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Bank Failures in 2009 Outpace 2008 Five-Fold
Two bank closings announced on Friday bring the tally of bank failures in 2009 up to 23 in just 15 weeks.
New Frontier Bank of Greeley, Colorado closed with $2.0 billion in assets and $1.5 billion in deposits. Cape Fear Bank of Wilmington, North Carolina closed with $492 million in assets and its $403 million deposits were absorbed by First Federal Savings and Loan Association of Charleston, South Carolina, according to FDIC Bank Failures and Assistance records.
The announcement of bank failures early in the second quarter of 2009 outpace those in 2008 five-fold. From January through May, 2008, four banks had failed. Throughout 2008, 24 banks closed nationwide, just one more than 2009 to date. In 2007, only three banks failed, according to FDIC records. There were no bank failures in either 2006 or 2005.
The results of recent bank stress tests are expected to be released by the end of April.
The basic FDIC insurance coverage limit for depositors is $250,000 per account, raised from the previous limit of $100,000 through December 31, 2009.
The FDIC provides a tool to help depositors of failed banks determine if their accounts are fully insured.
New Frontier Bank of Greeley, Colorado closed with $2.0 billion in assets and $1.5 billion in deposits. Cape Fear Bank of Wilmington, North Carolina closed with $492 million in assets and its $403 million deposits were absorbed by First Federal Savings and Loan Association of Charleston, South Carolina, according to FDIC Bank Failures and Assistance records.
The announcement of bank failures early in the second quarter of 2009 outpace those in 2008 five-fold. From January through May, 2008, four banks had failed. Throughout 2008, 24 banks closed nationwide, just one more than 2009 to date. In 2007, only three banks failed, according to FDIC records. There were no bank failures in either 2006 or 2005.
The results of recent bank stress tests are expected to be released by the end of April.
The basic FDIC insurance coverage limit for depositors is $250,000 per account, raised from the previous limit of $100,000 through December 31, 2009.
The FDIC provides a tool to help depositors of failed banks determine if their accounts are fully insured.
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Lam arche o:-) Michael
12:27PM 12:27PM Apr 13th 2009
The LORD vs. the BULL
Bankers = Beast Worshiping, Money Changers.
Lord = ME
By the SWORD of MY MOUTH IN...
'07 27 Piggy Bankers BROKEN
'08 25 Piggy Bankers BROKEN
'09 +23 Piggy Bankers BROKEN & counting.
Total 75 Kingly Crowns claimed by lil o SchitzoFrantic ME! Refer to Revelation 19:12
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Timman
9:20PM 9:20PM Apr 14th 2009
23 banks sounds like alot. During the depression there were over 3000 banks that failed with no FDIC insurance. If your bank went down, so did your money. I guess things aren't quite that bad.
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pravin404
2:20PM 2:20PM Apr 19th 2009
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 :
http://portalseven.com/Failed-Banks-2009
And on google map see where the banks are failing at :
http://portalseven.com/finance/Failed_Banks_Map_2009.jsp
Also layoff tracker at :
http://portalseven.com/finance/FinanceHome.jsp
Do check it.
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