Partners Bank of Naples, Florida, earned a dubious distinction on Friday October 23rd. It became the 100th American bank failure of the year. On the same day six other lenders—two more in Florida and banks in Minnesota, Wisconsin, Illinois and Georgia—joined the rollcall of failure in the aftermath of the credit crisis. Full Story »
Posted by Derek Hawkins
As for borrowers, particularly small businesses that rely on local lenders, credit may be hard to come by. Barack Obama unveiled proposals on October 21st to increase the size of government-guaranteed loans to small businesses, and to make it more attractive for small lenders to ask for capital from the Troubled Assets Relief Programme. The national picture may be brightening: the next phase of the financial crisis will be local.
