Help!! It looks like my bank, Prosperity, Houston

Discussion in 'Quackenbush's' started by Horn6721, Mar 11, 2023.

  1. Horn6721

    Horn6721 10,000+ Posts

  2. SabreHorn

    SabreHorn 10,000+ Posts


    The FDIC is and has been broke for over 60 years. Publishing that list of troubled banks is a felony in Texas. The FDIC does not even know how its own insurance works. They publish pamphlets on their insurance that contain LIES and dumb **** bankers put them in the lobby.

    I know nothing about the SVB but know that the only banks I have seen liquidated in my adult life were banks that some high ranking government official had a vendetta against the officers & directors. (Classic example is Sharpstown)
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  3. Horn6721

    Horn6721 10,000+ Posts

    Thanks Sabre
    I still will withdraw my money.small amount as it is
  4. SabreHorn

    SabreHorn 10,000+ Posts

    Two very important questions that I have not seen answered:

    1) Whom is SVB's accounting firm?

    2) The article says that SVB sold some of its bonds to create liquidity WHOM sold the bonds - bankers or FDIC? Sounds like something the FDIC would do because it is (1) irreversible and (2) only a complete blithering idiot would recognize that markdown UNLESS they purposely wanted the bank to have ZERO chance of recovery.

    The FDIC does NOT have nearly enough money to payoff the depositors, so all insured funds will be placed with an existing bank, while loans will be sold for a couple of cents on the dollar.

    There are people I like at Prosperity and people I can't stand, but they have always run a good shop. Unless some fed has a hard on for Ned and the boys, I wouldn't worry.
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  5. Sangre Naranjada

    Sangre Naranjada 10,000+ Posts

    UFCU has been good to me and my family since about 1989.
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  6. Driver 8

    Driver 8 Mullet Time

    SVB's CEO and CFO sold several million worth of stock a couple weeks ago, but I'm sure it's a coincidence and they didn't know anything.
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    • Agree Agree x 1
  7. SabreHorn

    SabreHorn 10,000+ Posts


    Credit Unions in most of America do a great job for their clientele and serve their community. Two problems:

    1) Their personnel are poorly trained if trained at all. I doubt you will ever find an officer who has heard of RMA much less taken the training. Summation, they are not a full service bank (not that most need one)

    2) Their insurance may be a bigger joke than the FDIC. Not because of anything in Texas or the region, but because of huge problems in the northeastern states. Because of lack of Trust Departments, I do not know if their insurance has same rules as FDIC.
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  8. Horn6721

    Horn6721 10,000+ Posts

    After reading your thoughts, knowing YOU know more about banking, esp in Texas, than anyone in Fed Gov't or supposed talking head banking experts.
    You may even know more about banking that you do Texas football. And as we have seen You know Horn Football:bevo:

    So Now I feel better about my paltry amount in Prosperity . It is just that I use it for online bill paying.
    And the thought of redoing all those sites and numbers gives me a head ache
    So thank you for explaining :clap:
  9. Chop

    Chop 10,000+ Posts

    "Slandering" or "Libel" of a bank, I think... (even if what they're publishing is true)? Might even be a federal offense going back to the New Deal, but I'd have to check...?
  10. SabreHorn

    SabreHorn 10,000+ Posts

    It is a state law
  11. Chop

    Chop 10,000+ Posts

    Here's something from the Texas Finance Code (as with "normal" slander or libel, the statement about the bank must be untrue with this statute):

    Sec. 59.002. SLANDER OR LIBEL OF BANK. (a) A person commits an offense if the person:

    (1) knowingly makes, circulates, or transmits to another person an untrue statement that is derogatory to the financial condition of a bank located in this state; or

    (2) with intent to injure a bank located in this state, counsels, aids, procures, or induces another person to knowingly make, circulate, or transmit to another person an untrue statement that is derogatory to the financial condition of any bank located in this state.

    (b) An offense under this section is a state jail felony.

    Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 1999, 76th Leg., ch. 344, Sec. 2.016, eff. Sept. 1, 1999.
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