Same story as last Friday. A few more banks were taken over by the FDIC today. Every Friday without fail, we have banks literally becoming insolvent. I think the government has actually slowed down the process with moratoriums and other schemes. Unfortunately, long term that will make the problem worse.
The year to date bank closure tally is up to 149 banks as of 11.19..2010.
MarketWatch
Three banks based in Wisconsin, Pennsylvania and Florida are closing up shop and going into receivership, the Federal Deposit Insurance Corp. announced late Friday, bringing the total number of bank failures to 149 since the start of the year.
Regulators closed First Banking Center of Burlington, Wis., on Friday. It had $664.8 million in total deposits as of Sept. 30, the FDIC said. The bank’s failure will cost the federal deposit-insurance fund an estimated $142.6 million.
Allegiance Bank of North America of Bala Cynwyd, Penn., also closed. As of Sept. 30, it had $92 million in total deposits, according to the FDIC. Its failure will cost the federal deposit-insurance fund an estimated $14.2 million.
On Friday, regulators also closed Gulf State Community Bank of Carrabelle, Fla. The bank had about $112.2 million in total deposits, the FDIC said. Its failure will cost the federal deposit-insurance fund an estimated $42.7 million.
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Jennifer Love Hewitt
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