Three More Bank Failures, 98 in 2009
October 2, 2009 by Stephen Kersey
Filed under Business
With three more bank failures on Friday, there have now been 98 bank failures in 2009. The three banks that were shut down by the feds were in the states of Michigan, Minnesota and Colorado.
By far the biggest bank shut down on Friday was Michigan’s Warren Bank. Based in the city of Warren, the bank had nearly $540 million in assets. Warren Bank will be assumed by the Huntington National Bank and all six branches will be reopened on Saturday.
In Spring Grove, Minnesota, Jennings State Bank was shut down. Central Bank, based in Stillwater, Minnesota, will assume Jennings State Bank.
Colorado’s failed bank was Southern Colorado National Bank. Based in the city of Pueblo, the bank had about $40 million in assets. Legacy Bank, based in Wiley, Colorado, will assume Southern Colorado National Bank.
All in all, the three failed banks are estimated to cost the FDIC a total of almost $295 million.
FDIC (Image: Flickr)
