The new Wichita Aero Club now under formation may be a revival of an organization by the same name, said Dave Franson of Franson Consulting and an organizer of the club. According to documents filed with the State, a group of that name was chartered in 1915. The former group sponsored a ballooning event nearly a century ago, but Franson said no other references to the club could be found.
Today’s Wichita Aero Club is a way for people interested or involved in the aviation industry to network and discuss major industry issues and promote education. The group will host monthly luncheons, sponsor fund-raising events and recognize prominent aviators with an annual trophy at an awards gala.
As quickly as it happened it was over.
Or is it?
Federal regulators Thursday shut down Washington Mutual, the nation’s sixth largest financial institution by deposits.
The failure of WaMU is the largest bank failure in American history.
But as quickly as regulators from the Office of Thrift Supervision shut it down, J.P. MorganChase, the country’s second-largest bank by deposits, stepped in to buy WaMU’s assets.
Of the 14 bank failures this year — yes, we’re up to 14, now — this was the only regulatory bank takeover to happen on a Thursday.
The typical process involves regulators waiting until a bank closes under its normal operating hours on a Friday, giving them and the acquiring bank the weekend to do all the accounting work and migrate bank processes and systems over to the acquiring bank.
But not WaMU.
This quick takeover seems to demonstrate just how troubled this institution was.
And how its failure, without speedy action, could have disastrous consequences.