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

The United States federal government has received $353 million from five banks. The money is repayment for bailout handouts that were given to banks throughout the country to keep the nation’s economy afloat. On top of that money, the five banks gave the feds dividends amounting to almost $6 million.
The main motivation for banks to repay the federal government is due to the fact that the feds are now taking a closer look at companies that received bailout money and are instituting harsher restrictions on how that money can be spent. A big reason for the tougher stance by the …read more