It wouldn't seem like the weekend without 'em.
http://www.marketwatch.com/news/story/Four-banks-shuttered-credit-crunch/story.aspx?guid=%7B982438DE%2D54E6%2D4F2E%2D84FF%2DFA3F1556A589%7DSAN FRANCISCO (MarketWatch) -- Four banks in Georgia, Michigan, California and Idaho were closed by regulators Friday, costing the Federal Deposit Insurance Corp.'s deposit insurance fund nearly $700 million as the effects of the credit crisis continued rippling throughout the U.S. economy.
Kennesaw, Ga.-based American Southern Bank marked the 26th bank failure of the year and the fifth in the state of Georgia, the FDIC said. Farmington Hills, Mich.-based Michigan Heritage Bank then became the 27th failure of 2009, followed by the closure of Calabasas, Ca.-based First Bank of Beverly Hills
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The failure of First Bank of Beverly Hills is also only the latest in a string of California bank closures. The FDIC said it marks the fourth failure in that state this year, with County Bank, of Merced, being the most recent California closure, on Feb. 6.
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Michigan Heritage Bank is the first in that state to be closed this year. The bank had $184.6 million in total assets as of Dec. 31, and $151.7 million in deposits, according to the FDIC
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Ketchum, Idaho-based First Bank of Idaho also became the first bank closure for that state this year, and the 29th in the U.S. this year- it was the first failure in Idaho since 1988, the FDIC said.