The Official Banks Going Out of Business Thread

[Brett]

One of the many benefits of setting up an offshore bank account is the protection from the current u.s. sub-prime mortgage crisis. Swiss and Swedish banks have the safest asset protection setups.

Just to reinforce this concept, this thread will continue to grow as our members add more collapsing banks to the ever-growing list.

Add a collapsing bank to the list and any comments you have.

I will start.

IndyMac Bank (that was too easy)

[pennypincher]

Oh you know I can't resist this thread.

Lets add: First Heritage Bank of Newport Beach in sunny California. What is it with California? First IndyMac Bank in Pasadena and now this??? If a bank as large as IndyMac can go down, I would definetely warn everyone to diversify including a Swiss Account. ;D

[rockstarinvestor]

This is scary. I never would have thought the United States would be acting so foolish again as to let this happen, but with greed and too much unchecked sub prime loans, what did you expect?

Let me add another bank failure to the list.

First National Bank of Nevada. Who said California gets all the fun?

Swiss banks are a great way to go as well. I noticed Offshore Company has some good programs for setting up a Swiss Bank Account or other offshore banking services.

This looks like a great message board. I will be coming here often.

[Brett]

For more information on offshore banking, you can visit:

www.offshorecompany.com/

or call 1-800-959-8819

You will find plenty of information on setting up an offshore company, offshore banking, offshore trust, offshore investing or offshore hedge funds (for hedge fund managers, you can even set up a New Zealand Offshore Finance Company which is virtually identical to a bank, allowing you to do everything a bank can do).

[protectmyassets]

I am getting worried some big U.S. banks are going into the tank right now and no one is letting us know. I do say divide up your money in portions and that includes some offshore. Also never put all your eggs in one basket - that saying is really making sense right now.

[fast2008]

Not out of business, but in some trouble...

IndyMac Bank’s failure in July was expected to make matters worse for other ailing banks by spooking depositors. We’re now seeing that that wasn’t idle speculation.

Vineyard National Bancorp of Corona said Monday that housing-related losses and depositors’ withdrawal of funds after IndyMac’s collapse have cast doubt on its future and it must raise substantial amounts of capital to continue operations through this year.

A community bank with $1.8 billion in loans and $1.9 billion in deposits as of June 30, Vineyard had specialized in financing home builders. To fund its loans the bank relied on high-yielding certificates of deposit.

In its quarterly filing with the Securities and Exchange Commission on Monday, Vineyard said that "negative publicity relating to our financial results and the financial results of other financial institutions, together with the seizure of IndyMac Bank by federal regulators in July, has caused a significant amount of customer deposit withdrawals."

The result, the company said, is "affecting our liquidity and our ability to meet our obligations as they have come due." It said that "significant additional sources" of funds were needed to continue operations through 2008 and beyond.

As The Times reported last week, bank regulators have classified Vineyard and its operating subsidiary, Vineyard Bank, as troubled and have imposed a series of restrictions on operations.

"Based on their assessment of our ability to continue to operate in a safe and sound manner, our regulators may take other and further action, including assumption of control of the Bank, to protect the interests of depositors insured by the FDIC," Vineyard said in its filing.

Vineyard’s shares fell 8 cents to a seven-year low of $1.92 before the filing. The price has plunged 49% since the end of June.

Newport Beach-based Downey Financial Corp. on Monday also said it suffered deposit outflows in July, but Downey said about 40% of that money has since returned. See this earlier post.

[Brett]

I told you this list would continue to grow and we ain't seen nothing yet.

First Priority Bank, Bradenton, FL

[numbercruncher]

I count 8 banks so far this year and here is the complete list:

8. First Priority Bank, Bradenton, FL
7. First Heritage Bank, NA, Newport Beach, CA
6. First National Bank of Nevada, Reno, NV
5. IndyMac Bank, Pasadena, CA
4. First Integrity Bank, NA, Staples, MN
3. ANB Financial, NA, Bentonville, AR
2. Hume Bank, Hume, MO
1. Douglass National Bank, Kansas City, MO

[fast2008]

Got another U.S. bank for you that just went out of business:

This makes #9

The Columbian Bank and Trust, Topeka, KS - closed August 22nd.


Nobody that's on this board can say they weren't warned not to put some of their money into a swiss offshore bank account.

[skepticfinances]

There were some posts on here that really caught my attention and this is one of them. I like your suggestions for protecting ourselves. Are foreign banks really a safe place to go? I notice you mention swiss banks.

[Brett]

Aug 28, 2008 17:33:16 GMT -5 skepticfinances said:

There were some posts on here that really caught my attention and this is one of them. I like your suggestions for protecting ourselves. Are foreign banks really a safe place to go? I notice you mention swiss banks.

yes. the swiss banks we are referring to are placing 40% of their reserves in gold and they have a strong set of laws that strongly protect the customer. they have built their reputation on this protection and the government really stepped in to ensure laws were written with strong protection mechanisms.

[fast2008]

#10 - Integrity Bank, Alpharetta, GA

Any doubters out there as to why you need to divesify some of your money into a Swiss or Swedish bank account? Not your entire amount of course, just some of it.

[Brett]

I knew the list of banks was just going to keep growing, that's why i put this thread up.

Aug 29, 2008 17:56:10 GMT -5 fast2008 said:

#10 - Integrity Bank, Alpharetta, GA

Any doubters out there as to why you need to divesify some of your money into a Swiss or Swedish bank account? Not your entire amount of course, just some of it.

[rockstarinvestor]

to our members in Alpharetta, you are in our thoughts, we wish you the best during the transition. Have a good weekend.

[Brett]

OK the latest with the Freddie Mac and Fannie Mae government bailout and with bank #11 closing Silver State Bank, Henderson, NV (6 more since IndyMac), it's time for you all to seriously think about diversifying some of your portfolio into Offshore Banking.

Contact Offshore Company right away before your chance to protect your assets is taken away from you by your bank possibly closing on you.

Call and ask to speak with an Offshore Banking Consultant
Offshore Company - 1-800-959-8819