FDIC announces first bank failure of coronavirus crisis

[UpInArms]

Source: Marketwatch

A small bank in West Virginia has become the first institution to fail during the coronavirus crisis, the Federal Deposit Insurance Corp. announced Friday. The First State Bank of Barboursville with $152 million in total assets was closed Friday by the West Virginia Division of Financial Institutions. The bank's $139.5 million in deposits will be acquired by MVB Bank Inc. of Fairmont, W.Va. The four branches of The First State Bank will reopen as branches of MVB Bank on Saturday, the FDIC said.

Read more: https://www.marketwatch.com/story/fdic-announces-first-bank-failure-of-coronavirus-crisis-2020-04-03?mod=home-page

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This will become known as the Trump Republican Depression

[gibraltar72]

1. Trumpcession

[Indykatie]

12. Isn't It a Bit Soon for Banks To be Failing and Blaming It on CV-19?

A look at this bank will probably show that it was already in trouble.

[Auggie]

2. Call it that now. Let THE 99 PERCENT establish the narrative ...

instead of the GOP or MSM.

The Trump Depression

Repeat:

The Trump Depression

The Trump Depression

The Trump Depression

[Bernardo de La Paz]

9. First the tRump Crash and the tRump Catastrophe. . . . nt

[Auggie]

10. The Trump Virus, #trumpvirus, #trumpdepression ... spread it far and wide.

[Bernardo de La Paz]

11. It's a mistake to call it tRump virus. Gives a false talking point for Rs to seize on.

It's not his virus. He didn't create it. If you call it his virus then all the oxygen gets sucked up defending an indefensible point.

But it absolutely is his Depression because it happened on his watch AND he was so proud of "his" economy and "his" stock market (artificially pumped up by tax-payer paid for corporate tax cuts that led to stock buybacks).

The virus kills. tRump makes it kill more and faster. tRump makes it the Trump Disaster and the Trump Depression.

[ProfessorGAC]

13. I Agree

Call it the Trump Pandemic? Perhaps, because a disease turning into a pandemic is directly related to preventative actions taken.
But, can't defend against "Trump didn't invent the virus".
This of course, is patently obvious because DOLTUS couldn't invent anything.

[Bernardo de La Paz]

15. +1 . . . nt

[Evolve Dammit]

3. Get ready for more of this. It was marginal before and all bets are off now. Left the market in 2019

Swiss francs are looking really tempting right now.

[exboyfil]

4. The state least impacted by the virus?

That week with the stay at home order must have been rough.

[getagrip_already]

5. When loans stop being paid off, banks will fail at an alarming rate

Banks rely on loan payments for solvency. Sure, they sell off a lot of mortgages and other small loans in bundles, but they keep a lot of business loans in house.

Loans to restaurants, bars, hotels, really any business shuttered during the stay at home bans will stop being paid pretty quickly. Then they will run out of cash and the regulators will have to step in.

This is going to happen over and over. When it hits uninsured investment accounts, it will be far worse than 2008. They won't be able to add zero's to the national debt fast enough.

[GeorgeGist]

6. The GREATEST Depression!

[ProfessorGAC]

14. Beautiful. Perfect

The best recession ever!

[Igel]

8. During because.

That's apparently the reasoning.

Some do post-doc research. Some do post-hoc research.