Another Friday, another 3 banks fail

It’s called “FDIC Friday” for a reason – the FDIC seized three more banks on February 6th, bring the total to nine for the year.  There have only been 6 Friday’s so far in 2009.  6 weeks, 9 failed banks.

Here’s a CNN story with details of the failures.

The failed banks are FirstBank Financial Services based in McDonough, GA.; Alliance Bank of Culver City, CA.; and County Bank of Merced,CA.  The total cost to the FDIC (you and me) will be about $452 million.

At least the FDIC let them fail and didn’t waste billions on bailing the out.

gk

Share
%d bloggers like this: