Featured in Richard Suttmeier’s Stock Strategies Blog on EQUITIES Magazine Website
Richard Suttmeier’s latest post,”Bank Failure Friday-Nine Plus CIT”, analyzes the nine bank closures. The nine failed banks are subsidiaries of FBOP Corporation with total assests of $19.4 billion and they had 153 offices in Arizona, California, Illinois, and Texas. All will open as branches of US Bancorp on Monday.
The downfall of the nine banks brings total failures for 2009 to 115 and to 141 since the beginning of “The Great Credit Crunch”, on the way to 500 and 800 by the end of 2012. All nine banks were overexposed to C&D and CRE loans, which Suttmeier has been warning about since April 2006.
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About Richard Suttmeier
Richard Suttmeier’s latest blog analyzes earnings from Intel, the most important technology stock, JP Morgan Chase, the most important “too big to fail” bank, and break-out’s for Comex copper and Nymex crude oil.
Richard Suttmeier is the chief market strategist for ValuEngine.com. Richard is an industry leader on the housing market and banking system and writes a newsletter covering The Great Credit Crunch. He produces a List of Problem Banks by name. He produces daily and weekly briefings covering the US Capital markets. Richard Suttmeier’s ValuEngine Four In Four video is available on forextv.com.
About EQUITIES Magazine:
Since 1951, EQUITIES has served both retail and institutional investors by examining industry trends, analyzing strategies and opportunities, and profiling financial leaders and emerging public companies. Its global audience increased dramatically after the launch of its European and digital versions, as well as its website, which provides free real-time market quotes and a free customizable, real-time portfolio-management interface. EQUITIES is also one of a select group of publications available on the Apple iPhone.
