8 banks collapse in single day

Posted: April 19, 2010 in Uncategorized
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Eight banks collapsed in a single day last week, pushing the 2010 total to 50. That’s an average of 12 banks a month going under, putting the banking system at risk for further write downs.

The latest banks to go under.

  • Tamalpais Bank
  • City Bank
  • Butler Bank
  • American First Bank
  • Lakeside Community Bank
  • First Federal Bank of North Florida
  • Riverside Nat’l Bank of Florida
  • Innovative Bank

The cost to the FDIC for these banks is approximately $985 Million. Since the collapse of Lehman Brothers in September 2008, bringing the year to date total to 204 banks.

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