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Bank Failure Friday ... the party rolls on =)

Submitted by 13 on Fri, 07/24/2009 - 18:33
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Looks like 7 so far this evening. that's 1 for every day of the week.

Dow ^9000 ..... its all good, nothing to see here. =P

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

Security Bank of Jones County
Security Bank of Houston County
Security Bank of Bibb County
Security Bank of North Metro
Security Bank of North Fulton
Security Bank of Gwinnett County
Waterford Village Bank

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Bump: $800+ million loses. The rest of the story.

Submitted by SteveMT on Fri, 07/24/2009 - 18:46.

The FDIC estimates that the cost to the deposit insurance fund from the failure of the six Security banks will be $807 million. For Waterford Village Bank, the cost to the fund is set at $5.6 million.

As the economy has soured -- with unemployment rising, home prices tumbling and loan defaults soaring -- 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.

http://finance.yahoo.com/news/Regulators-shut-6-Ga-banks-1-a...