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The article focuses on how the FDIC closed down 5 more "small" banks Friday. With 78 bank closures this year alone and projections of over 140 total by the end of the year, it looks like the "big" banks are only going to gain more power and influence. What does the demise of all these small banks mean for us and for small businesses?
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I definitely think that it is way worse that small banks are shutting down. It adds to the power of the large banks. What I'm shocked about is that we are at 78, and they predict 140 closures. That's a lot more banks to close and it hinders our recovery that people think we are already in - obviously we are not 100% better yet!
ReplyDeleteIts not good that small banks are being shut down and that they expect 140 more closures. It seems like now these banks really are that big that they can't fail and now they are making the smaller banks fail which is sad to see. I think we should encourage the smaller banks to keep fighting because we need them.
ReplyDelete140 in 2009
ReplyDelete25 in 2008
3 in 2007
This is such a sharp increase--I can't quite imagine where we'll end up this year if we're already at 78...hopefully it won't be turn out too much worse. It's just frustrating to see larger banks staying afloat, while the smaller banks that local citizens depend on are disappearing. Our tax money is helping to maintain large banks that don't really do much directly for the citizens.
78 banks this year alone with 140 projected as a year end total. Looking at the progression Dana has pointed out it seems like things are just getting worse which is a not a good sign for small business lending. Hopefully we will reach some economic stability where these figures will start to decline and the smaller banks can begin to stabalize as well.
ReplyDeleteSmall business has already been in serious trouble for many many years. Small banks seem to be next in line. It is simply hard to compete with any type of big business. As Dana said, our hard earned tax dollars are not really benefiting us, but big business and big banks. It is a bit frustrating.
ReplyDeleteSmall businesses are an essential part of our culture and small banks support the little guy as well as the sustainability of small communities. In my hometown Indian River, there are two independent small banks and only one large(PNC). All the small shops in our town rely on those banks and even get favorable rates from them to stay alive. There are so many small communities like mine that are have small banks closing and businesses as well...
ReplyDeleteHere's what upsets me about this one. We HAD to bailout banks because without them, there's no lending, no liquidity, businesses can't succeed etc. However, as we've learned, the super big banks aren't doing much of the lending to small and medium businesses. No, that would be the job of the banks we are letting fail. Great.
ReplyDelete