Coronavirus Pandemic Results in First State Bank Failure

2020-4-5 00:30

The coronavirus crisis continues to make its mark on the financial sector. It was a matter of time until the first bank failed because of it, which has now happened in West Virginia.

Most people seem to ignore how the global financial system has been broken for many years now.

First Bank to Fail During the Coronavirus Crisis

The 2008 banking crisis was only a warning shot.

Rather than stepping up their game, financial powerhouses have let things be as they were and hoped everything would be alright.

This year, it has become painfully apparent that that will not be the case.

Various measures taken by central banks will only put a bigger strain on domestic economies.

In the US, the first small bank has now failed due to the coronavirus.

That “honor” is granted to the First State Bank of Barboursville

Yesterday, the West Virginia Division of Financial Institutions officially closed the bank.

This institution had $152 million in total assets.

Thankfully, the deposits – worth nearly $140 million – will be taken over by MVB Bank Inc in Fairmont. 

All four branches of The First State Bank will be rebranded to MVB Bank today.

It is the first time a financial institution collapses during the coronavirus crisis.

Depending on how the pandemic evolves, a lot more banks may follow suit. 

The post Coronavirus Pandemic Results in First State Bank Failure appeared first on NullTX.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Formosa Financial (FMF) на Currencies.ru

$ 0.0004577 (+0.00%)
Объем 24H $0
Изменеия 24h: -0.11 %, 7d: 98.23 %
Cегодня L: $0.0004538 - H: $0.0004624
Капитализация $394.44k Rank 99999
Доступно / Всего 861.833m FMF

financial coronavirus bank seem ignore people virginia

financial coronavirus → Результатов: 59


How Bitcoin was Able to Beat Gold’s Recovery as Coronavirus Crisis Mounts

Prominent economist Peter Schiff lately compared the performances of Bitcoin and Gold amidst the deepening financial crisis, noting traders who bought the cryptocurrency at its year-to-date high are sitting at 70 percent losses while those who purchased Gold at its yearly top suffered a comparatively dwarfed loss of 14 percent. But looking at their subsequent...

2020-3-31 15:30


BitMex Research Suggest Bitcoin Ecosystem is Thriving With Diverse Development Work

In the wake of the coronavirus outbreak, the financial institutions have come to a standstill and governments around the globe are pumping and printing fiats at their will to keep it going. Bitcoin, the decentralized digital currency which was created in the wake of the 2008 financial crisis also registered a massive drop of almost […]

2020-3-29 21:12


Halving, Bitcoin growth springboard, coronavirus and economic crisis — Interview with Chris from MMCrypto

Bitcoin price went down together with the stock markets. But will BTC and other cryptocurrencies, altcoins be still correlated with financial markets and what will happen after Bitcoin halving? Chris from MMCrypto answers Coinstelegram team questions! Hello Guys! Today is the 17th of March and the Bitcoin price is $5288 and now we are here […]

2020-3-25 17:22


Blockchain Firm HashCash Consultants Plans Inverse ETF ‘CFIX’ Tied To Coronavirus Outbreak

Blockchain firm, HashCash Consultants is set to launch a new crypto asset with a promise of potential profit despite the ongoing turbulent times in the financial market. HashCash announced on Mar. 23 of its latest inverse ETF dubbed Corona Fund Index Cryptocurrency (CFIX) where traders will have an opportunity to gain profits at the current […]

2020-3-24 23:53


Bitcoin Pushes Higher But is it Enough to Bring in Confidence in Decoupling

Coronavirus has led to uncertainty in the global financial markets. All the major indexes have plummeted over the past few weeks as the market crashes in the severity of the Covid-19. In line with the global markets, bitcoin also crashed as investors took a risk-off approach due to global uncertainty. This crash in BTC prices […]

2020-3-22 23:59


Crisis Impact: Most Assets Returned to 2016 Prices While Bitcoin Holds Strong

Bitcoin and the rest of the cryptocurrency market has been collapsing alongside traditional equities, precious metals, and the rest of the financial world as a liquidity crisis unfolds. Fears over the coronavirus has investors preparing for the worst, cashing out assets at a rapid rate, and driving down prices of most assets to prices not...

2020-3-19 19:00


Фото:

Major Banks Suspend Stock Buybacks as Interest Rates Fall to Zero

Financial and crypto markets continue to quake as the coronavirus outbreak news worsens. Major US banks have taken steps to prevent stock buybacks that return capital to shareholders. According to reports, a group of major US banks including JPMorgan Chase, Bank of America, Citigroup, Morgan Stanley, Wells Fargo, Goldman Sachs and two others have suspended […] The post Major Banks Suspend Stock Buybacks as Interest Rates Fall to Zero appeared first on BeInCrypto.

2020-3-17 22:20


NYFDS Gives Crypto Firms 30 Days to Submit A Coronavirus (COVID-19) Contingency Plan

New York’s Financial regulator, NYFDS, has given crypto firms registered within this state one month to have submitted a preparedness plan for the COVID-19 pandemic. The watchdog sent out letters to crypto entities it regulates which was followed by a state of emergency declaration by New York’s Mayor, Bill De Blasio. These firms are required […]

2020-3-14 16:38


Bitcoin Paints V-Shape Recovery after Crashing to $3.8K; More Pain Coming?

Highlights: Bitcoin plunges to $3.8K for the first time since April 2019. The cryptocurrency’s deep dive came alongside a massive liquidation spree on the BitMEX crypto exchange. The price recovered by $2,000 but left the market in further distress, especially amidst the rising Coronavirus risks on global financial markets. Bitcoin fell to its 10-month low...

2020-3-13 15:31


Binance Coin Price Analysis - Long term token prospects strong despite Coronavirus Black Swan

The BNB coin is a utility token with multiple use cases within the Binance ecosystem. Binance's growing product suite supports BNB's large valuation and its position as a top 10 crypto asset. However, its value has suffered in recent weeks as negative macro headwinds created by the Coronavirus hit the global financial markets.

2020-2-28 03:00