Four More FDIC Bank Closings
On Friday evening, the FDIC reported that it has taken over an additional four banks (Statewide Bank, Old Southern Bank, The Park Avenue Bank, LibertyPointe Bank) for a cost to the FDIC of about $200 million. This brings the total number of failed banks since the beginning of 2008 to 196.
Total deposits of all failed banks now equal $14.8 billion for 2010 and $386 billion since the beginning of 2008, all at an estimated cost to the FDIC of $63 billion. Visit Stimulus.org for more details and a full list of FDIC bank closings.
[chart:1079]
| Total Deposits | Cost to the FDIC | |
| Statewide Bank | $208,800,000 | $38,100,000 |
| Old Southern Bank | $319,700,000 | $94,600,000 |
| The Park Avenue Bank | $494,500,000 | $50,700,000 |
| LibertyPointe Bank | $209,500,000 | $24,800,000 |
| Total | $1,232,500,000 | $208,200,000 |
