9 more U.S. banks fail; $2.5 billion hit for FDIC
 

Closed banks:

North Houston Bank, Houston, TX
Madisonville State Bank, Madisonville, TX
Citizens National Bank, Teague, TX
Park National Bank, Chicago, IL
Pacific National Bank, San Francisco, CA
California National Bank, Los Angeles, CA
San Diego National Bank, San Diego, CA
Community Bank of Lemont, Lemont, IL
Bank USA, NA, Phoenix, AZ


Sources:

http://www.marketwatch.com/story/9-m...ail-2009-10-30
http://money.cnn.com/2009/10/30/news...ion=2009103022
http://www.fdic.gov/

LA Bank was the 4th largest failure in US history.


.

:disgust

Some experts say to expect at least 100 more within the next 12 months. A few have even said it could be up to 1000.

Bad, bad news.

Put your money under your pillow.

why are there so many different banks in the states? in canada we have like 4-5.

While this isn't good, it isn't as bad as during the 80's when every year they averaged around 100 bank failures and from 1989-1992 there were an average of 500 bank failures per year.

The FDIC was created to take hits like this. If they weren't there those banks would fail and the people that had money deposited in them would just lose that money.

You don't have local, regional, and state/province banks?

We also have a lot more people.

Looks like there are more like 80 or so different banks in canada

http://en.wikipedia.org/wiki/List_of...ions_in_Canada

It IS good.. people will have to go some place. New banks will pop up that ACTUALLY WORK not run by people who can't adapt. This is the chance of a lifetime so many opportunities will be coming

There's alot. I use to send wires all over canada to little podunk banks all the time

DAMN! :helpme

About a year ago I had some sales guy all over me to switch to California national bank. I kept telling him no way I was leaving BofA because they are pretty huge and fearful of the bank closing.

All this shit is so wrong it's not even funny. All thats going on here is the too big to fail are getting bigger. Here's how they are "saving" the economy. We gave them shitloads of tax payer money to recapitalize their banks. They don;t lend to us or these other smaller banks. The FDIC goes broke shutting the smaller banks down paying off all the bad assets making them nice and clean institutions and hands them off to the bigger banks to increase their capital. Now if that isn't enough. The big banks are now lending likely tax payer money to the FDIC because they are broke so they can close more smaller banks down so they can then snatch them up for pennies on the dollar plus make interest on the whole deal to boot.

:mad::mad: