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#889338 --- 09/26/08 05:48 PM Which banks will crumble here first?
Genevan Offline
Senior Member

Registered: 04/20/08
Posts: 1914
Loc: Geneva
In keeping with national trends as wamu and wacho fail,
I'm thinking National and then Citizens...not that Im badmouthing banks...Im a bank lover...

Lyons National Bank
Community Bank
Five Star Bank
First Niagara Bank Geneva Branch
Canandaigua National Bank
Seneca Falls Savings Bank
First Niagara Bank
National Bank
Citizens Bank

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#889344 --- 09/26/08 06:04 PM Re: Which banks will crumble here first? [Re: Genevan]
bluezone Offline
Diamond Member

Registered: 12/19/04
Posts: 32556
Loc: USA
bankrate.com has ratings on the banks.
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"OUR COUNTRY IS IN MOURNING, A SOLDIER DIED TODAY."

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#889461 --- 09/26/08 09:40 PM Re: Which banks will crumble here first? [Re: bluezone]
MBA 2006 Offline
Junior Member

Registered: 02/12/08
Posts: 10
Loc: Ontario Cty.
Most banks in our community are largely unaffected by the failures of the "Big Banks". Community based banks did not participate in the risky practice of lending money to customers that did not have the means to repay. Nor did they make foolish investments in an effort to make a quick buck. According to recent reports, community based banks continue to provide financial services based on sound business fundamentals, even as the big Wall Street banks struggle for survival.

Bankrate.com rates the strength of our local banks as follows (5 stars is the highest possible rating)

Lyons National Bank - 4 stars
Five Star Bank - 4 stars
First Niagara - 4 stars
Community Bank - 4 stars
Canandaigua National - 4 stars
Seneca Falls Savings - 4 stars
Citizens Bank - 4 stars

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#889475 --- 09/26/08 10:03 PM Re: Which banks will crumble here first? [Re: MBA 2006]
Genevan Offline
Senior Member

Registered: 04/20/08
Posts: 1914
Loc: Geneva
Unfortunately you might not want to put as much stock into "Bankrate.com." Looks like they have had legal problems with misrepresentation... (doesn't this sound familiar?) In addition, some sources state both banks I mentioned have been involved in sub primes (not necessarily here in town)

http://www.ct.gov/dob/cwp/view.asp?a=2245&q=401216
http://www.occ.treas.gov/ftp/release/2008-27.htm


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#889491 --- 09/26/08 10:48 PM Re: Which banks will crumble here first? [Re: Genevan]
MBA 2006 Offline
Junior Member

Registered: 02/12/08
Posts: 10
Loc: Ontario Cty.
You're pretty good with the research. Yes, Citizens bank is listed as having participated in subprime lending. However, Citizens is not a community based (meaning locally owned, operated and focused on serving a specific area or region) bank. They have branches in eight or nine different states. I'm not familiar with the National bank mentioned in the previous post.

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#889561 --- 09/27/08 08:11 AM Re: Which banks will crumble here first? [Re: Genevan]
sands Offline
Senior Member

Registered: 09/05/05
Posts: 8255
Loc: NY
Originally Posted By: Genevan
In keeping with national trends as wamu and wacho fail,



In keeping with national trends . . . 100 banks fail every year.
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#889577 --- 09/27/08 09:02 AM Re: Which banks will crumble here first? [Re: sands]
threeputt Offline
Senior Member

Registered: 12/08/01
Posts: 2800
Loc: Waterloo
I know which financial institution in our community will NOT fail....Finger Lakes Federal Credit Union.....

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#889590 --- 09/27/08 10:01 AM Re: Which banks will crumble here first? [Re: threeputt]
Sovereign King Offline
Senior Member

Registered: 05/29/08
Posts: 3506
Loc: Auditioning on Broadway
Originally Posted By: MBA 2006
However, Citizens is not a community based (meaning locally owned, operated and focused on serving a specific area or region) bank.


Thank you, that's a point I wanted to put out there...

Originally Posted By: Genevan
Which banks will crumble here first?


As long as local people don't freak and don't pull their money out of the local banks, the local banks will not crumble!

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#889638 --- 09/27/08 12:38 PM Re: Which banks will crumble here first? [Re: Genevan]
Taxpayer14456 Offline
Senior Member

Registered: 08/23/06
Posts: 8109
Loc: Geneva
I am going to guess none of them.
_________________________
Maybe we should chug on over to mamby pamby land...

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#889792 --- 09/27/08 07:13 PM Re: Which banks will crumble here first? [Re: Taxpayer14456]
threesons Offline
Senior Member

Registered: 02/28/05
Posts: 4233
Loc: Hysteria Lane
Trust me Citizens bank has charged me enough overdraft fees to keep them comfy for many decades to come.
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Liquidity

When you look at your investments and wet your pants.


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#889930 --- 09/27/08 10:16 PM Re: Which banks will crumble here first? [Re: threesons]
Akisma Woodchuck Offline
Senior Member

Registered: 11/26/01
Posts: 1333
Loc: American Freedom Fighter
something to be proud of and something to let everyone know about
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...........

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#890818 --- 09/29/08 02:16 PM Re: Which banks will crumble here first? [Re: MBA 2006]
Greymane Offline
Senior Member

Registered: 11/09/06
Posts: 6848
Loc: Central PA
Originally Posted By: MBA 2006
Most banks in our community are largely unaffected by the failures of the "Big Banks". Community based banks did not participate in the risky practice of lending money to customers that did not have the means to repay. Nor did they make foolish investments in an effort to make a quick buck. According to recent reports, community based banks continue to provide financial services based on sound business fundamentals, even as the big Wall Street banks struggle for survival.

Bankrate.com rates the strength of our local banks as follows (5 stars is the highest possible rating)

Lyons National Bank - 4 stars
Five Star Bank - 4 stars
First Niagara - 4 stars
Community Bank - 4 stars
Canandaigua National - 4 stars
Seneca Falls Savings - 4 stars
Citizens Bank - 4 stars


First, Bankrate.com is very specific about the "portion" of the bank that they rate, which poorly reflects the overall health of the company. Second, two of the banks listed had significant issues with poor lending and have been through the ringer with the Feds as a result. Because of that, those two banks are in pretty good shape, but many of the other banks are falling into the bad practices in order to boost their loans. We will see how this pans out, but don't think the locals are safer than the bigs.
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Against logic there is no armor like ignorance. - Dr. Lawrence J. Peter

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#890895 --- 09/29/08 04:58 PM Re: Which banks will crumble here first? [Re: threesons]
Miatasportscar Offline
Member

Registered: 12/04/05
Posts: 52
Loc: Geneva, NY
The strongest bank in America right now is Bank of America, last week when I checked it still has a five star (highest) rating. If you're going to put it away in CD's, they (as of last Wednesday) were paying 5.2% for 5 yr depositors.And FDIC insured.

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#890985 --- 09/29/08 05:56 PM Re: Which banks will crumble here first? [Re: Miatasportscar]
Sovereign King Offline
Senior Member

Registered: 05/29/08
Posts: 3506
Loc: Auditioning on Broadway
OMG! OMG! OMG! THE $700 BILLION DOLLAR BAILOUT WAS DECLINED... OMG! OMG! OMG! EVERYONE WITHDRAW YOUR MONEY AND HIDE IT UNDER YOUR MATTRESS... OMG! OMG! OMG! BUY ALL THE BREAD ON THE STORE SELF, AND FREEZE IT FOR WHEN WE HAVE NO FOOD! OMG! OMG! OMG! WE'RE ALL GONNA DIE!!! OMG! OMG! OMG!

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#890988 --- 09/29/08 06:05 PM Re: Which banks will crumble here first? [Re: Sovereign King]
Samuel Offline
Senior Member

Registered: 02/07/08
Posts: 4495
Loc: Potter, NY
Originally Posted By: Sovereign King
OMG! OMG! OMG! THE $700 BILLION DOLLAR BAILOUT WAS DECLINED... OMG! OMG! OMG! EVERYONE WITHDRAW YOUR MONEY AND HIDE IT UNDER YOUR MATTRESS... OMG! OMG! OMG! BUY ALL THE BREAD ON THE STORE SELF, AND FREEZE IT FOR WHEN WE HAVE NO FOOD! OMG! OMG! OMG! WE'RE ALL GONNA DIE!!! OMG! OMG! OMG!


OH STOP IT!! I'LL HOLD YOUR MONEY FOR YOU JUST IN CASE THE RUSSIANS TAKE OVER.

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#891340 --- 09/30/08 07:17 AM Re: Which banks will crumble here first? [Re: Sovereign King]
Genevan Offline
Senior Member

Registered: 04/20/08
Posts: 1914
Loc: Geneva
Originally Posted By: Sovereign King
OMG! OMG! OMG! THE $700 BILLION DOLLAR BAILOUT WAS DECLINED... OMG! OMG! OMG! EVERYONE WITHDRAW YOUR MONEY AND HIDE IT UNDER YOUR MATTRESS... OMG! OMG! OMG! BUY ALL THE BREAD ON THE STORE SELF, AND FREEZE IT FOR WHEN WE HAVE NO FOOD! OMG! OMG! OMG! WE'RE ALL GONNA DIE!!! OMG! OMG! OMG!


I'm guessing King is being sarcastic and suggesting folks are over-reacting. Hopefully the King is right.

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#891400 --- 09/30/08 10:08 AM Re: Which banks will crumble here first? [Re: Genevan]
Sovereign King Offline
Senior Member

Registered: 05/29/08
Posts: 3506
Loc: Auditioning on Broadway
Originally Posted By: Genevan
I'm guessing King is being sarcastic and suggesting folks are over-reacting. Hopefully the King is right.

;\)
IMHO, for whatever reason, the news is over reacting and hoping to draw that fear out of your average American.

Shades of the great great depression? Ha we are hardly in a recession yet. We should be thrilled to be so worried. It means we have not seen a recession in in how long? We are not used to it.

I did see something on the news that really ticked me off this morning... Sure we blame the situation on the big financial institutions that gave out mortgages with what seems like having a pulse as the qualifying term... I blame it on American greed. On the news this morning one show was interviewing random people on the streets asking them how the economy is affecting them... Everyone was pretty much fine (I would expect a recession to be felt in small town America before a major city any way)... One lady said she was fine, but back home she had family struggling to get by, mortgage blues blah blah blah because and I quote "they didn't understand what they were signing..." Didn't understand what they were signing? Are you kidding me? You are legally signing your name that you understand what you are signing. What about saying, I don't understand this, explain it to me before signing? Nope! Just Gimme my keys! Then everyone wants to complain on the news and sing a sob song of how they got taken.

It really seems to me we are in this situation because many people who were not ready for home ownership, had to have that home right now. Instead of fixing their credit, saving up and putting down a nice down payment. Shopping around for the right lender... Ho come during that time whatever celebrity was ranked #1 on the google search engine, but none of these "victims" read the paper work, and or googled the term adjustable rate?

The American dream turned into the feeling of self entitlement and IMHO that is why we are in the situation we are in today!


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#891448 --- 09/30/08 11:18 AM Re: Which banks will crumble here first? [Re: Genevan]
Taxpayer14456 Offline
Senior Member

Registered: 08/23/06
Posts: 8109
Loc: Geneva
Originally Posted By: Genevan
I'm guessing King is being sarcastic and suggesting folks are over-reacting. Hopefully the King is right.



I think people are over reacting. Reminds me of the time when people were over reacting about Y2K.
_________________________
Maybe we should chug on over to mamby pamby land...

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#891458 --- 09/30/08 11:29 AM Re: Which banks will crumble here first? [Re: Taxpayer14456]
Genevan Offline
Senior Member

Registered: 04/20/08
Posts: 1914
Loc: Geneva
This does sound familiar. First it was mushroom clouds and now its the global economic melt down.
Is the GOP plundering the treasury to pay off their pals for fear they might be leaving?

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#891505 --- 09/30/08 01:20 PM Re: Which banks will crumble here first? [Re: Taxpayer14456]
Sovereign King Offline
Senior Member

Registered: 05/29/08
Posts: 3506
Loc: Auditioning on Broadway
Originally Posted By: Taxpayer14456
I think people are over reacting. Reminds me of the time when people were over reacting about Y2K.


Excellent comparison!!! I really don't why, but it seems like the media is trying drive America into fear... Ratings? "Big" news?

Refresh my memory... I'm having deja vu, 5-10 years ago didn't the market have a big crash (obviously not this big)? Similar fear of the return of the great depression?

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