Painful Irony

by Dr. David Gruder

Here is the beginning of an article on www.allheadlinenews.com that could not be more painfully ironic in relation to my blog’s theme. It speaks for itself. Here is how the article by AHN reporter Mitchell Jaworski begins:

Atlanta, GA (AHN) – Integrity Bank was once dubbed the fastest growing bank in Georgia history. Now, the bank has become the 10th U.S. bank to fail in 2008.

Integrity Bank, located in Alpharetta, will be taken over by Regions Financial Corp. Regions, located in Birmingham, AL, will take on $974 million in insured and uninsured deposits from Integrity. Regions will also purchase roughly $34.4 million of Integrity’s assets.

"We felt it was important to assume both insured and uninsured deposits, and we believe it is our responsibility as a leading national institution to work with and support the FDIC in providing safe harbors for depositors in this challenging time," said Regions Chairman and CEO Dowd Ritter, according to the Associated Press.

The FDIC estimated a $250 to $350 million hit to its insurance deposit fund to digest the Integrity failure.

You can read the entire article at: www.allheadlinenews.com/articles/7012114806

These guys are real contenders for one of my Integrity Disgrace Awards. Stay tuned to see if I decide to give them one.

 

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