CHESSNOID

Everyone who watches how many banks are being shuttered for failure was expecting number 99 today.  So it was a big surprise, at least to me that the FDIC announced 7 bank closings.  Each bank of course represents multiple branches.  That is 7 bank chains in 5 different states.

This serves as a reminder that even though the recession is officially over, the effects  are still definitely here unofficially.  I would have to guess most of these banks were hurt from soured mortgage loans and credit card charge offs.  When we have 10% unemployment that means 15 million people have no income to pay their bills.

On a lighter note, this video is funny if you think the President is Santa Claus. President Obama has made a lot of campaign promises and broken them, but I don’t think this was one of his promises.

Obama Is Going To Pay For My Gas And Mortgage!!!

NEW YORK (CNNMoney.com) –

The tally of bank failures easily broke past the No. 100 milestone on Friday night, with regulators announcing the year’s 106th closure.

That’s more than four times the number that were closed in 2008, and the highest total since 1992, when 181 banks failed.

Earlier on Friday evening the dubious honor of the 100th failure went to Partners Bank, of Naples, Fla., which had $65.5 million in assets, according to the Federal Deposit Insurance Corp.

The 101st failure was American United Bank, of Lawrenceville, Ga., which had $111 million in assets.

The 102nd failure was another Naples, Fla., institution: Hillcrest Bank Florida, which had $83 million in assets.

The 103rd closure was Bradenton, Fla.-based Flagship National Bank, with $190 million in assets.

The 104th was Bank of Elmwood, based in Racine, Wis., which had $327.4 million in assets.

The 105th failure was Riverview Community Bank of Otsego, Minn., with $108 million in assets.

The 106th failure was First Dupage Bank in Westmont, Ill., which had $279 million in assets.