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Failed banks in the USA number over 90

Louisville : KY : USA | 2 months ago  
Views: 97

Two more banks in the USA have been shut down by the federal regulator bringing the total number of failed banks to 94.

The Federal Deposit Insurance Corporation (FDIC) which monitors the banking sector has closed down Irwin Union Bank & Trust and Irwin Union Bank. This is because their parent company was unable to fulfill the FDIC's demands to increase its capital. The failure of these two banks is likely to cost in the region of $800-850m. This will come from the FDIC's insurance fund whose reserves have gone from $45 billion to just over $10 bn due to the amount of failures that have taken place. Despite the worries that the FDIC reserves will run dry, they have assured analysts that they have over $40 bn, enough to cover any more failures over the next year or so.

First Financial Bank, Irwin Union Bank & Trust and Irwin Union Bank's rival will take over their accounts.

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News Stories
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  • News Source: Zee News | 2 months ago
    US bank collapse toll reaches 94 so far in 2009 Updated on Monday, September 21, 2009, 20:20 IST New York: Two more US banks went belly up last week, pushing total failures to a whopping 94 entities so far this year in the country, even as the...
  • News Source: South Bend Tribune | 2 months ago
    Federal and state regulators took over the Irwin Union Bank and Trust in Columbia, Ind., according to a press release from the Federal Deposit Insurance Corp...Irwin Union Bank and Trust also operated local banks in Michigan, Utah and Nevada,...
  • News Source: Uinta County News | 2 months ago
    Teachers Credit Union announced that they have selected the Qtrade Financial Group as their new partner for comprehensive wealth management services, including securities dealer, mutual fund dealer, investment and insurance services. "After an...
  • News Source: The Noblesville Ledger | 2 months ago
    First Financial Bank said it will release additional details today about its takeover of a longtime Columbus financial institution that became the first Indiana bank to fail in the current recession. A financial cornerstone in Columbus for 138 years...
  • News Source: The Noblesville Ledger | 2 months ago
    Meanwhile, the Columbus financial holding company disclosed it has filed for bankruptcy liquidation. Irwin's stock, under the ticker symbol IFC, traded as high as $25 a share in 2001 as the company bet on making money off subprime mortgages and home...
  • News Source: BBC | 2 months ago
    This will come from the regulator's banking failure insurance fund, which has fallen this year from $45bn to £10.4bn, due to the number of banks that have failed...The accounts held by Kentucky-based Irwin Union Bank and Indiana-based Irwin Union...
Blogs
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  • Blog Source: infidelsparadise.com
    The FDIC, which has insured bank deposits since the Great Depression, currently covers customer accounts up to $250000. Irwin Union Bank and Trust Company and Irwin Union Bank, F.S.B. operated a combined 27 branches in nine U.S. states. ...
  • Blog Source: revolutionradio.org
    First Financial Bank entered into a loss-share agreement with the FDIC on about $2.5 billion of $3.2 billion of assets, the agency said. The company said the acquisition of Irwin Union will expand its Indiana branch network to 49 ...
  • Blog Source: www.sfexaminer.com
    based Irwin Union Bank FSB and Columbus, Ind.-based Irwin Union Bank and Trust Co. As of Aug. 31, Irwin Bank FSB had $493 million in assets and $441 million in deposits, while Irwin Union Bank and Trust had $2.7 billion in assets and $2.1 ... The
  • Blog Source: bankdeals.blogspot.com
    The two banking subsidiaries of Irwin Financial Corporation were closed today by regulators. Both of the subsidiaries had separate FDIC charters so this technically counts as two failed banks which brings the total number of failed banks this year ...
  • Blog Source: www.calculatedriskblog.com
    Federal and state regulators today closed Irwin Union Bank, F.S.B., Louisville, Kentucky, and Irwin Union Bank and Trust Company, Columbus, Indiana, respectively. The institutions are banking subsidiaries of Irwin Financial Corporation, ...
  • Blog Source: compliancex.typepad.com
    Irwin Union Bank and Trust Co. had $2.7 billion in assets and $2.1 billion in deposits as of Aug. 31, the FDIC said. Irwin Union Bank F.S.B. had $493 million in assets and $441 million in deposits as of Aug. 31. ...
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Posted By InspectorGadget InspectorGadget | 2 months ago
It's terrible. This itself is an indication of how bad the economy is. These small banks must feel like it's unfair because the big banks get bailed out. They have nothing to fall back on. Hopefully there aren't any more failures.
Posted By FireofthenorthUK FireofthenorthUK | 2 months ago
I know. It seems the big banks can kick up a much bigger stink and get the government's attention whilst the smaller banks (I think it is the same with big and small business), have to either merge or die and most of them seem to be doing the latter. Let us hope it stops soon.
Reported by FireofthenorthUK

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