Five Banks from Five States Fail

Another week, another set of bank failures in the United States. Today, five more banks failed, which lifts the number of bank failures in 2009 to 69. Each of the five banks were in different states.

The five states that saw banks fail on Friday were Illinois, Oklahoma, Ohio, New Jersey and Florida.

In Illinois, Mutual Bank failed. The FDIC decided that United Central Bank will receive the deposits. United Central Bank, which is located in Texas, will reopen the 12 Mutual Bank branches.

First State Bank was the Oklahoma bank that bit the dust. Located in the city of Altus, their branches will reopen as Herring Bank branches. Herring Bank is headquartered in Texas.

In West Chester, a city in Ohio, Peoples Community Bank was closed. Its assets will reported by purchased by First National Bank, a bank also located in Ohio. All 19 branches are expected to changed over by Monday.

First BankAmericano saw its fix branches fail. Located in New Jersey, First BankAmericano will be taken over by Crown Bank, which is also located in New Jersey.

Integrity was the failed Florida bank. Its only branch will become a branch for Stonegate Bank, according to the FDIC.

By the end of 2009, many industry experts believe that the number of failed banks in the United States will help triple figures.

Five banks reached the end of the road (Image: Flickr)