Bank failure 100 coming up!

WSJ is reporting:

It is only a matter of hours before the 100th bank failure of 2009. When that happens, 72-year-old John Morrison will be ready.

The chief executive of tiny Stillwater, Minn.-based Central Bank has been on an acquisition spree since August, buying two failed banks and adding them to his 16-branch network. He has just received the government’s blessing to purchase another bank that is about to fail — though he won’t name it before the deal is announced.

Although the 100th bank failure of 2009 is considered by many to be an arbitrary milestone, it underscores the devastation that continues to sweep the financial-services industry. While top executives at large banks have expressed hope that the worst is behind them, smaller banks are still feeling enormous pain.

True, it probably wouldn’t be much of a newsmaker.  That is, if analysts are right that we’ll have several hundreds more of  bank failures.

Source: WSJ


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