Four More Banks Fail on Friday

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.
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 …read more