After watching closely the demise and shuttering of all those banks last fall and into this year... I eagerly kept my eye out for any news re my parent financial institution. Well lo and behold.. just last month there were two stories in print in the local media that my bank would be suspending dividends to its stock holders and that its stock value was teetering on junk bond status.
I thought this institution was sort of untouchable.. in its history of wealth management.
(for one thing it is a major player in Montecito California.. not exactly a hotbed of foreclosures!)
I know my money is secure and safe but what does it mean when a bank starts to jangle like this? What woulh happen next?