As the Move Your Money campaign gains momentum, other related sites that evolved from the sustainable living movement are joining forces with major media outlets like the Huffington Post.
As a footnote to the huge banks getting bailed, Washington had the honor of the first FDIC takeover of the year with Horizon Bank last Friday with their handover to WA Federal Savings. Yesterday was another pink slip Friday when Government regulators shut down three smaller banks, making it four banks so far in 2010.
No. 2 - Town Community Bank & Trust, Antioch, Ill. was shut down and taken over by First American Bank of Elk Grove Village, Ill. Town Community had one branch office. Estimated cost to the FDIC: $17.8 million.
No. 3 - St. Stephen State Bank, St. Stephen, Minn. was shut down and taken over by First State Bank of St. Joseph, Minn. St. Stephen had two branch offices. Estimated cost to the FDIC: $7.2 million.
No. 4 - Barnes Banking Company in Kaysville, Utah was shut down by regulators, with no bank taking it over. Estimated cost to the FDIC: $271.3 million.
The cost of bank failures will be passed onto consumers one way or the other.
EDIT: if local folks in Antioch, St Stephen, Kaysville and other towns had put their money in local banks I wonder if they would have failed? Pretty hard to compete with government subsidized Big Box Banks who have a rich Uncle Sam. Given, the Big Box Banks are nowhere to be found when local business needs a hand. The lack of local credit is killing many towns and cities....an omnious trend toward (more) corporatization.
One of note was started by a group of surfers who took their concerns about the environment to make some bigger waves. Check out the surfer's point of view at Claim your change: http://tinyurl.com/mlnscv