FDIC Closes Three More Banks

We will now begin to see multiple bank closings on Friday nights. I expect the pace to increase greatly over the coming months. Please make sure you are within FDIC insurance limits, generally $250,000 per person, $500,000 joint.-Lou

Utah's MagnetBank closed without an acquirer
FDIC shuts down three banks in one day amid ongoing credit crisis

(MarketWatch) -- Federal regulators closed three banks in a single day Friday, as the ongoing credit crisis showed no signs of abating.

Utah's MagnetBank became the fourth bank failure of the year, and the Federal Deposit Insurance Corp. was forced to directly refund depositors after being unable to find another institution willing to take over its operations.

That marked the first time the FDIC has been unable to find an acquirer for a failed bank in nearly five years, according to FDIC spokesman David Barr. "This bank did not have an attractive franchise value, and not many retail deposits or core deposits," Barr said. The FDIC had conducted an extensive marketing process for the bank's assets, he said.

The FDIC later said it has also closed Maryland-based Suburban Federal Savings Bank, and Florida's Ocala National Bank.

Read Article Here:

http://www.marketwatch.com/news/story/Regulators-close-three-more-banks/story.aspx?guid=%7B882CF913%2D54E4%2D4C79%2DAABC%2DC5B1F4FD9745%7D