Bank failure Friday's will become a weekly event this year. I expect as many as 300 banks to fail in 2009. The FDIC will shut mostly small to mid size banks since the big ones like Bank of America and Citigroup are considered too big to fail. The small banks do not have good old boy friends in Washington to come to their rescue like the big boys. The FDIC may run out of money by June and need a huge cash infusion from the feds.-Lou
FDIC, regulators shut down two banks
By John Letzing, MarketWatch
SAN FRANCISCO (MarketWatch) - The Federal Deposit Insurance Corporation and state regulators on Friday shut down banks in Illinois and Washington - the first bank failures of the year and the 26th and 27th since the start of the current credit crisis.
SAN FRANCISCO (MarketWatch) - The Federal Deposit Insurance Corporation and state regulators on Friday shut down banks in Illinois and Washington - the first bank failures of the year and the 26th and 27th since the start of the current credit crisis.
Berkeley, Ill.-based National Bank of Commerce was shut down and he FDIC said Republic Bank of Chicago will assume all of National Bank of Commerce's deposits. The two locations of National Bank of Commerce will reopen Saturday as branches of Republic Bank, the FDIC said.
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