The FDIC is reporting 2 more bank failures for 2008; Security Pacific Bank in Los Angeles, CA and Franklin Bank SSB in Houston, TX. These are the 18th and 19th banks to go under during the year. Of course the FDIC will not release a list of the banks still in trouble. However, If you have questions about your banks solvency then visiting TheStreet.com's Bank and Thrifts Screener will give you an idea what banks are in trouble.
They use a simple letter grading system that allows the user to gauge the financial strength of their bank. Letter grade D or below are banks that are teetering on the edge (like humpty dumpty). Letter grade C is somewhat strong, for now. Anything above grade C is considered fiscally strong and safe. To give you an idea how a banks grade can change overnight WAMU, which failed during September 2008 was graded C- in the second quarter of 2008 and just before it's collapse and subsequent buyout by JP Morgan Chase.
Another interesting note, there were no banks graded above B+ in Southern California. In other words there are no banks immune to the current financial hurricane hitting our shores.
I hope everyone takes my advise and save every cent for the upcoming recession.
~MafiaDon
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