Green Shoots! Two South Carolina Banks Closed by FDIC

According to Fox Carolina The Bank of Asheville and Community South Bank And Trust in Easley were closed by the FDIC over the weekend. The Bank of Asheville supposedly had $195,000,000 in assets but as people have pointed out for years banks have been counting properties that are in arrears and delinquent loans as assets. The bank of Asheville will be taken over by First Bank of Troy. Community Bank will be taken over by Certus Trust which is another Easely operation.

The FDIC is guaranteeing people’s money as usual but the FDIC has been bankrupt since last spring.

This brings the total of failed banks to 16 so far this year. In 2010 the number of failed banks totaled 157 and in 2009 it was 14o. The FDIC’s “troubled” bank list grew to 860 by September 30th of last year.

Green shoots!

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