Bank Closures in the U.S. Total 143 So Far in 2010
- Submitted by: manso
- International
- 11 / 08 / 2010
The number of bank closures in the United States reached 143 so far this year after the Federal Deposit Insurance Corp. closed for more on Friday. The figure moves past the 2009 total of 140.
The banks closed were the Randallstown of Maryland, the Pierce Commercial Bank of Tacoma, Washington; the Western Commercial Bank in Woodland Hills, California, and the First Vietnamese American Bank in Westminster, California.
The four failures were expected to cost the FDIC's deposit insurance fund an estimated total of $254.5 million.
FDIC Chairman Sheila Bair said that while the number of failures was expected to exceed the 2009 tally, the total assets of this year's failures will probably be lower.
In 2009 the total amount of assets held by failed banks was $169.7 billion and so far in 2010 the total is $89.3 billion, according to the FDIC.
Source: PL
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