Sunday, July 27, 2008

Safe banks?

Mish's Global Economic Trend Analysis: "Many are depending on for 'Safe & Sound ratings'. My advice is don't. Please consider the following.

Safe & Sound Rating For First Heritage

The above chart is from Saturday, July 26, 2008.

FDIC Information for First Heritage Bank, N.A., Newport Beach, CA

On July 25, 2008, First Heritage Bank, N.A., Newport Beach, California was closed by the Office of the Comptroller of the Currency (OCC). Subsequently the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed."

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