Don't Say the 'D' WordThe Great Depression was a time of extreme hardship for the United States and its citizens. Unemployment was near 30%. People went hungry. People lost their homes and lived in tent camps that came to be referred to as 'Hoovervilles,' after Herbert Hoover, the President who was in charge when the stock market crashed in 1929.
WASHINGTON (Reuters) - Bank regulators closed a small Florida-based bank on Friday, the eighth U.S. bank to fail this year under pressure from a weak economy and a credit crisis precipitated by falling home prices.
First Priority Bank, Bradenton, Florida, was closed today by the Commissioner of the Florida Office of Financial Regulation, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with SunTrust Bank, Atlanta, Georgia, to assume the insured deposits of First Priority.
Late Friday afternoon, July 11, 2008 the OTS (Office of Thrift Supervision) section of the FDIC took over the operation of Indymac bank. Additionally, IndyMac Bank's assets were seized by federal regulators because the bank was close to being unable to meet the demands of depositors who withdrew 1.9 billion US dollars in the last few days.
Late Friday afternoon, July 11, 2008 the OTS (Office of Thrift Supervision) section of the FDIC took over the operation of Indymac bank. Additionally, IndyMac Bank's assets were seized
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