Earlier this week, we reviewed the FDIC and what it is they do. Amongst other things, they regularly monitor all of the banks in the US and when a bank becomes under-capitalized, they send a stern warning. If the bank is unable to turn things around, it’s all but over.
Friday, the FDIC shut down seven more banks, all in Illinois, bringing the total amount of bank closures in 2010 to a whopping 57. Should this pace continue, we will surely break the record that was set just last year, which was 140 bank closures. The seven new closures were of the following banks:
- New Century Bank
- Citizens Bank & Trust Company
- Broadway Bank
- Lincoln Park Savings Bank
- Amcore Bank of Rockford
- Peotone Bank and Trust Company
- Wheatland Bank of Naperville
While seven bank closures out of 8,500 open US banks is a drop in the bucket, over 700 other banks continue to be on the FDIC watch list. Unless the economy improves a large amount over the next few months, you can expect to see another record number of bank closures in 2010.
Getting the bad news out of the way, let’s take a peak at some of the best money articles the web had to offer this week:
Gift Card Scam Affects 37,000 Facebook Users @ Spend On Life: Just because you see a free gift card opportunity doesn’t mean you should divulge your personal information to win. Do you’re homework on the site or company offering the free stuff and if it comes via a social networking site, beware.
Whoa, There’s a Debtors Anonymous @ Budgets Are Sexy: When you think about all of the different recovery groups there are with the word anonymous in the title, you’re probably the best off in this one.
Wealthy Americans Anxious About Retirement @ The Street: With all of the focus that has been put on improving the immediate needs of the economy and health care system, some of us are forgetting about the Social Security monster that will soon rear it’s ugly head.
7 Ways to Ensure You Never Pay Full Price For Anything Again @ PT Money: If you find yourself paying the manufactures retail price on ANYTHING, you have blatantly overpaid for it. Read up on a few ways to make sure that never happens.
Will You Buy an iPad? @ The Digerati Life: I’ve never been an Apple guy. Even growing up, I remember always favoring oranges to apples and even though things like the iPhone and iPad look pretty cool, I fear I will never use them enough to justify the amount they cost.
8 Financial Deadly Sins @ Get Rich Slowly: I think this list should have been reduced to seven for two reasons. One, the title would pop a bit more because there are only seven non-financial deadly sins and two, walking out on a mortgage is not a deadly sin. Sometimes, it’s a very viable option.
The 10 Cheapest, Healthiest Foods Money Can Buy @ Cheap Healthy Good: If I think back to when I was growing up, there was one memory that haunts me forever. Any night my mother put Spinach on the table, I wanted to part of it. Often times, I would have a “waiting war” with her, until one of gave in. As if eating my Spinach wasn’t punishment enough, sometimes I would have to eat it when it was ice cold. The horror.
5 Ways to Ask Your Boss For a Raise @ Money Ning: Asking for a raise can be a very tricky situation. Make sure you stay level headed and have the proof that you deserve one tucked away in the back of your mind.
Published or updated June 18, 2011.