Regulators shut First National Bank of Miss., failed bank tally reaches 79
The closed bank tally reached 79 for the year 2010 on Friday when regulators shut down First National Bank, based in Rosedale Mississippi. The Federal Insurance Corp. took over the First National bank with $60.4 million asset.
THE FAILED bank tally reached 79 for the year 2010 on Friday when regulators shut down First National Bank, based in Rosedale Mississippi. The Federal Insurance Corp. took over the First National bank with $60.4 million asset. The 2009 failure cost the insurance fund more than $30 billion. In 2008 25 banks collapsed. The number of banks on the FDIC's confidential "problem" list jumped to 775 in the first quarter from 702 three months earlier. Big banks have started shoeing the sign of good health in January-March quarter figure, but smaller banks are likely to continue to suffer in coming months. As per FDIC estimates the cost of resolving the failed banks will grow to about $100 billon over the next four years. Recovery bound U.S. market is facing another problem of Greek debt crisis and over all health of European financial market. After Greece the debt virus is showing sign of infection on Portugal and Spain economy. Recently Fitch down graded the Spain’s financial health, which had affected the major index badly. On the other hand recent federal announcement of criminal investigation in Gulf oil spill is affecting the sentiment of energy sector.
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