Feds Shut Down Two Additional Banks

United States bank regulators closed two banks on Friday. In 2009, a total of 25 banks of been closed down by the federal government. In 2008, 25 banks were shut down over the course of the entire year.

Two Additional Banks Fail (Image: Flickr)

The banks that were closed by the feds on Friday were American Sterling Bank and Great Basin Bank. American Sterling Bank was located in Sugar Creek, Missouri, while Great Basin Bank was located in Elko, Nevada.

At both banks, FDIC protection will kick in. Customers are encouraged to use checks and debit and ATM cards as usual. American Sterling Bank customers will see their accounts taken over by Metcalf Bank, while Great Basin Bank customers will become Nevada State Bank customers.

Coming into 2009, the FDIC had identified more than 250 banks as troubled institutions that could possibly fail. Experts in the industry believe that many more banks will end up being shut down between now and 2013.