Banks 35 and 26 Shut Down in 2009
May 23, 2009 by Stephen Kersey
Filed under Business
The pace at which banks are failing in the United States continues to be quite scary. On Friday, the 35th and 36th banks of 2009 were seized by federal regulators. Both of the banks were in the state of Illinois. Yesterday’s bank failure was BankUnited in Florida.
The good news is that these two banks were relatively small. The FDIC will be out approximately $275 million following the failure of Citizen National Bank and Strategic Capital Bank. To compare, BankUnited reportedly will cost the FDIC nearly $5 billion.
According to multiple reports, Citizens National Bank branches will become Morton Community Bank branches, while Strategic Capital Bank branches will become Midland States Bank branches.
The FDIC, which gives as much as $250,000 insurance on deposit accounts, recently said it expects the bank closures over the next five years to come at a cost of more than $64 billion.
How many banks will run out of money in 2009? (Image: Flickr)
