Financial crisis still not over, 26 banks fail in 2010
The financial crisis is still far from over, with regulators stating that 26 banks have closed till date in this year. Four more US banks closed down this weekend: the Sun American Bank, Bank of Illinois, Waterfield Bank and Centennial bank.
AFTER FOUR more banks shut down in United States, its confirmed that the financial crisis, which came to the forefront in 2008, is still far from over. The four banks, which have raised the count of US bank failures to 26 this year, were from Florida, Maryland, Illinois and Utah.
The cost of closing down these four banks, which comes to $304.8 million will be paid by fund set up by the Federal Deposit Insurance Corporation.
Individually speaking, the Sun American Bank, which is the largest of the four, had assets worth $535.7 million and deposits of $443.5 million in its 12 branches. It will reopen on Monday, as First-Citizens Bank and Trust Co, which will undertake the bank's deposits and assets, as part of the deal offered by Federal Deposit Insurance Corporation.
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