Premier Business Bank named one of the safest banks in America (only 16 banks out of 251 in CA received this honor). The relationship Americans have with their banks used to be based on trust. As well it should be. In many ways, banks make some of our biggest financial dreams come true.
We go to the bank when we want to buy our dream home, and again when we remodel the kitchen. Our bank helps us buy that great new car we've been thinking about. When we retire, the bank turns a lifetime of savings into income by paying us interest on money-market and savings accounts, and on certificates of deposit.
We trust banks to protect our hard-earned money. We expect that every dollar we put into our bank will be held safe until we come back for it.
But what if the bank doesn't deserve our trust?
In America, we have let our guard down in our banking relationships. We assume that everything will be fine if our bank fails. After all, the Federal Deposit Insurance Corp. insures our deposits up to $250,000. Why worry?
I hate to be the one to break this to you, but the FDIC's Deposit Insurance Fund -- aka the money used to cover bank failures -- has been all but drained.
In 2007, the DIF had a healthy $52.4 billion. But since 2008, more than 413 banks have failed, and that has taken a devastating toll on the once-solid reserve fund.
- 1st Enterprise Bank, Los Angeles
- Armed Forces Bank of California, San Diego
- Bank of New York Mellon Trust, Los Angeles
- California Republic Bank, Newport Beach
- Capital Bank and Trust Company, Irvine
- County Commerce Bank, Ventura
- Eastern International Bank, Los Angeles
- Evergreen International Bank, Long Beach
- First American Trust, Santa Ana
- Focus Business Bank, San Jose
- Malaga Bank, Palos Verdes Peninsula
- Merchants National Bank of Sacramento, Sacramento
- Premier Business Bank, Los Angeles
- Valley Republic Bank, Bakersfield
- Vibra Bank, Chula Vista
- Wells Fargo Bank Ltd., Los Angeles