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 …read more

For the 37th time in 2009, the United States federal government has stepped in and shut down a bank. This latest bank closure occurred in the state of Illinois when the feds closed the Bank of Lincolnwood on Friday.
Within the last month, this is the third Illinois bank to be shut down. Compared to the other two, the Bank of Lincolnwood will cost the FDIC the least amount of money — an estimated $83 million. In total, the bank had assets of approximately $215 million and deposits of about $200 million.
The Bank of Lincolnwood branches will be changed over to …read more

The pace at which banks are failing in the United States continues to be quite scary. On Friday, the 35th and 36th banks of 2009 were seized by federal regulators. Both of the banks were in the state of Illinois. Yesterday’s bank failure was BankUnited in Florida.
The good news is that these two banks were relatively small. The FDIC will be out approximately $275 million following the failure of Citizen National Bank and Strategic Capital Bank. To compare, BankUnited reportedly will cost the FDIC nearly $5 billion.
According to multiple reports, Citizens National Bank branches will become Morton Community Bank branches, …read more

Security Savings Bank and Heritage Community Bank have been closed by regulators. Due to the bank failures, the Federal Deposit Insurance Corporation (FDIC) will have to shell out more than $100 million.
Security Savings Bank was located in the state of Nevada. Going into 2009, the bank had approximately $175 million in deposits and $240 million in assets. Heritage Community Bank was located in Illinois and had approximately $220 million in deposits and $230 in assets.
Those who are customers of these banks will still be able to access their money over the next few days. Payments on loans are still due …read more