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August 23rd, 2008

Bury Your Money In The Backyard

Columbian Bank shut down by US regulators

From 49 News:
US regulators shut Columbian Bank in Kansas
“Federal regulators are shutting down Columbian Bank and Trust Co. in Kansas.

The Federal Deposit Insurance Corp. on Friday was appointed receiver of Columbian Bank of Topeka, which had $752 million in assets and $622 million in deposits as of June 30.

The FDIC said the bank’s deposits will be assumed by Citizens Bank and Trust of Chillicothe, Mo. Its nine offices will reopen Monday as branches of Citizens Bank. Depositors of Columbian Bank will continue to have full access to their deposits, the agency said.

It was the ninth failure this year of an FDIC-insured bank.”

Those who survived the Great Depression had the right idea. Bury your money in the backyard because it’s safer than depositing it in the bank.

On the other hand, that’s too predictable. Maybe the thing to do is to bury your money in lots of locations, say within a 100 miles of your home. Or maybe I’m being paranoid. But this isn’t the first bank to be recently shut down and I fear it won’t be the last.

Posted by Vixen in News

This entry was posted on Saturday, August 23rd, 2008 at 11:42 pm and is filed under News. You can follow any responses to this entry through the comments RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Responses to “Bury Your Money In The Backyard”

  1. Las Vegas Courtesan says:

    Ah… thats why I invested in a sweet, fireproof safe… nicely bolted so no one can run off with it. Since I have no back yard and I am afraid of what may be buried under the sand in Las Vegas, I think that’s out of the question :)

  2. Vixen says:

    LVC-I’m all in favor of having non-traditional account boxes.

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