U.S. Now Has 94 Bank Failures in 2009
September 18, 2009 by Stephen Kersey
Filed under Business
Two more banks failed in the United States on Friday — pushing the yearly total of bank failures to 94. Friday’s failed banks were located in the states of Kentucky and Indiana.
Kentucky’s failed bank was the Louisville-based Irwin Bank FSB, while Indiana’s failed bank was the Columbus-based Irwin Union Bank and Trust Co.
Both of the failed banks will be assumed by Ohio’s First Financial Bank after reaching an agreement with the Federal Deposit Insurance Corp.
Irwin Bank FSB and Irwin Union Bank and Trust Co. had more than two dozen branches. Each of the branches will be reopened as Frist Financial Bank branches on Saturday.
Irwin Bank FSB had nearly $500 million in assets, while Irwin Union Bank and Trust had more than $2.5 billion in assets.
Currently, the FDIC is thought to have less than $10 billion. That is the lowest amount in that insurance fund in more than 15 years. And the bad news is just beginning. Between now and the start of 2014, at least 200 more banks are expected to fail.
