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  • ben.franklin36 ben.franklin36 Apr 20, 2009 12:54 AM Flag

    "Failed Bank Tally Already Matches '08"

    "NEW YORK (April 18) - Regulators on Friday shut down two more banks, boosting the number of failures this year to as many as in all of last year.
    The tally of 25 bank failures this year all but guarantees the number that fall into the arms of regulators will surpass what was seen in 2008. Two of the nation's largest savings and loans failed in 2008: Washington Mutual Inc. and IndyMac Bank. Last year's total was more than in the previous five years combined and up from only three failures in 2007.
    The latest banks seized were American Sterling Bank in Missouri and Great Basin Bank of Nevada."

    ...and the Beat Goes On.....and the Beat Goes on....

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    • "The list of bank failures is growing as falling home prices and rising unemployment cause more individuals and businesses to default on their debt.
      The failures have sapped billions from the deposit insurance fund. It now stands at its lowest level in nearly a quarter-century, $18.9 billion as of Dec. 31, compared with $52.4 billion at the end of 2007.
      The FDIC expects that bank failures will cost the insurance fund around $65 billion through 2013.
      The nation's banks and thrifts lost $32.1 billion in the final quarter of last year, the biggest loss in 25 years of FDIC records. It compared with a $575 million profit in the fourth quarter of 2007.
      The FDIC had 252 banks and thrifts on its list of troubled institutions at the end of 2008, up from 171 in the third quarter."


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