Skip to comments.U.S. FDIC shuts down 7 banks, 2010 total now 37
Posted on 03/19/2010 4:57:29 PM PDT by Cheap_Hessian
WASHINGTON, March 19 (Reuters) - Regulators seized seven more U.S. banks on Friday, as high unemployment and troubled loan portfolios continue to weigh on the sector.
The seven failures, which are estimated to cost the government's deposit insurance fund more than $1 billion, bring the 2010 tally to 37 failed institutions. Last year, 140 banks failed. At this week's frantic pace, 365 banks would be shut down by the end of the year.
The Federal Deposit Insurance Corp said Advanta Bank Corp of Draper, Utah; Appalachian Community Bank of Ellijay, Georgia; Bank of Hiawassee, Hiawasee, Georgia; First Lowndes Bank of Fort Deposit, Alabama; Century Security Bank of Duluth, Georgia; American National Bank of Parma, Ohio; and State Bank of Aurora in Aurora, Minnesota were closed.
Advanta, at $1.6 billion in total assets and $1.5 billion in total deposits, was the largest of the seven, though the FDIC was unable to find a buyer.
The regulator said checks for insured funds would be mailed to account holders on Monday. The FDIC said the banks had about $247,000 in uninsured deposits, though it cautioned that figure was likely to change.
(Excerpt) Read more at reuters.com ...
With the government shutting down banks all the time, where are they gonna cash it?
They actually got one of mine (that is, one where I had an account) last week. It was relatively uneventful, at least superficially, but very thought provoking nonetheless.
This might win the Yogi Berra Award.
Nobody goes to that bank anymore. The lines are too long. /rimshot/
Keep wondering how banks in California keep avoiding the sting of regulators...
My tag line applies to the bankers and their “regulators”.
Bank holding company for the Advanta Credit Card? Went big time into subprime and small business credit cards. I wa surprised it was still around.
Considerably less bank for your buck, especially when hyperinflation hits.
Our government spent billions in borrowed dollars to keep the banking system from collapsing, and it’s still failing. And these same idiots want us to trust them with our health care.
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