Posted tagged ‘Great Recession’

Bank Failures in 2009 Reach 100

October 23, 2009

closed_bankThe FDIC shut down Partners Bank of Naples, FL today, raising the total number of failed banks in 2009 to 100.

 Back in August, the size of the banking crisis during this “Great Recession” had already far surpassed the Great Depression. But even with 100 banks now down, there are still hundreds more about to fail.

 How is your bank doing?

Update:

  Three more banks added to the list (so far) since #100.

 Anticipated costs to the FDIC (aka taxpayers) for today’s closures:

 Partners Bank                  $28.6 million
American United Bank  $44 million
Hillcrest Bank Florida   $45 million
Flagship National Bank $59 million 

Total…. $176.6 million. Which is actually not much, relatively speaking. Costs have been far higher when larger banks were closed.

Update II:

Add three more since the last update, a new grand total of 106 failed banks this year.

Bank of Elmwood $101.1 million
Riverview Community Bank $20 million
First DuPage Bank $59 million

Bringing the estimated FDIC cost to $356.7 million today.