FDIC announces 99th bank failure

Source: CNN Money .com

Regulators close San Joaquin Bank, raising the national tally to 99 for the year. The closure will cost the FDIC $103 million.

There are about 8,000 banks in the nation, and an average of 10 banks have failed per month this year, nearly four times the number that failed in 2008. This is the highest tally since 1992, when 181 banks failed.

Though 2009's count is still far from 1989's record high of 534 bank closures which took place during the savings and loan crisis, the FDIC revealed there are now 416 banks at risk of failing -- the highest level in 15 years.

This year's failures have reduced the FDIC's insurance fund to $10.4 billion from $45 billion a year ago.

Read more: http://money.cnn.com/2009/10/16/news/economy/bank_failure/?postversion=2009101622

:sarcasm: :sarcasm: :sarcasm: :sarcasm:

Well, tomorrow will be another day.

the 100th-bank effect.bye bye miss american pie in the sky.

the bank of me. It closed a long time ago. No allowances for the kids either :P

The banking industry is more heavily consolidated these days. It would be better to compare total payouts from the FDIC.

is a GRAND CLOSING ceremony complete with searchlights criss-crossing the sky, a local high school or college band, truckloads of bank and political people and a huge silk ribbon INSIDE the doors of the bank making 100.

Blue chip stamps anyone?