It wouldn't be a Friday evening without a few bank failures.
This week it's 5 more. CNN:
Five small regional banks were closed by regulators on Friday evening, pushing 2009's tally so far to 88 institutions. Of the five failures, two were in Illinois, and there was one each in Arizona, Iowa and Missouri.
n Illinois, Platinum Community Bank, in Rolling Meadows, and InBank, in Oak Forest, were the latest institutions to be cosed by regulators.
But here's something new, they couldn't find a buyer, so the FDIC will mail people their deposits but access to their funds until then is a no go for Platinum customers to even get their money out. Yuck.
Not a good sign.
These are all small banks, FDIC estimates the costs at $401.3 million.