Not long ago, my partner and I visited with a very successful local businessman. His company is very visible in NE Wisconsin, he has a beautiful new building, millions of dollars invested in the latest equipment for his industry, and his ads can be seen regularly on TV. Anyone would recognize the name. We were using his services, not the other way around, but the conversation did turn to what we did for a living and the overall health of banking and investments today.
He shared with us who his bank was, saying what a relief it was that his institution was stable and healthy. We looked at each other with wide eyes, because his bank was a bank, that more than a few of our present customers were trying to get out of - in many cases, desperately. We have some horror stories that you would find hard to believe. Abruptly pulled lines of credit. Swept accounts. Loans coming due that they will not renew despite perfect performance. He found it hard to believe. But he doesn't have to take our word for it! Neither do you:
Below find two sources for information on banks. If you are looking at applying for loan at a bank, run a report on them from either or both of these independent websites. It is a free service from both. If you see that the bank is troubled, you can save yourself time, because that bank will not be lending money very easily, if at all.
There is lots more to be found at Uncle Sam's site, the FDIC, however like most government things, its a little clunky.