  Novine Member Username: Novine Post Number: 801 Registered: 07-2007 |
"The first bank failure in Michigan since 2002 happened Friday when the state forced a sale of Main Street Bank in Northville and Plymouth after the steep downturn in the residential real estate market "knocked the wind" out of the small bank, according to Ken Ross, commissioner of the state Office of Financial and Insurance Regulation." State regulators paint this as an isolated incident. But it highlights how bad the real estate downturn is hitting higher-end communities like Northville. http://detnews.com/apps/pbcs.d ll/article?AID=/20081010/UPDAT E/810100444/1361 | ||
Danny Member Username: Danny Post Number: 7818 Registered: 02-2004 |
The Gordon Gekko virus has killed Main Street Bank. More folks are probably committing suicide in their homes right about now after they lost everything they had. Word from the Street Prophet Remember what Jesus sez... " Do not store all ye treasures in the Earth for the moth and thieves shall come to rob. Put your treasures into the Kingdom of God where inheritance should be." | ||
Ltorivia485 Member Username: Ltorivia485 Post Number: 3113 Registered: 08-2004 |
If anyone here is smart, they would either have a) a credit union as backup or b) have their assets with the likely surviving banks (i.e. Chase, Bank of America, Citigroup). <--- Credit Union Account Holder | ||
Detroitchef Member Username: Detroitchef Post Number: 7 Registered: 09-2008 |
Having done business with that bank, it wasn't just the downturn in the real estate market. They had piss poor customer skills and sloppy business practices. Most likely,whoever the Board of Directors were, they were not re-investing in the bank itself and had made a LOT of bad lending decisions. Business Darwinism, at its finest. | ||
Cris Member Username: Cris Post Number: 547 Registered: 10-2003 |
I had an account with that bank a long time ago. I have to agree, their customer service was the pits. | ||
Townonenorth Member Username: Townonenorth Post Number: 260 Registered: 10-2007 |
What's the difference between the credit union and a bank? Don't CU have mortgage loans too? | ||
Detroitchef Member Username: Detroitchef Post Number: 8 Registered: 09-2008 |
the difference is in who owns the entity. CU is technically owned by the members, banks are usually owned by another bank or a group of shareholders. I don't believe all CUs are FDIC insured also. Both can and do offer mortage and other loans. Usually a CU has slightly more flexibility to make a riskier loan. | ||
East_detroit Member Username: East_detroit Post Number: 2157 Registered: 11-2003 |
How is Comerica doing? | ||
Mauser765 Member Username: Mauser765 Post Number: 3316 Registered: 01-2004 |
Credit Unions are Federally insured to a greater extent than banks from National Credit Union Association. NCUA also allows more insurance per CD held at the CU. CUs are off the bank grid, so should be safe from the credit issues. CUs that participated in real estate gambling are screwed. Banks investing in real estate used to be illegal, thanks a lot deregulators. This occurred before in history - great depression. Credit Unions are different from banks because their holdings are comprised of localized participants. Rates are better, service (at mine) is stellar, banking products more understandable. We save and borrow together, rather than having debt sold in a circle around the world - or worse; sold to foreign enemies like Communist Red China. www.ncua.gov ----------->credit union member 5 years. | ||
Gplimpton Member Username: Gplimpton Post Number: 251 Registered: 05-2007 |
any reason we're not mentioning plymouth? not high-end enough? | ||
Zrx_doug Member Username: Zrx_doug Post Number: 751 Registered: 03-2008 |
Ditto on the "CU vs Bank" opinion..I work for several different banks, but my personal accounts are with two different credit unions. Wouldn't have it any other way.. | ||
Novine Member Username: Novine Post Number: 809 Registered: 07-2007 |
"any reason we're not mentioning plymouth? not high-end enough?" Northville, Plymouth, they're interchangeable. |
