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FDIC closes 7 more banks brings total to 140 includes 80 year old bank First Federal Bank of California

FDIC closes 7 more banks brings total to 140 for this year. The bank closings include:

 

First Federal Bank of California

Bank's failure is expected to cost the FDIC $146 million

 

Imperial Capital Bank

 Estimated to cost the FDIC $619 million.

 

Independent Bankers' Bank

The closure is expected to cost the FDIC an estimated $68 million

 

New South Federal Savings Bank

The Alabama bank's failure is expected to cost the FDIC $212 million

 

Citizens State Bank in New Baltimore, Michigan

The failure will cost the FDIC an estimated $76 million

 

RockBridge Commercial Bank in Atlanta, Georgia

 expected to cost the FDIC $124 million.

 

In Panama City,FL  Peoples First Community Bank was shut down

The closure will cost the FDIC an estimated $556.7 million

 

The FDIC is raising its 2010 budget by a 55 percent and adding staff in order to deal with another round of excessive bank failures next year.

 

http://www.fdic.gov/bank/individual/failed/banklist.html

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Comment balloon 4 commentsBrandon Jordan • December 26 2009 02:22PM

Comments

Let's hope the closings slow down next year!  The FDIC doesn't have an unlimited supply of money to guarantee the deposits. 

Posted by Suzy Morris (The Morris Team) over 9 years ago

Wow hopefully it will slow down. Thanks for sharing the link with the complete list.

Posted by Julie A. Black, CLHMS, CRS, GRI, Realtor, Broker (KAUAI DREAMS REALTY Kauai Real Property Specialist) over 9 years ago

wow...

Posted by Andrew Monaghan, CRS, GRI, EPro Associate Broker (The Monaghan Group) over 9 years ago

So far 16 banks have failed in 2010.

Posted by Tony Anderson, Realtor - Serving Habersham Banks, White & Hall Co (Century 21 Community Realty) over 9 years ago

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