Since 2008, one in four community banks or credit unions have disappeared. A total of 1,971 local banks have failed in the last 7 years, and the two ways clients of those banks have been “saved” might be the most disturbing part of all.
500 banks were bailed out by the Federal Deposit Insurance Corporation (FDIC), which itself has admitted that it has less than 5% of the funds it needs to cover community bank losses.
The remaining banks were bought out by Bank of America, J.P. Morgan Chase, Citigroup, Wells Fargo, or one of their subsidiaries – banks that were already considered “too large” in 2008.
If you think this trend is bad for rebuilding local economies and stabilizing the U.S. financial system, please Like & Share this post before it’s too late.