As has frequently been the case in recent years, Friday was the night the lights went out for a bank in Georgia. This time it was Montgomery Bank and Trust, a two-branch bank with $174 million in assets. The bank failed and was taken over by America Bank.
Friday, July 6, was the first Friday in three weeks that a bank failed. The time off from chronicling the woes of the banking industry has given us a chance to step back and look at some trends in financial failure. For some time, it has been clear that, while pain persists in the credit markets — especially when it comes to housing — the rampant financial failure that crippled the system and the economy in 2008 and 2009 has been ebbing. As a general rule, people are doing a much better job keeping up on their financial obligations than they were a few years ago. Bankruptcy filings are down. In the first quarter of 2012, there were 332,973 filings in federal bankruptcy courts, a 12 percent decline from the 366,178 filings in the firstRead More »from The decline of financial failure