Skip to comments.Four more banks bite the dust [FDIC Friday] [total cost is $1.1 billion]
Posted on 07/18/2009 12:46:12 PM PDT by rabscuttle385
Two in California, one in Georgia and one in South Dakota - these FDIC closures bring the total number of failed banks in 2009 to 57.
BY CATHERINE CLIFFORD
NEW YORK (CNNMoney.com) -- State regulators shut down four banks Friday, the Federal Deposit Insurance Corporation said.
The bank were: First Piedmont Bank, based in Winder, Ga.; BankFirst, based in Sioux Falls, S.D.; Temecula Valley Bank of Temecula, Calif.; and Vineyard Bank of Rancho Cucamonga, Calif.
Friday's actions bring the total number of closings for 2009 to 57.
. . . . .
Friday's failures will cost the FDIC fund nearly $1.1 billion, bringing the total cost for failed banks to $13.4 billion this year. That compares with $17.6 billion in all of 2008.
. . . . .
The number of bank failures so far in 2009 has more than doubled last year's total of 25.
(Excerpt) Read more at money.cnn.com ...
Does anyone know how much more of this the FDIC can take?
Just as an example Wells Fargo took Wachovia because the FDIC couldn't handle it. Chase took Washington Mutual because the FDIC couldn't handle it.
Did you notice that 2 banks failed in 2007, 25 failed in 2008 and I think it's 55 so far this year....
If this is true, times will be getting more exciting: FDICs Bair: Up to 500 more banks could fail
I think the printing press is implied.
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