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Seven banks fail; 3 in Puerto Rico: total assets $25.7B

An expensive day for the FDIC and us.


Banks closed in Puerto Rico, Mich., Mo., Wash.
Regulators shut down 7 banks in Puerto Rico, Mo., Mich., Wash.; brings total to 64 this year

Marcy Gordon, AP Business Writer, On Friday April 30, 2010, 9:29 pm

WASHINGTON (AP) -- Regulators have shut down three banks in Puerto Rico, two in Missouri and one each in Michigan and Washington, bringing the number of U.S. bank failures this year to 64.

The Federal Deposit Insurance Corp. took over the banks: Westernbank Puerto Rico, based in Mayaguez, with about $11.9 billion in assets; R-G Premier Bank of Puerto Rico, based in Hato Rey, with around $5.9 billion in assets; and San Juan-based Eurobank, with $2.5 billion in assets.

The FDIC also seized CF Bancorp, based in Port Huron, Mich., with about $1.6 billion in assets; Champion Bank, of Creve Coeur, Mo., with $187.3 million in assets; BC National Banks, of Butler, Mo., with $67.2 million in assets; and Frontier Bank, based in Everett, Wash.


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Rep. Luis Gutierrez has questions on PR Statehood

Why the Rush on the Puerto Rico Statehood Bill?
Something Doesn't Add Up

Freedom is not: doing everything you want to.
Freedom is: not having to do what you don't want to do.
~ Joyce Meyer

SteveMT's picture

The answer maybe the obvious one: They are bankrupt,.....

and they need a takeover bailout called statehood.

Iceland, Greece, and now Puerto Rico

That would make 51.

As the kingdom of Hawaii was never lawfully admitted but the New State of Columbia was. Now the IRS will have to relocate it's headquarters as it was forced out to the Puerto Rico territory under the thrust of the repeal of the Volstead Act in which it created itself without the consent of congress.

SteveMT's picture

63 bank failures now.

I hope that is all.

its just getting warmed up

its just getting warmed up steve.. wait till the second half of this year.

“Defiance of God’s Law will eventually bring havoc to a society.” - Dr. Ron Paul

SteveMT's picture

This was an expensive day for the FDIC,..

which is also bankrupt. We are on the hook for another $25B!