Thursday 2 July 2009

Rumours of "Green Shoots" are Exaggerated: Illinois

After my preceding posts on Georgia, it seems only fair to note the bank closings in Illinois today.There have been 13 bank closings posted (as of right now, about 6:50pm) in the state of Illinois since last March. That alone is significant—but, even more interesting, six of them occurred today. This exceeds the preceding record for a state, Georgia's five last week.Three (in Elizabeth, Oregon, and Danville) are in the NW part of the state. The previous three are situated near Chicago (Worth, in Cook County), Urbana (Clinton), and Springfield (Winchester).Only two of those cities (Worth and Danville) are in the Top 200 cities by dimension in the state, so it's difficult not to suspect that their location had a lot to do with the final of at smallest amount four of the banks.Again, the same as the Georgia question, why Illinois? And, most especially, given the past two weeks, why are there manifold state closings now?
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