After a cold streak in early August where it missed closing banks two Fridays in a row, the Federal Deposit Insurance Corporation is en fuego. It has closed U.S. banks three of the last three Friday nights, including tonight’s announcement that Silver State Bank of Henderson, NV, joins the list.
If you go all the way back to July 11th of this year, the Fed has closed banks on
76 of the last 9 Fridays. That works out to a 0.667 failed bank batting average, which is darn respectable. Now that the FDIC has started hitting for average rather than going only for homeruns — we haven’t had another multi-billion dollar IndyMac — I’m expecting the FDIC can keep this hitting pace up for some time.
Go guys, go.