Regulators Shut Down Banks In Five States

WASHINGTON -- The Federal Deposit Insurance Corp. has moved another five banks into receivership.

The 69 bank failures nationwide this year compare with 25 last year and three in 2007.

As the economy has soured, bank failures have cascaded and sapped billions out of the deposit insurance fund.

It now stands at its lowest level since 1993, $13 billion as of the first quarter.

The agency on Friday shut down Integrity Bank of Jupiter, Fla., First BankAmericano, based in Elizabeth, N.J., Peoples Community Bank, West Chester, Ohio, First State Bank of Altus, in Altus, Okla. and Mutual Bank of Harvey, Ill.

Mutual Bank was the largest of the five.

The FDIC expects U.S. bank failures to cost the insurance fund around $70 billion through 2013.

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  • by MrT Location: LaNC on Aug 1, 2009 at 03:57 PM
    WITN moderator, just what rule did my comment on this story break?Why was it not posted?
  • by Tim Location: MHC on Aug 1, 2009 at 03:17 PM
    So let me get this straight: The big banks get trillions of our money so they can pay out huge bonuses and the small banks get eaten alive by the FDIC? This is a planned destruction of our economy and banking system. Watch out; look for a bank "holiday" this September, just like the last depression. Do not get the swine flu shot whatever you do!

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