One of the trends I like to watch to help us gauge the depth and reach of the current recession and crisis is how many bank failures we have as a nation.
Back in November, FDIC Chairwoman Sheila Bair reported that there were 117 banks in danger of going into receivership because they were thinly capitalized. The FDIC Failed Bank List only goes back to October 1, 2000. The last time we had more bank failures was 2002, when 11 banks failed. In the severe economic downturn (and savings and loan fiasco) of the early 1990’s, 291 banks failed. That sort of puts it in perspective, however, it seems that this time around, the impacts are being felt much more strongly by the average American.
To help you put this in perspective, here are some interesting facts:
- 25 banks failed in 2008
- 25 banks have failed in 2009 to date
That number all by itself tells the story. However, four of the banks are in Nevada...That hits home with me. To date, the Nevada bank failures are:
- First National Bank of Nevada in Reno, Nevada - failed July 25, 2008
- Silver State Bank of Henderson, Nevada - failed September 5, 2008
- Security Savings Bank of Henderson, Nevada - failed February 27, 2009
- Great Basin Bank of Nevada in Elko, Nevada - failed April 17, 2009
Surely California has had more of the failures. I counted. They have had 6. Now that state is at least 3 times our size, and they've only had 2 more bank failures. It looks like 2009 will be a rocky year for banks, but the FDIC is a really great organization helping these banks go through their receivership and come out with new bank ownership on the other side.
Did you know the FDIC is not funded with taxpayer dollars but rather premiums from bank profits? (I know, these days those bank dollars are one and the same with the bailout, but it wasn't meant to be that way.)
Is your bank insured with the FDIC? If you're not sure you can check the FDIC Institution Directory.
Posted By: Christianne Gordon - Northern Nevada Real Estate Agent - Realtor
with RE/MAX Realty Affiliates, specializing in Carson Valley Real Estate and Northern Nevada Real Estate.
_____________________________________________________________________________________________________________
Christianne Gordon, REALTOR®, CDPE, SFR, , PSC, e-PRO
Certified Distressed Property Expert - Short Sales & Foreclosure Resource - Pre-Foreclosure Certified
RE/MAX Realty Affiliates - Great Nevada Homes, Inc.
Direct: (775) 881-8223
Visit us online at GreatNevadaHomes.com or CarsonValleyShortsales.com
The information in Christianne Gordon's blog is deemed accurate but not guaranteed. Any individual considering a short sale should also seek independent tax and legal advice to get specific information as it relates to their personal situation. Christianne Gordon is a licensed real estate agent with RE/MAX Realty Affiliates serving the entire Northern Nevada region including Reno, Sparks, Carson City, Washoe Valley, North Valleys, Fernley, Dayton, Stagecoach, Minden, Genoa, Gardnerville, Smith Valley and Yerington.
Search the Northern Nevada Regional MLS Just Like An Agent - No Registration!
Read Our Northern Nevada Real Estate Blog
Notable Blog Posts You May Want to Read:
Northern Nevada Bank Owned Homes: What Is An REO?
