Number of failed US banks hits 94

[dipsydoodle]

Source: BBC News

Another two US banks have been closed by the federal regulator, taking the total number of American banking failures this year to 94.

The Federal Deposit Insurance Corporation (FDIC), which controls the banking sector, has shut Irwin Union Bank & Trust and Irwin Union Bank.

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The failure of the two banks is likely to cost the FDIC $850m (£522m).

This will come from the regulator's banking failure insurance fund, which has fallen this year from $45bn to $10.4bn, due to the number of banks that have failed.

Read more: http://news.bbc.co.uk/1/hi/business/8265264.stm

[SpiralHawk]

1. "Shock & Awe Repuliconomics. Smirk." - xCommander AWOL (R)

[Mudoria]

2. Not good but a drop in the bucket compared the Savings and Loans crisis in the '80's

[cosmicdot]

3. How many does this make since August 2007?

163?

[happyslug]

4. Check the failed bank list of the FDIC

Yes two more failed on Friday. The FDIC closes banks on a Friday so two days go by before the affect can hit the stock market (The FDIC claims it needs the two days to redo the books, but the real reason is to minimize the affect on Wall Street).

FDIC Failed bank list:
http://www.fdic.gov/bank/individual/failed/banklist.html