Bank Failure Friday: 2 More Banks Go Under

After a one week respite, bank failure Friday returned with two more banks being seized by regulators. The big banks get bailout billions (too big to fail, you know) while the smaller ones are killed of by the FDIC.-Lou

2 more banks fail, lifting this year's tally to 23

NEW YORK (AP) - Federal regulators shut down two more banks Friday, raising the number of bank failures so far this year to 23.

The first bank was Cape Fear Bank in Wilmington, N.C., the first North Carolina bank to fail in nearly 16 years. The other bank was New Frontier Bank of Greeley, Colo., the second Colorado bank this year to collapse.
The Federal Deposit Insurance Corp. took over both banks Friday after their respective state regulators closed them down.

The FDIC did not tap a buyer for New Frontier Bank, and instead created the Deposit Insurance National Bank of Greeley. The FDIC named San Francisco-based Bank of the West to manage the entity, which will stay open for about 30 days to give New Frontier Bank's customers time to open accounts at other insured institutions.

New Frontier Bank has $2 billion in assets and $1.5 billion in deposits, $4 million of which potentially exceeded the insurance limits. Regular deposit accounts are insured up to $250,000.

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http://apnews.myway.com/article/20090411/D97FVGH00.html