500 points off the Dow, Lehman Brothers in Bankruptcy, and Merrill-Lynch bought by Bank of America, news enough to make the hardiest accountant quiver, let alone the ordinary person on the street.
I am really not sure I believe Chris Whalen when he states 110 banks could close,
"Christopher Whalen, managing director of Institutional Risk Analytics, a research firm, predicts that approximately 110 banks with US$850 billion in assets could close by next July. That’s out of 8,400 federally insured institutions, he said, which together hold US$13 trillion in assets."
Especially when there seems to have only been 11 bank closings this year in the US, does not seem like a lot in an economy the size of the US.
Map of bank failings.
I thought it would be helpful to provide a few tools to establish the financial health of your bank, and get a reality check, and in the process show some of the interactive tools used by bank rating sites.
Online Tools for assessing the health of your bank
Use advanced search and text search to search for your bank by name
Bankrate.com's Safe & Sound Ratings
Also check out the FDIC’s list of rating services, this is where I found most of these sites.
For those of you into exploring more about the state of the US banking system, I'd check out this post that features several charts that track large bank's financial health.