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Three U.S. banks fail, bringing year's total to 51

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posted on Jul, 8 2011 @ 08:09 PM
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Three banks located in Chicago and Colorado were closed by regulators on Friday, bringing the total number of U.S. bank failures this year to 51. The Federal Deposit Insurance Corp. said Chicago-based First Chicago Bank & Trust, which had roughly $887.5 million in deposits, was closed. In addition, Windsor, Colo.-based Signature Bank, which had roughly $64.5 million in deposits, was closed, as was Castle Rock, Colo.-based Colorado Capital Bank, which had about $672.8 million million in deposits, the FDIC said. The three bank failures will cost the federal deposit-insurance fund a combined $590.4 million, according to the FDIC.


Three U.S. banks fail bringing year's total to 51

Does bank closures indicate another banking crisis is somewhere on the horizon? I understand that it could just be market dynamics where the big banks prevail over the smaller banks, a bit like big supermarkets prevailing over small butchers for example. But the failure and closure of banks makes me wonder if banks generally are increasingly experiencing liquidity troubles?



posted on Jul, 8 2011 @ 08:20 PM
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reply to post by surrealist
 


So that's a billion dollars that just disappears? Yea Americas definitely on the path to success.



posted on Jul, 8 2011 @ 08:25 PM
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Only a dumbass would keep money in a small bank in America in times like these. But then again big banks also fail so scratch that. Only a dumbass would keep money in any bank in America in times like these.



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