- The collapse of ANB Financial National Association is
significant.
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- Population of Bentonville, Arkansas is 19,500 people
.... and Wal-Mart Stores, Inc. Bentonville IS Wal-Mart !
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- For the past four months, Wal-Mart (Bentonville, Arkansas)
has been canceling (Tip of the iceberg:http://www.huffingtonpost.com/al-norman/wal-mart-cancels-45-super_b_94112.html)
almost all of their (major) corporate projects into the future. We know
the magnitude of Wal-Mart's financial dilemma directly from its
internal (attorney) legal "dropped project memos" and "Real
Estate Committee reapproval memos."
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- Wal-Mart press releases and media news reports to the
public are disingenuous.
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- Over 700,000 Chinese exporters / manufacturers (http://www.ft.com/cms/s/0/95f406ee-fc69-11dc-9229-000077b07658.html) are
now refusing to accept U.S. dollars as payment for products for retail
sales. Wal-Mart's on-shelf stock numbers have been significantly
reduced. Merchandise quality is now marginal to bad and in many
cases becoming unavailable as prices skyrocket with broad spectrum
factors coming together to create an uncomfortable sales environment.
Wal-Mart's total overhead is becoming unsustainable we believe.
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- August 2005: Two years ago -
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- Wal-Mart estimates that utility expenses rose by $100
million in its second quarter (one three month period), when
it also spent $30 million more to truck merchandise from its U.S. distribution
centers to stores. Those additional costs add up to almost 5 percent of
Wal-Mart's second-quarter profit of $2.8 billion.
- http://wakeupwalmart.com/news/20050825-reut.html
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- Bank Failure In Arkansas
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- May 9, 2008
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- ANB (Arkansas National Bank), Financial National
Association, 706 S Walton Blvd, Bentonville, AR 72712-5751
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- Federal regulators close Arkansas bank ANB Financial
- Friday May 9, 8:45 pm ET
- ANB Financial banks closed by federal regulators over
'unsafe and unsound' practices
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- BENTONVILLE, Ark. (AP) -- Federal regulators says
they've closed ANB Financial National Association banks after discovering
"unsafe and unsound" business practices there.
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- David Barr, a spokesman for the Federal Deposit Insurance
Corp. says many customers served by the bank's nine locations had accounts
under $100,000, which will be fully insured by the government. Barr says
customers can continue to write checks and draw money from ATMs through
the weekend.
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- Barr says Pulaski Bank and Trust Co. agreed to assume
control over ANB Financial's bank locations, which will be open Monday.
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- As of Jan. 31, federal regulators say ANB Financial had
about $2.1 billion in assets and $1.8 billion in total
deposits.
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- It was the third closure this year of an FDIC-insured
bank. Douglass National Bank, a Missouri bank with $58.5 million in assets,
was shut in January; another Missouri institution with assets of $18.7
million, Hume Bank, was shut down in March.
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- Both were dwarfed in size of ANB Financial, where regulators
found lax lending standards, mostly for construction and development loans
for projects in Utah, Idaho and Wyoming, as well as Arkansas.
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- Observers have been watching for signs of bank distress
resulting from the mortgage crisis. Profits at federally insured U.S. banks
and thrifts plunged to a 16-year low in the fourth quarter as institutions
set aside a record-high amount to cover losses from sour mortgages.
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- The FDIC is planning to beef up its staff, including
temporarily hiring up to 25 retired FDIC employees who worked in the agency's
more than 200-person division that handles failed banks. They will handle
an anticipated increase in bank failures.
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- http://biz.yahoo.com/ap/080509/bank_closed.html?.v=4
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