Out of about 8,500 banks in the U.S., 105 have failed over the last three years since this Global Credit Crisis set in. This 1.2% three-year failure rate is nothing compared to the 20+% of the Great Depression. But 1.2% becomes very noticable when you're use to something closer to 0%, which has been the case for many years.
Today, Saturday, August 15, 2009, the FDIC took over real estate lender Colonial BancGroup in the largest bank failure of 2009. BB&T Corp. will be receiving Colonial's depositors and other assets as Colonial's former offices will open as BB&T offices on Monday morning.
The ten CDx3 Preferred Stock selection criteria found in chapter 7 of my book, Preferred Stock Investing, have saved preferred stock investors once again. The CDx3 Selection Criteria have successfully filtered out every preferred stock from every failed bank since this Global Credit Crisis began in June 2007 - including those from Colonial.
To read more about the Colonial failure, click here.
Many Happy Returns.
