Regulators on Friday shut down small banks in Michigan and Pennsylvania, boosting the number of U.S. banks that have failed this year to 151 as bad loans have mounted and the economy has been slow to heal.
The Federal Deposit Insurance Corp. took over Paramount Bank, based in Farmington Hills, Mich., with $252.7 million in assets and $213.6 million in deposits; and Earthstar Bank, based in Southampton, Pa., with $112.6 million in assets and $104.5 million in deposits.
These occasional sideshow events could cast aspersions on the national media narrative of recovery. Let’s see what reality does over the next few days?
James Pilant
Pilant's Business Ethics Blog 
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