Committee for a Responsible Federal Budget

Five More FDIC Bank Closings

Nov 9, 2009

On Friday evening, the FDIC reported that it has taken over an additional five banks (United Commercial Bank, Gateway Bank of St. Louis, Propseran Bank, Home Federal Savings Bank, United Security Bank) for a cost to the FDIC of around $1.5 billion. This brings the total number of failed banks in 2009 to 120. Total deposits of all failed banks now equal $112.6 billion for 2009 and over $346 billion since the beginning of 2008, all at an estimated cost to the FDIC of just under $53 billion. Visit Stimulus.org for more details and a full list of FDIC bank closings.

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 Total DepositsTotal Cost to the FDIC
United Commercial Bank$7,500,000,000$1,400,000,000
Gateway Bank of St. Louis$27,900,000$9,200,000
Prosperan Bank$175,600,000$60,100,000
Home Federal Savings Bank$12,800,000$5,400,000
United Security Bank$150,000,000$58,000,000