Interesting little factoid that may or may not have any meaning but which caught my eye.
The bank that failed this Friday, Georgian Bank, got a 'Cease and Desist' on Aug. 31. Bank of the Cascades got theirs on Aug. 27. So it can happen fast, folks.
The stock keeps bumping along at around 1.20. The Cascades Business News even reported that some local investment firm was buying -- though even they admitted it was 'high risk.'
The Bulletin had an article about 'challenged' banks; ending with the remark, "If nothing else, these sites are simply interesting for seeing where banks stand in these interesting times..."
"Simply interesting." Sounds like what you say after a disastrous blind date.
What none of us can see, I suppose, is how the BOTC's deposits are holding up amongst all the 'interesting' news. I've said it before and I'll say it again -- the BOTC's performed spectacularly because they took high risks -- they are crashing spectacularly because they took high risks. None of this "who could see it coming" stuff washes with me. I for one saw it coming....and planned my business accordingly.
Bend's housing has crashed, but if we are lagging the national market, we have some ways to go. But the real danger for local or regional banks are commercial loans, and those -- locally -- have just STARTED to come due.
6 days ago