Regulators close 4 banks in Carolinas, Georgia, Colorado; Bank failures this year now 7

ap ^ | January 21, 2011 | Marcy Gordon

[george76]

Regulators on Friday closed banks in North Carolina, South Carolina, Georgia and Colorado, bringing to seven the number of closures in 2011 following last year's toll of 157 bank failures amid the limping economy and mounting bad loans. The growing number of bank failures has sapped billions of dollars out of the deposit insurance fund. It fell into the red in 2009, and its deficit stood at $8 billion as of Sept. 30.

The number of banks on the FDIC's confidential "problem" list rose to 860 in the third quarter of last year from 829 three months earlier. The 860 troubled banks is the highest number since 1993, during the savings-and-loan crisis

[jessduntno]

“The number of banks on the FDIC’s confidential “problem” list rose to 860...”

We don’t seem to get the gist of “Confidential” in this country anymore. Caveat Emptor, my ass. When are we gonna end this circus of corrupt midgets?

[Slings and Arrows]

Ping!

[pepsionice]

On the positive side...the system is working like it was designed...but I would have doubts that the folks there ever thought they’d have to go to this extreme. And on the negative side...I don’t think we are anywhere near the end of the mess, and that’s the real issue at hand.

[BigSkyFreeper]

Experts believe this year will be worse than last year. Not just with banks but with housing foreclosures.

[upchuck]

South Carolina
Ping
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If you bank at CommunitySouth Bank and Trust in Easley, you might want to give them a call.

[org.whodat]

Another sign of obamma recovery. LOL

[GailA]

How many job loses does this represent?

[Mamzelle]

There is no FDIC, it's been in the red for more than a year now!

[george76]

Smell another government bailout ?

[dixie sass]

Let us thank Phil Graham and Bill Clinton for another step in the downfall of America...