Regulators Close 3 Banks In Minnesota, Illinois, Utah

[Newsjock]

Source: Dow Jones Newswires

Three U.S. banks were shuttered on Friday night by state regulators, bringing the total number of bank failures this year to four, the Federal Deposit Insurance Corporation said.

Two small banks were closed in Illinois and Minnesota and sold to other lenders, but the FDIC was unable to secure a buyer for a third failed bank in Utah and instead created a bridge bank to give customers time to transfer their money elsewhere.

In Illinois, state regulators shut down Town Community Bank and Trust in Antioch.

... State regulators in Minnesota, meanwhile, closed St. Stephen State Bank, which is based in St. Stephens.

... Then in Utah, state regulators also closed down the Kaysville-based Barnes Banking Company. Unable to secure a buyer, the FDIC said it has created a bridge bank called the Deposit Insurance National Bank of Kaysville which will remain open until Feb. 12, 2010 so customers can transfer their accounts to other banks.

Read more: http://online.wsj.com/article/BT-CO-20100115-713771.html?mod=WSJ_latestheadlines

[winyanstaz]

1. Three banks in one day.....

and not a peep?
This is not good news.

[girl gone mad]

2. Bank failure Friday.

They were Too Small to Succeed.

[Raster]

4. Damn!

[Mithreal]

5. If the small banks would only learn. Investments in DC are the most rewarding.

[Narraback]

3. FDIC List of bank failures

Here is a list of bank failures fro the FDIC. 2009 was a rough year.


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