What banks will be left standing when the dust clears?

Countrywide’s Golden Boy Angelo Mozilo said a year or two ago that within a year the top ten banks would fall to the top 5. I wonder if he thought his would be one of the first to go, or considered he would be charged with fraud before all the dominos fell.

Since Taylor Bean & Whittaker abruptly shut down last week, I’ve considered Mozilo’s remark and the possibility that there will only be one or two banks left in the mortgage business. Since that is their money maker, I wonder how many will be left standing at all.

A great many banks are promoting incentives for their banks; Wachovia will give you a gift for referring a new customer, if you are a customer in fact. Bank of American and Wells Fargo, both of whom are big in online banking have ongoing bank promotions as well.

But would you really choose a bank based on bank promotions? It is probably a good idea to make sure the bank you choose is one that will be standing after the dust clears, you do want your certificate of deposit to maintain its value, and not have to collect from the FDIC!