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2009 Bank Closings Match 2008 Totals

This is a bit of news that almost escaped us. Buried as it was on late Friday evening by Reuters:

U.S. closed banks match total for all of 2008

Fri Apr 17

WASHINGTON (Reuters) – Regulators closed banks on Friday in Missouri and Nevada, bringing the total of U.S. bank failures this year to 25 and matching the number that failed throughout all of 2008, as the struggling economy and falling home prices take their toll on financial institutions.

Last year, 25 U.S. banks were seized by officials, up sharply from only three in 2007.

The Federal Deposit Insurance Corp said Great Basin Bank of Nevada had assets of $270.9 million and deposits of $221.4 million. The failure is expected to cost the FDIC deposit insurance fund an estimated $42 million

The FDIC also closed Missouri-based American Sterling Bank, which had $181 million in assets and $171.9 million in deposits. The failure is expected to cost the FDIC deposit insurance fund an estimated $42 million

Customers at both closed banks can access their money over the weekend by check, teller machine or debit card, the FDIC said…

We too are sick of the game, imagine if Mr. Bush were still President.

But imagine how this would have been reported if Mr. Bush were still President.

(Thanks to Confucius for the heads up.)

This article was posted by Steve on Sunday, April 19th, 2009. Comments are currently closed.

6 Responses to “2009 Bank Closings Match 2008 Totals”

  1. cjokry says:

    Can’t give this kind of news too much coverage. If people got wind of this, they may stop believing that Obambi is qualified to fix an economic meltdown of these proportions.

  2. Confucius says:

    To summarize: Bush–25 in 12; Obama–25 in 3.

    If I had to pick, I prefer the failed old policies over the failed new policies.

    But seriously, what does it take for the White House and Congress to realize they should stop?

  3. MinnesotaRush says:

    Well, I mean geezuz fella’s .. give the poor boy a chance. After all, those closings of course, are carry overs from the Bush era! So .. it’s George’s fault! Isn’t everything? .. now and forever .. like always? (sarcasm)

  4. pravin404 says:

    2 more banks failed this week.

    50 banks failed since 2008, 25 each in 2008 and 2009 till now.

    Friday means FDIC is in action on some bank.

    Last week also FDIC closed 2 banks.

    “American Sterling Bank,Sugar Creek, MO” and “Great Basin Bank of Nevada, Elko, NV” were closed on Friday making the count to 25 for this year and 50 since start of 2008 for the failed banks in US.

    # 25th bank to fail this year
    # 50th bank failed since 2008
    # 5th bank in Nevada since 2008 and 2nd this year

    Check the list of all the failed banks at :

    And on google map see where the banks are failing at :

    Also layoff tracker at :

    Do check it.

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