The Spark

“The emancipation of the working class will only be achieved by the working class itself.” — Karl Marx

Another Maryland Bank Fails

Nov 22, 2010

Last Friday, K Bank, based in Owings Mills, failed. Like the other three Maryland banks that failed this year, they were closed on a Friday and re-opened on Monday under new ownership. M&T Bank took it over, as it did with the Bradford Bank in 2009.

It is another example of big banks gobbling up local, smaller banks. It also adds to the unemployment, with 120 K Bank workers scrambling to get another bank job.

Nationwide, 140 banks failed so far this year, a much higher number than last year. A sign that the capitalist economy is in a continuing crisis – one very profitable for the biggest thieves.