wpr
  • wpr
  • Preferred Member Topic Starter
16 years ago
I was stunned to learn that Rock River Bank in Oregon, IL was closed by the FDIC yesterday afternoon. The bank was a strong bank that was well managed.
It can happen to anyone anywhere. I am sure glad this isn't 1930.

Rock River Bank fails 
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4PackGirl
16 years ago
holy crap, wpr! that's amazing to me. my aunt lives in mt. morris - i'm not sure if that's where she banks or not. i would have thought it would be a strong local bank as well. that's shocking.
wpr
  • wpr
  • Preferred Member Topic Starter
16 years ago
Here some more info:


Fridays announcement was an unsurprising ending to the banks stunning decline. A year ago, Rock River Bank, which was established in 1935, had $95.4 million in assets, had turned a profit of $282,000, and less than 2 percent of its loans were noncurrent, or more than 90 days past due. At the end of March 2009, though, its assets had dwindled to $77 million, and the bank lost nearly $4.8 million in the first quarter. Its noncurrent loans had grown to nearly 9.8 percent.

The banks capital reserves had fallen from 10.3 percent, considered well-capitalized, to 1.7 percent.



Bank story link 
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Cheesey
16 years ago
Gee......makes you wonder who filled their pockets, hey?
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wpr
  • wpr
  • Preferred Member Topic Starter
16 years ago

Gee......makes you wonder who filled their pockets, hey?

"Cheesey" wrote:



Some of it was mismanagement. Some of it was failed loans. A $2 mil condo was being built and never completed. A $5 mil renovation project on a hotel in WI went bad. And so on. It all adds up.
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IronMan
16 years ago

Some of it was failed loans.

"wpr" wrote:


Imagine that. People trying to buy stuff they can't afford. That NEVER happens in this country!

This is good advice:

http://www.hulu.com/watch/1389/saturday-night-live-dont-buy-stuff 
wpr
  • wpr
  • Preferred Member Topic Starter
16 years ago
That reminds me of George Carlin's bit on all your stuff.

[youtube]MvgN5gCuLac[/youtube]
UserPostedImage
IronMan
16 years ago
Classic. RIP Mr. Carlin.
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