Two bank failures bring year's tally to 151

Market Watch ^ | December 10, 2010 | Wallace Witkowski

[george76]

One bank failure in Pennsylvania and one in Michigan brought the year's tally of failures to 151, according to the Federal Deposit Insurance Corp. Friday. Regulators closed Paramount Bank of Farmington Hills, Mich., and Earthstar Bank of Southampton, Pa....

The total cost to the FDIC deposit insurance fund is $113.1 million

[napscoordinator]

I heard that in Canada they have 3 or 5 banks in the entire country. Perhaps we will end up with something similar. In the U.S. we must have a million banks. A lot of these banks that are closing are really very small regional banks. Probably only had one office in a town, state and country.

[PAR35]

There are 20 or so Canadian banks, and about twice that many foreign banks operating in Canada. There are, however, about 500 credit unions, some of them huge.

[nkycincinnatikid]

Absent the Fed and the smoke and mirrors Jethro Bodine could probably count the the solvent American banks without taking off his shoes.

[upchuck]

The total cost to the FDIC deposit insurance fund US taxpayers is $113.1 million.

Who are they trying to kid?

AFAIK, the taxpayers are the only source of revenue available to the government.

IMHO, the rules and regs for banks should be structured so that this could not happen. The Feds are reacting instead of acting. Typical.

[who_would_fardels_bear]

That FDIC really turned out to be a great deal! The government makes sure I don't lose my bank deposits by backing them up with my tax dollars. No zero sum game there!

I remember when the Savings and Loan debacle occurred and we had to make sure that sweet little granny that had more than 100k in deposits had to have every cent protected, even though the FDIC was only supposed to cover up to the first 100k. Certainly no taxpayer money was required to see to it that granny kept all her dough.

But it really doesn't matter because like every other govt program there are loopholes galore. So many people now have several accounts each kept safely under the 100k maximum just in case that limit is ever respected.

Sheesh.