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Regulators Shut Banks in Georgia, Michigan, California, Idaho
By Margaret Chadbourn and Ari Levy
April 24 (Bloomberg) -- Regulators seized banks in Georgia, Michigan, California and Idaho with total assets of $2.3 billion, bringing the tally of failures in the U.S. this year to 29, exceeding the total for all of 2008.
The seizures pushed the tally of failed banks past the 25 reached last year. Foreclosure filings for March totaled 341,180, a record high, according to RealtyTrac, the California- based seller of default data. The economy has lost 5.1 million jobs since December 2007, and unemployment rose to 8.5 percent in March, the highest since 1983.
The banking industry lost $32.1 billion from October through December, the first aggregate quarterly loss since 1990. The agency classified 252 banks as “problem” in the fourth quarter, a 47 percent jump from the third quarter. The FDIC doesn’t identify problem banks by name.
The FDIC insures deposits of up to $250,000 per customer at 8,305 institutions with $13.9 trillion in assets.