Chronicles Of Depression 2.0: #093

Federal regulators close Arkansas bank ANB Financial

As of Jan. 31, federal regulators say ANB Financial had about $2.1 billion in assets and $1.8 billion in total deposits.

It was the third closure this year of an FDIC-insured bank. Douglass National Bank, a Missouri bank with $58.5 million in assets, was shut in January; another Missouri institution with assets of $18.7 million, Hume Bank, was shut down in March.

Both were dwarfed in size of ANB Financial, where regulators found lax lending standards, mostly for construction and development loans for projects in Utah, Idaho and Wyoming, as well as Arkansas.

Emphasis added by me.

But notice this:

The FDIC is planning to beef up its staff, including temporarily hiring up to 25 retired FDIC employees who worked in the agency's more than 200-person division that handles failed banks. They will handle an anticipated increase in bank failures.

Emphasis added by me.

Don't wait.