It's a run on the Bank ~ Where's George Bailey when you need him?

I was 17 the first time I watched “It’s a Wonderful Life” and it’s been my favorite movie ever since (and NO, I wasn’t 17 in 1946 when the movie was made). 

The “run on the bank” scene was probably my least favorite scene as it was the least identifiable in my 17 year-old life experience.  All I could think was…”Please, take your money and run, George!  Go on your honeymoon. What about your new wife? Don’t give all your money to the grouchy rabble!”

 

 

Interestingly and sometimes sadly, just like bell-bottoms, history does seem to repeat. 

Silver State Bank closed the doors for good on it’s 4 Valley Branches late Friday as the second Arizona bank this year to fail.  First National Bank, Arizona’s largest locally based bank was closed by regulators in July.

11 banks have shut down nationally this year and some “experts” are predicting another 150 US Bank failures over the next 2-3 years.  I don’t know about you, but that’s scary.  Maybe my crazy cousin wasn’t so crazy when he hid his money in Mason jars and buried jars all over his farm.

The good news to Silver State Bank account holders is the doors opened today under the name of National Bank of Arizona and money in accounts will be available. Unfortunately, only accounts under $100,000 are guaranteed by the FDIC and there are about 500 accounts with values above that that are considered uninsured.  (Guess we should pay attention to those little signs in every bank with the big FDIC letters and the fine print stating “insured up to $100,000″). Account holders of those uninsured accounts should contact the FDIC.

Where’s George when you need him?