Bank Failures Pass 200 Mark
On Friday evening, the FDIC reported that it has taken over an additional seven banks (State Bank of Aurora, First Lowndes Bank, Bank of Hiawassee, Appalachian Community Bank, Advanta Bank Corp, Century Security Bank, American National Bank) for a cost to the FDIC of about $1.3 billion.
This brings the total number of failed banks since the beginning of 2008 to 203. Total deposits of all failed banks now equal $18 billion for 2010 and $389 billion since the beginning of 2008, all at an estimated cost to the FDIC of $64.4 billion. Visit Stimulus.org for more details and a full list of FDIC bank closings.
|Total Deposits||Cost to the FDIC|
|State Bank of Aurora||$27,800,000||$4,200,000|
|First Lowndes Bank||$131,100,000||$38,300,000|
|Bank of Hiawassee||$339,600,000||$137,700,000|
|Appalachian Community Bank||$917,600,000||$419,300,000|
|Advanta Bank Corp||$1,500,000,000||$635,600,000|
|Century Security Bank||$94,000,000||$29,900,000|
|American National Bank||$66,800,000||$17,100,000|