Calamitous day sees banks, credit unions seized

I'm afraid that the pace of bank failures will continue to accelerate throughout the year. Even though only 20 banks have failed so far in 2009, I still expect at least 300 banks to fail by year end. There was a reason FDIC asked for $500 billion in a credit line from treasury.

Now more than ever know your insured deposit limits. Do not deposit more than the insured limit in ANY bank.-Lou

Basic FDIC Deposit Insurance Coverage Limits*

Single Accounts (owned by one person)
$250,000 per owner

Joint Accounts (two or more persons)
$250,000 per co-owner

IRAs and certain other retirement accounts
$250,000 per owner

Calamitous day sees banks, credit unions seized

Three banks, two corporate credit unions taken over by regulators in evening

SAN FRANCISCO (MarketWatch) -- The pace of the ongoing credit crisis quickened significantly Friday when regulators seized three banks and placed two large corporate credit unions into conservatorship, citing a need to "stabilize the corporate credit union system."

Banks in Colorado, Georgia and Kansas were closed by regulators, bringing the number of bank failures this year to 20, while the National Credit Union Administration Board seized corporate credit unions in California and Kansas that have a combined $57 billion in assets. Corporate credit unions are chartered to act as a sort of clearinghouse for the credit unions that serve consumers.

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