Also, this year is still small on the “number of failed banks” list. Banks fail fairly often and this one failing would be no news normally.
Too early to call, but this might be a signal of things to come.
Look at the failed bank list: https://www.fdic.gov/resources/resolutions/bank-failures/fai...
Small banks fail. Big banks don’t. If anything this year is abnormal in that big banks have failed.
Naive read is that the bank just had 54 million in withdrawals that it couldn't cover?
Guessing that isn't correct. Curious on details. Was this a surprise?
Naive reading of that is that they were not liquid?
Sounds like they had some bad loans on the books, smaller banks in rural communities often struggle to adequately assess loan risk because talent is hard to find.