3 more Banks Fail on Friday

Discussion in 'Economics' started by IanMacQuaide, Aug 29, 2009.

  1. http://bloomberg.com/apps/news?pid=20601087&sid=aSdMMGzkt1do

    Aug. 29 (Bloomberg) -- Regulators closed banks in California, Maryland and Minnesota yesterday, pushing U.S. bank failures to 84 this year amid continuing fallout from the worst economic crisis since the Great Depression.

    The Federal Deposit Insurance Corp. was named receiver for Affinity Bank of Ventura, California, Bradford Bank of Baltimore and Mainstreet Bank of Lake Forest, Minnesota, after yesterday’s closings, the FDIC said. Assets of $1.9 billion and deposits of $1.7 billion from the three banks were turned over to new lenders at a total cost of about $446 million to the FDIC’s deposit insurance fund, according to agency statements.

    And so it goes.