Seven More FDIC Bank Closings

On December 18, the FDIC reported that it has taken over an additional seven banks (First Federal Bank of California, Imperial Capital Bank, Independent Bankers' Bank, New South Federal Savings Bank, Citizens State Bank, Peoples First Community Bank, RockBridge Commercial Bank) for a cost to the FDIC of about $1.8 billion. This brings the total number of failed banks in 2009 to 140. Total deposits of all failed banks now equal $137 billion for 2009 and $371 billion since the beginning of 2008, all at an estimated cost to the FDIC of about $58 billion. Visit for more details and a full list of FDIC bank closings.

  Total Deposits Cost to the FDIC
First Federal Bank of California $4,500,000,000 $146,300,000
Imperial Capital Bank $2,800,000,000 $619,200,000
Independent Bankers' Bank $511,500,000 $68,400,000
New South Federal Savings Banks $1,200,000,000 $212,300,000
Citizens State Bank $157,100,000 $76,600,000
Peoples First Community Bank $1,700,000,000 $556,700,000
RockBridge Commercial Bank $291,700,000 $124,200,000
Total $11,160,300,000 $1,803,700,000