Three More FDIC Bank Closings

Oct 5, 2009

On Friday evening, the FDIC reported that it has taken over an additional three banks (Southern Colorado National Bank, Jennings State Bank, and Warren Bank) for a cost to the FDIC of around $293 million. This brings the total number of failed banks since the beginning of 2008 to 114. Total deposits of all failed banks now equal $87.67 billion for 2009 and over $322 billion since the beginning of 2008, all at an estimated cost to the FDIC of over $48 billion. Visit Stimulus.org for more details and a full list of FDIC bank closings.

  Total Deposits Cost to the FDIC
Southern Colorado National Bank $31,900,000 $6,600,000
Jennings State Bank $52,400,000 $11,700,000
Warren Bank $501,000,000 $275,000,000