Four More Banks Fail on Friday
April 24, 2009 by Stephen Kersey
Filed under Business
The bank crisis continues with four more banks closing on Friday. In 2008, 25 U.S. banks failed for the entire year. However with Friday’s bank failures that number was surpassed for 2009, bringing this year’s total to 29. The four regional banks that failed on Friday include: First Bank of Idaho, American Southern Bank, Michigan Heritage Bank and First Bank of Beverly Hills. The four failures will cost the FDIC’s deposit insurance fund $698.4 million.
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First Bank of Idaho had deposits of $374 million and $488.9 million in assets. They were the first bank in the state of Idaho to fail in more than 20 years. U.S. Bank of Minneapolis acquired the bank’s deposits and will re-open its seven branches under the new name on Monday.
American Southern Bank is in Georgia. The state has had 10 bank failures (the most of any state) since the beginning of last year. The single office will reopen on Monday as a branch of Bank of North Georgia.
The three offices of the Michigan Heritage Bank will reopen on Monday as branches of Level One. The government will mail customers of First Bank of Beverly Hills (Calabasas, Calif.) checks on Monday for their insured funds.
If customers of any of the failed banks have questions, they can find out more information on the FDIC website’s Failed Bank List.
FDIC closed 4 banks today.
“Heritage Bank, Farmington Hills, MI” , “American Southern Bank, Kennesaw, GA” ,”First Bank of Beverly Hills, Calabasas, CA” and “First Bank of Idaho, Ketchum, ID”
Till now 29 banks have failed this year and 54 from 2008.
Check the list of all the failed banks at :
http://portalseven.com/Failed-Banks-2009
And on google map see where the banks are failing at :
http://portalseven.com/finance/Failed_Banks_Map_2009.jsp
Some statistics about the bank failures :
American Southern Bank:
# 26th bank to fail this year in USA
# First bank from Michigan to fail this year and 2nd since 2008
# Has $112.3 million in assets and $104.3 million in deposits
Heritage bank
# 27th bank to fail this year in USA
# 5th bank from Georgia to fail this year and 10th since 2008
# Has $184.6 million in assets and $151.7 million in deposits
# Maximum banks failed in Georgia since 2008
First Bank of Beverly Hills, Calabasas, CA
# 28th bank to fail this year in USA
# 4th bank from California to fail this year and 9th since 2008
# Has $1.5 billion in assets and $1.0 billion million in deposits
First Bank of Idaho, Ketchum, ID
# 29th bank to fail this year in USA
# 1st bank from Idaho to fail since 2008
# Has $374 million in assets and $488 million in deposits
Also layoff tracker at :
http://portalseven.com/finance/FinanceHome.jsp