Friday, July 3, 2009

FDIC Gets Busy: 7 Failures

Seven banks were shuttered yesterday, six of which were domiciled in Illinois. All of the banks were small, Founders Bank was the largest at just under $1 billion in assets. According to a Bloomberg news story, all six Illinois banks were controlled by the same family.

Poor decision making was not reserved to the money center banks or the greed of new banks. The FDIC will be busy for another year.

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