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 …read more

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 …read more

Five banks were shut down by federal regulators on Friday. Those five failed banks were located in four states — Illinois, Arizona, Iowa and Missouri. So far in 2009, the number of failed banks stands at 89.
Illinois was home to two of the failed banks — InBank, based in Oak Forest and Platinum Community Bank, based in Rolling Meadows. Arizona’s failed bank was First State Bank, based in Flagstaff. Vantus Bank, based in Sioux City, was the Iowa failed bank, while First Bank of Kansas City was Missouri’s failed bank.
Those with accounts in InBank will see their accounts assumed by …read more

Another week, another set a failed banks. However, this time there was a big fish in the net. Colonial BancGroup, which had assets of approximately $25 billion, was shut down by federal regulators on Friday — the biggest bank failure in the United States in 2009.
Colonial BancGroup was sold to BB&T, a bank based in North Carolina. All of Colonial BancGroup’s 346 branches will open as BB&T branches on Saturday. Colonial BancGroup had branches in a number of states including Texas, Nevada, Georgia and Florida.
Four other banks were shut down by federal regulators on Friday: Community Bank of Arizona, Community …read more

Heading into Thursday, a total of 45 banks had been shut down in 2009 by federal regulators. On Thursday, seven more banks failed — pushing the total on the year up to 52.
Six of the seven banks that failed were in the state of Illinois. The other bank was in Texas.
The failed bank in Texas was Millennium State Bank out of Dallas. The lone branch will be turned into a State Bank of Texas branch.
The five banks out of Illinois were John Warner Bank, First State Bank of Winchester, Rock River Bank, Elizabeth State Bank, First National Bank of Danville, …read more

For 2009, the number of failed banks jumped from 40 to 45 in one day on Friday. And according to many banking experts, many more banks will be shut down by the federal government before 2009 is in the books.
The five banks that were shut down are in the states of Georgia, California and Minnesota. Georgia and California both had two banks shut down.
The two in Georgia were Neighborhood Community Bank in the city of Newnan and Bank of West Georgia in the city of Villa Rica. The two in California were Irvine’s MetroPacific Bank and Los Angeles’ Mirae Bank. …read more

United States bank regulators closed two banks on Friday. In 2009, a total of 25 banks of been closed down by the federal government. In 2008, 25 banks were shut down over the course of the entire year.
The banks that were closed by the feds on Friday were American Sterling Bank and Great Basin Bank. American Sterling Bank was located in Sugar Creek, Missouri, while Great Basin Bank was located in Elko, Nevada.
At both banks, FDIC protection will kick in. Customers are encouraged to use checks and debit and ATM cards as usual. American Sterling Bank customers will see their …read more