Behind the Wachovia Bank failure is the fact that Wachovia Bank stock has dropped 27% since September 26, 2008 (Friday).  Also that Wachovia is the sixth-largest US bank and that it has began merger talks.  However, Wachovia has not made the FDIC’s fail bank list as of September 28, 2008 (Sunday).  To view the FDIC - Fail Bank List go to http://www.fdic.gov/bank/individual/failed/banklist.html.  The FDIC - Fail Bank List provides official information to customers and vendors of banks on their list (including how your accounts and loans are affected).

At the Wachovia website - There is no information about their current troubles, but the press releases for September 2008 list: Wachoiva retirement Serives wins five gold awards from profit sharing/401K Council of America (PSCA), Wachovia kicks off second annual “who would you thank?” contest, New Jersery small business customer wins luxury hybrid in National Wachovia ‘make a statement’ sweepstakes, Wachovia names Kenneth J. Pheland as Chief Risk Officer, and Consumers flock to automatic savings product during tough economy.  If you click on the Merger information link, it says, …

“Thank you for your interest in the latest Wachovia merger information. Please check back on a regular basis as we continue to improve our products, services, and locations in order to offer a superior customer experience.”

Since January 2008 There Has Been 13 Bank Failures

1. Washington Mutual Bank
2. Ameribank
3. Silver State bank
4. Integrity Bank
5. Columbia Bank and Trust
6. First Priority Bank
7. First Heritage Bank
8. First National Bank
9. IndyMac Bank
10. First Integrity Bank
11. ANB Financial
12. Hume Bank
13. Douglass National Bank

Big Banks Most Likely to Fail

How to Identify a Bank Likely to Fail

What To Do If Wachovia Bank Fails

Follow the official FDIC instructions.  When Washington Mutal Bank failed, the FDIC (Federal Deposit Insurance Corporation) facilitated the transaction with JP Morgan.  All ATM(s) and check processing remained available during the transaction.  All direct deposits were automatically transferred to the new JP Morgan accounts.  Loan customers were instructed to continue to make their loan payments.

The Latest - Wachovia Bank Failure Reports

• TheStreet.com reports - Wells fargo is the preferred bidder for Wachovia
• New York Times - Citigroup and Wells is going to make a bid for Wachovia
• Currently Citigroup is listed and the largest US Bank, and Bank of America is second

Is your bank next?

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