Failed Bank Friday – One From my Town
Well, failed bank friday saw 6 more closings. This one hit close to home. I live about 5-10 miles from Waterford Village bank which becomes the first bank to close in NY State since 2004.
Waterford was about a year old and got off to a rough start. The founder appeared to go a little spend happy at a time when the banking business was facing tough times. They built a beautiful branch and took on a lot of payroll for single location. The founder was removed a number of months back for an unamed violation. This one was not unexpected as a deal to buyout the bank hit some snags. The bank will be taken over by another local player, Evans National Bank. Evans is a well run bank that should add a lot to the former home of Waterford.
Waterford Village Bank
July 25 (Bloomberg) – Security Bank Corp.’s six Georgia subsidiaries and Waterford Village Bank in New York were seized by regulators, pushing this year’s toll of failed U.S. lenders to 64, the most since 1992.
Reference: Lender Failures Reach 64 for the Year
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