RateAPY

FDIC Takes Over Seven More Banks

Posted by: RateAPY Bank Rates News
December 21st, 2009

On Friday, December 17, 2009, the FDIC took over seven more failed banks, bringing the total of closed banks to 140 for the year. The seven banks included:

• RockBridge Commercial Bank in Atlanta, Georgia
• Citizens State Bank in New Baltimore, Michigan
• Peoples First Community Bank in Panama City, Florida
• New South Federal Savings Bank in Irondale, Alabama
• Independent Bankers’ Bank in Springfield, Illinois
• Imperial Capital Bank in La Jolla, California
• First Federal Bank of California in Santa Monica, California

The FDIC continues to be in solid financial shape and well able to handle the banking closures. FDIC Chairperson Sheila Bair has said repeatedly that the corporation has more than adequate reserves. Your checking account, savings account, money market account, and certificates of deposit are safely insured up to the current dollar limits. As the banking industry weeds through and closes down these unstable banks, the banking industry heals and becomes stronger.