Four More Banks Fail on Friday

Stephen Kersey — Sat, 25 Apr 2009 03:14:01 +0000

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.

Image: sxc.hu

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.

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Four More Banks Fail on Friday

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Four More Banks Fail on Friday