Three More FDIC Bank Closings

On Friday evening, the FDIC reported that it has taken over an additional three banks (Barnes Banking Company, St. Stephen State Bank, Town Community Bank and Trust) for a cost to the FDIC of about $300 million. This brings the total number of failed banks since the beggning of 2008 to 170. Total deposits of all failed banks now equal $2 billion for 2010 and $373 billion since the beginning of 2008, all at an estimated cost to the FDIC of about $59 billion. Visit for more details and a full list of FDIC bank closings.

  Total Deposits Cost to the FDIC
Barnes Banking Company $786,500,000 $271,300,000
St. Stephens State Bank $23,400,000 $7,200,000
Town Community Bank and Trust $67,400,000 $17,800,000
Total $877,300,000 $296,300,000