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, Founders Bank.

Combined, the FDIC estimates that these failed banks will cost slightly more than $314 million. On the year, the FDIC has had to pay out more than $12 billion due to bank failures.

In upcoming months, it is safe to expect at least a few failed banks each month from each corner of the country.

Banks are running out of money (Image: Flickr)

Post from: EveryJoe

Seven Banks Shut Down by Regulators