Must Read/93 Bank Failures Since 2008/Do You Know Who Your Processor?s Sponsor Bank I - GoFuckYourself.com

IPSKeith · 08-03-2009, 09:02 AM

The banking sector as we all know is in a major restructuring right now. How exactly can that effect us here in the adult business? Many different ways. We have always had an unfair strike against us because of the perceived risky nature of our business. In addition, the banks efforts to keep our sector off their books. With the banks business slowing down they have suddenly been able to stomach our sector and refrain from judgement in an effort to save their bottom line. With more ailing banks willing to sponsor processors who handle adult business it is important to educate ourselves.

Six Georgia bank subsidiaries of Security Bank Corp. were among seven new bank failures early last week, raising the state's tally of failed institutions to 22 in the past two years. Georgia leads all states with 22 bank or thrift failures during 2008 and 2009, followed by California and Illinois with 13 each, and then Florida with five and Nevada with four. Georgia state regulators on Friday closed Security Bank of Jones County of Gray, Security Bank of Bibb County of Macon, Security Bank of Houston County of Perry, Security Bank of Gwinnett County of Suwanee, Security Bank of North Metro of Woodstock and Security Bank of North Fulton, all subsidiaries of Macon's Security Bank Corp. The Federal Deposit Insurance Corp., which was appointed receiver, managed to sell the deposits and the 20 branches for all six failed banks to State Bank and Trust Co. of Pinehurst, Ga.

U.S. state and federal regulators closed four small banks Friday, as the financial crisis and recession continued to batter the banking sector.

People Community Bank of West Chester, Ohio; First State Bank of Atlus, Okla.; Integrity Bank of Juniper, Fla. and First Bank Americano of Elizabeth, N.J. were all closed on Friday by regulators.

The FDIC agreed to serve as receiver for all four banks.

New York had its first bank failure of the current crisis, with state regulators taking over Waterford Village Bank of Clarence. The FDIC was appointed receiver and sold the failed bank's office and all of its branches to Evans Bank NA of Angola, N.Y., a subsidiary of Evans Bancorp.

JPMorgan Chase, which acquired Washington Mutual, the largest bank or thrift ever to fail in the U.S., is among the large bank holding companies that have acquired failed institutions during 2008 and 2009. Others include SunTrust Banks, Regions Financial, Zions Bancorp, Fifth Third Bancorp, US Bancorp and BB&T.

It is important as business owners who have payment services to understand who is handling their money. It is not just the processor but the sponsor bank that is behind the processor. In todays environment that is more important than ever. You do not want to find out that your credit card processing is being handled by a processor who?s sponsor bank is not financially sound. If that bank makes it into a story like this one it will be too late. Your money at the very least will be frozen or in the worst case lost.

I am writing this blog to hopefully educate the merchants out there to take a look and do your due diligence with your business. It is your money!! Find out who your processor?s sponsor bank is if you do not already know. Take the time to look up their financial strength and plan accordingly.

TheStreet.com Ratings issues independent and very conservative financial-strength ratings on the nation's 8,300 banks and savings and loans. These are available at no charge on the Bank & Thrift Ratings Screener. Please use this tool to give yourself the peace of mind that your payment services is secure. It is easy to use and very accurate. Please contact me with any questions that you might have. I will be more than happy to explain the efforts we here at IPS take to ensure that our banking relationships are the right banking relationships for your money.

I will be attending the AVN Internext convention in Hollywood, Fl. I would like to meet you and answer any questions that you may have pertaining to your payment solutions for your business. IPS will also have a table at the Mix and Greet function on Friday night of the event. I look forward to seeing everyone there.

Regards,
Keith
[email protected]
o.800.439.1974 ext.122

08-03-2009, 09:02 AM	#1
IPSKeith Confirmed User Join Date: May 2009 Posts: 212	Must Read/93 Bank Failures Since 2008/Do You Know Who Your Processor?s Sponsor Bank I The banking sector as we all know is in a major restructuring right now. How exactly can that effect us here in the adult business? Many different ways. We have always had an unfair strike against us because of the perceived risky nature of our business. In addition, the banks efforts to keep our sector off their books. With the banks business slowing down they have suddenly been able to stomach our sector and refrain from judgement in an effort to save their bottom line. With more ailing banks willing to sponsor processors who handle adult business it is important to educate ourselves. Six Georgia bank subsidiaries of Security Bank Corp. were among seven new bank failures early last week, raising the state's tally of failed institutions to 22 in the past two years. Georgia leads all states with 22 bank or thrift failures during 2008 and 2009, followed by California and Illinois with 13 each, and then Florida with five and Nevada with four. Georgia state regulators on Friday closed Security Bank of Jones County of Gray, Security Bank of Bibb County of Macon, Security Bank of Houston County of Perry, Security Bank of Gwinnett County of Suwanee, Security Bank of North Metro of Woodstock and Security Bank of North Fulton, all subsidiaries of Macon's Security Bank Corp. The Federal Deposit Insurance Corp., which was appointed receiver, managed to sell the deposits and the 20 branches for all six failed banks to State Bank and Trust Co. of Pinehurst, Ga. U.S. state and federal regulators closed four small banks Friday, as the financial crisis and recession continued to batter the banking sector. People Community Bank of West Chester, Ohio; First State Bank of Atlus, Okla.; Integrity Bank of Juniper, Fla. and First Bank Americano of Elizabeth, N.J. were all closed on Friday by regulators. The FDIC agreed to serve as receiver for all four banks. New York had its first bank failure of the current crisis, with state regulators taking over Waterford Village Bank of Clarence. The FDIC was appointed receiver and sold the failed bank's office and all of its branches to Evans Bank NA of Angola, N.Y., a subsidiary of Evans Bancorp. JPMorgan Chase, which acquired Washington Mutual, the largest bank or thrift ever to fail in the U.S., is among the large bank holding companies that have acquired failed institutions during 2008 and 2009. Others include SunTrust Banks, Regions Financial, Zions Bancorp, Fifth Third Bancorp, US Bancorp and BB&T. It is important as business owners who have payment services to understand who is handling their money. It is not just the processor but the sponsor bank that is behind the processor. In todays environment that is more important than ever. You do not want to find out that your credit card processing is being handled by a processor who?s sponsor bank is not financially sound. If that bank makes it into a story like this one it will be too late. Your money at the very least will be frozen or in the worst case lost. I am writing this blog to hopefully educate the merchants out there to take a look and do your due diligence with your business. It is your money!! Find out who your processor?s sponsor bank is if you do not already know. Take the time to look up their financial strength and plan accordingly. TheStreet.com Ratings issues independent and very conservative financial-strength ratings on the nation's 8,300 banks and savings and loans. These are available at no charge on the Bank & Thrift Ratings Screener. Please use this tool to give yourself the peace of mind that your payment services is secure. It is easy to use and very accurate. Please contact me with any questions that you might have. I will be more than happy to explain the efforts we here at IPS take to ensure that our banking relationships are the right banking relationships for your money. I will be attending the AVN Internext convention in Hollywood, Fl. I would like to meet you and answer any questions that you may have pertaining to your payment solutions for your business. IPS will also have a table at the Mix and Greet function on Friday night of the event. I look forward to seeing everyone there. Regards, Keith [email protected] o.800.439.1974 ext.122