FDIC Thursday: Seven More Banks Fail
July 3rd, 2009I guess it’s FDIC Thursday this week because of the holiday weekend.
Via: CNN:
Regulators close six Illinois banks and one Texas bank setting the FDIC back a total of $314.3 million.
Seven banks were shut down by authorities Thursday, pushing the tally of failed banks for 2009 to 52, more than doubling the failures in 2008.
Six regional banks in Illinois and one in Texas closed their doors, according to the Federal Deposit Insurance Corporation.
Twelve banks in Illinois have failed this year. Thursday’s failure in Texas was the first for the state in 2009.
Last year, 25 banks failed in the United States.
Local banks have been hard hit as plummeting home values devalued mortgage-backed assets and rising unemployment rates caused an increasing number of consumers to default on their loans.
Larger financial institutions have been helped with government bailouts, but smaller regional banks continue to struggle.
