OPEN finance expert Mike Periu on how to find out if your bank is in trouble.
Small-business owners need to know that that their bank is financially stable. The Office of the Comptroller of the Currency (OCC) and state agencies monitor banks for signs of financial stress and issue “enforcement actions” in an attempt to put problem banks on the right track. If these efforts fail, the Federal Deposit Insurance Corporation (FDIC) takes over and transfers the banks deposits and loans to more stable institutions. Much of what these agencies do is confidential to avoid a run on banks, but using publicly available data, it’s possible to put together an “unofficial” list of problem banks. Updated weekly, this list currently stands at 865. Is your bank on the list?
About Mike Periu
Mike is a seasoned executive with experience in small business finance and management. He is the founder of Proximo, LLC a leading provider of corporate, consumer and small business education and training services with an emphasis on finance and technology.
Mike Periu is also a leading national voice for individual empowerment through financial education and entrepreneurship. He has been interviewed over 500 times in national and international media, including NBC, Univision, CNN en español, Telemundo, HITN, TVE, RTE, SBS, MegaTV and others.
Mike writes regularly for American Express OpenForum, Yahoo! Finanzas and is a Huffington Post contributor.
Mike has degrees in Finance and International Business from Georgetown University. He is on the Board of Directors of the Council for Economic Education and was a Fellow at the Kauffman Foundation’s Labs for Enterprise Creation.
