One More FDIC Bank Closing

Sep 19, 2009

On Friday evening, the FDIC reported that it has taken over an additional bank (Irwin Union Bank and Trust Company) for a cost to the FDIC of around $850 million. This brings the total number of failed banks since the beginning of 2008 to 110. Total deposits of all failed banks now equal $85.08 billion for 2009 and over $318 billion since the beginning of 2008, all at an estimated cost to the FDIC of $47.08 billion. Visit Stimulus.org for more details and a full list of FDIC bank closings.

 Total DepositsCost to the FDIC
Irwin Union Bank and Trust Company$2,100,000,000$850,000,000