Last night, July 2, 2009, the FDIC closed seven banks. Last week they closed 5. The week before that was 3. Seems like they have run out of patience with underperforming banks (unless your assets are above $100 BB or so :O) ).

The banks closed last night were:

• Founders Bank, Worth, IL — FDIC 18390. Acquring Bank: The PrivateBank and Trust Company, Chicago, IL
• Millennium State Bank of Texas, Dallas, TX — FDIC 57667. Acquiring Bank: State Bank of Texas, Irving, TX
• First National Bank of Danville, Danville, IL — FDIC 3644. Acquiring Bank: First Financial Bank, National Association, Terre Haute, IN
• Elizabeth State Bank, Elizabeth, IL — FDIC 9262. Acquiring Bank: Galena State Bank and Trust Company, Galena, IL
• Rock River Bank Oregon IL 15302. Acquiring Bank: The Harvard State Bank, Harvard, IL
• First State Bank of Winchester, Winchester, IL — FDIC 11710. Acquiring Bank: The First National Bank of Beardstown, Beardstown, IL
• John Warner Bank, Clinton, IL — FDIC 12093. Acquiring Bank: State Bank of Lincoln, Lincoln, IL

Since the FDIC found buyers for all of the closures there will be no interruption in service for the customers of the closed banks. If you had CDs though, keep in eye on your mail. The acquiring bank often takes the opportunity to lower your rate. If you get such a notice, you can close your CD without penalty.

Have a great 4th of July. May Freedom Ring.
cd :O)

President Obama signs bill to increase FDIC coverage

-- By Chris Duncan

Posted in Economy