Bank Failure

With all the talk of bad economy, large failing banks, and huge heaps of press piled on about the corporate and Wall Street bailouts, it's often easy to miss the much more local things that hit home. Nowhere did that become more true than with today's mail. Downey Savings has collapsed and the FDIC moved in to shut them down. Why is this significant? It is ( or rather was ) my bank. There might have been warning signs or other information passed along before, but you'd never know it by the building down the street or by the recent remodeling work done at the regional offices next door. It was only after opening the mail today that I discovered I'm now a member of a much larger group of people who have been impacted by the growing economic depression. My bank has failed.

No indication in the notification letter is given as to why the bank has failed. Obviously one is left to assume they got thrashed by the mortgage crisis. There was nothing in our local papers about it, despite the Chino area having 2 of their branches. Or if there was, the stories were buried in the back pages. A quick glance over Google produces mostly blog postings about how Downey is bank failure #21 in recent months. Failure #22 hits even closer to home, Pomona First Federal, which has been a local player in this area for longer than I've lived here.

Both institutions have now been acquired by US Bank. I know nothing about these people other than the fact that the acquisition was made as part of some action by the FDIC to protect depositors from losing their money. I'll have to go dig up some info about these guys to see if I want to remain with them or bail myself out elsewhere. I originally chose Downey because all the other banks in the area assess service fees if you don't have direct deposit. Which is rather important, especially now that I'm out of work. Time will tell I guess.

Just goes to show. Things are indeed bad enough that you're unlikely to find anyone who hasn't been affected somehow. This isn't exactly how I wanted to become part of history, or become a statistic :)
"It is pointless to resist, my son." -- Darth Vader
"Resistance is futile." -- The Borg
"Mother's coming for me in the dragon ships. I don't like these itchy clothes, but I have to wear them or it frightens the fish." -- Thurindil

Well. I guess that's that then.

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Posted on Dec 13, 2008 6:18 pm by Samson in: | 3 comment(s) [Closed]
Sorry to hear about your bad news, hopefully you didn't take any actual losses. Either way, welcome to the pages of history, statistically speaking. ;)

Wait, when did you become unemployed? And why?

Clearly someone hasn't been paying attention here for a very long time. Go read the March 2008 archives. Should become fairly obvious.

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