Saturday, February 14, 2009

4 More Banks Shut Down By FDIC

Friday the 13th was not a good day for banks, as regulators shuttered 4 more, after last week's 3, bringing the 2009 total to 13. This is already more than half of 2008's total closings of 25, when it took until September to get to a cumulative 13 shutterings. The closed banks were Pinnacle Bank of Beaverton, Oregon; Corn Belt Bank and Trust Company of Pittsfield, IL; Riverside Bank of the Gulf Coast, in Cape Coral, FL and Sherman County Bank, Loup City, NE.

The 4 closings will cost the Deposit Insurance Fund $341.6 million, according to the FDIC. As a reminder, the FDIC oversees 8,384 institutions with $13.6 trillion in assets. It is still unknown how much Perella Weinberg makes in fees for each successive closure.

A graphic representation of cumulative closures in 2008 and 2009 ytd is presented below.

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