FDIC shutters four banks in one day

The number of Friday night bank failures is beginning to accelerate. Already 13 banks have failed in 2009. I expect over 300 banks to fail this year.-Lou

FDIC shutters four banks in one day

Oregon, Nebraska, Florida, Illinois bank failures bring year's total to 13

By John Letzing, MarketWatch

SAN FRANCISCO (MarketWatch) -- Loup City, Neb.-based Sherman County Bank, Cape Coral, Fla.-based Riverside Bank of the Gulf Coast, Pittsfield, Ill.-based Corn Belt Bank and Trust Company, and Beaverton, Ore.-based Pinnacle Bank were closed by regulators Friday, bringing the number of U.S. bank failures for 2009 to 13 and 38 total since the start of the credit crisis, the Federal Deposit Insurance Corp. said.

Nebraska has not seen a bank failure since 1990, according to the FDIC. However, Riverside Bank follows Fla.-based Ocala National Bank, which failed on Jan. 30. Prior to Corn Belt Bank, the last Illinois bank to fail was National Bank of Commerce on Jan. 16.

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