Bank Failures in 2009 Due to Economics Recession Reaches 23
Two banks failed Friday, conveying the 2009 tally to 23, as asserted by the government.
Cape Fear Bank of Wilmington, N.C., and New Frontier Bank of Greeley, Colo., shut their doorways for the last time Friday, said the Federal Deposit Insurance Corporation.
Charleston, S.C.-based First Federal Savings and Loan Association of Charleston will suppose command of all Cape Fear’s deposits.
The failure of Cape Fear will cost the Deposit Insurance Fund an approximated $131 million, as asserted by the FDIC.
Cape Fear Bank held assets worth $492 million and total down payments of $403 million as of March 31, as asserted by the FDIC.
For New Frontier, the FDIC conceived the Deposit Insurance National Bank of Greeley which will stay open for approximately 30 days to permit depositors time to open anecdotes at other insured institutions. San Francisco-based Bank of the West will supply operational management.
At the end of the 30-day transition time span, the FDIC said it will posted letters tests to those depositors who have not shut or moved their anecdotes throughout the transition period.
The FDIC said the failure of New Frontier will cost the Deposit Insurance Fund an approximated $670 million. New Frontier held total assets of $2 billion and total down payments of about $1.5 billion as of March 31.
The FDIC will extend to completely insure one-by-one anecdotes up to $250,000 through the end of 2009.
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