CHESSNOID

As the government tries to convince us that the economy is improving and jobs are plentiful, there is the dreaded fact it can not sugar coat which is the number of banks that are closing.  The FDIC puts out the list usually after Friday of business close. Anyways, the YTD bank  closures is 90 as of 7.09.2010.

I know the information itself is dry as heck, but below are the 4 banks taken over by the FDIC.  This is a better gauge of how our economy is doing than most government reports put out.  Even the unemployment rate is manipulated so the report doesn’t accurately report the true number of people out of work.

FDIC: New Century Bank, Phoenixville, Pennsylvania, Assumes All of the Deposits of USA Bank, Port Chester, New York

As of March 31, 2010, USA Bank had approximately $193.3 million in total assets and $189.9 million in total deposits.
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The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $61.7 million. Compared to other alternatives, … USA Bank is the 89th FDIC-insured institution to fail in the nation this year, and the third in New York. The last FDIC-insured institution closed in the state was The Park Avenue Bank, New York, on March 12, 2010.

FDIC: RCB Bank, Claremore, Oklahoma, Assumes All of the Deposits of Home National Bank, Blackwell, Oklahoma

As of March 31, 2010, Home National Bank had approximately $644.5 million in total assets and $560.7 million in total deposits.
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The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $78.7 million. … Home National Bank is the 90th FDIC-insured institution to fail in the nation this year, and the first in Oklahoma. The last FDIC-insured institution closed in the state was First State Bank of Altus, Altus, on July 31, 2009.

FDIC: FDIC Approves the Payout of the Insured Deposits of Ideal Federal Savings Bank, Baltimore, Maryland

As of March 31, 2010, Ideal Federal Savings Bank had approximately $6.3 million in total assets and $5.8 million in total deposits.
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he cost to the FDIC’s Deposit Insurance Fund is estimated to be $2.1 million. Ideal Federal Savings Bank is the 88th FDIC-insured institution to fail in the nation this year, and the third in Maryland. The last FDIC-insured institution closed in the state was Bay National Bank, Baltimore, earlier today.

FDIC: Bay Bank, FSB, Lutherville, Maryland, Assumes all of the Deposits of Bay National Bank, Baltimore, Maryland

As of March 31, 2010, Bay National Bank had approximately $282.2 million in total assets and $276.1 million in total deposits.
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The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $17.4 million. .. Bay National Bank is the 87th FDIC-insured institution to fail in the nation this year, and the second in Maryland. The last FDIC-insured institution closed in the state was Waterfield Bank, Germantown, on March 5, 2010.