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Seven banks fail, pushing 2009 tally to 52
Catherine Clifford
CNN Money
Friday, July 3, 2009
NEW YORK (CNNMoney.com) — Seven banks were shut down by authorities Thursday, pushing the tally of failed banks for 2009 to 52, more than doubling the failures in 2008.
Six regional banks in Illinois and one in Texas closed their doors, according to the Federal Deposit Insurance Corporation.
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The rash of Illinois failures are interlinked: All six banks were controlled by one family and followed a similar business model that “created concentrated exposure in each institution,” according to the FDIC.
The agency said that the six failures stemmed from the banks’ investments in collateralized debt obligations and other loan losses.
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4 Responses to “Seven banks fail, pushing 2009 tally to 52”
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July 3rd, 2009 at 5:18 am
Like dominos, they banks are collapsing…
The bank holiday is coming in what, September?
Just a matter of time before the USA declares it’s bankruptcy on the world stage.
July 3rd, 2009 at 9:39 pm
how do we know there is a bank holiday in sept?
July 4th, 2009 at 2:17 pm
It is realy hard to find a good home loan. I found your blog on google and read a few of your other posts. I just added you to my Google News Reader. Keep up the good work. Look forward to reading more from you in the future. Thanks!
July 16th, 2009 at 3:51 pm
Today it’s not enough to have only one computer, I need at least a couple of them