Running out of buyers

[MustPlayOptions]

The FDIC didn't find another bank to take over Platinum Community Bank's branches or deposits. Instead, it will pay out insured deposits at Platinum Community Bank. Government direct deposits, such as Social Security and veterans' payments, will be handled by MB Financial Bank's Palatine, Ill., branch.


http://www.huffingtonpost.com/2009/09/05/list-of-us-banks-closed-b_n_278144.html

 

[Billy Thunder]

Quote from MustPlayOptions:

The FDIC didn't find another bank to take over Platinum Community Bank's branches or deposits. Instead, it will pay out insured deposits at Platinum Community Bank. Government direct deposits, such as Social Security and veterans' payments, will be handled by MB Financial Bank's Palatine, Ill., branch.


http://www.huffingtonpost.com/2009/09/05/list-of-us-banks-closed-b_n_278144.html

Private equity and other investment funds are more than willing to fill that void, but the FDIC and democrats in congress won't let them.

 

[MustPlayOptions]

This is the first bank I read of that wasn't bought by another bank or a private equity firm. Several have already been bought by the latter.