basic banking services to millions of Americans. Most of those customers are linked to credit unions through their employers or through membership organizations.
Although the overwhelming majority of those credit unions are financially sound, some of the wholesale entities behind them have been hobbled by losses on subprime mortgage bonds and other complex investments. Of the 27 wholesale credit unions operating in the United States, five have been seized by regulators over the last 18 months.
…………
…Wholesale credit unions provide payment clearing and investment services to retail credit unions. They also give the retail credit unions a place to put their cash.
So there have been 14 retail credit unions closed, and 3, wholesale ones.
It’s going to be a bumpy ride.
So, here is the graph pr0n with trendline (FDIC only):
I would note that are now at the point where the utility of the least squares trendline is diminishing, but I’m keeping it here for historical purposes.