And So it Begins: First U.S. Bank Failure in 17 Months

by John Galt May 31, 2019 21:30 ET If the credit markets are not received as an omen, the failure and subsequent panic in China after a major bank failure there, and bizarre equity market action recently, then perhaps tonight’s surprise FDIC takeover of Enloe State Bank of Cooper, TX might just be the first fat canary to fall in the coal mine. From the FDIC website: The Enloe State Bank, Cooper, Texas, was closed today by the Texas Department of Banking, which then appointed the Federal Deposit Insurance Corporation (FDIC)…

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