29 Failed Banks In 2009 — So Far
The FDIC took over 4 more banks on Friday, bringing the total for 2009 to 29, compared to 25 for all of 2008. The banks were located in Idaho, Michigan, and Georgia, in addition to the now officially down and out First Bank of Beverly Hills.
The massive number of bank failures has brought the FDIC insurance fund to its lowest point in nearly a quarter century. As of the end of 2008, it had $18.9 billion, compared to $52.4 billion a year earlier.
The FDIC had 252 banks on its troubled bank watch list at the start of the year, up from 171 in September 2008.