Committee for a Responsible Federal Budget

Over 100 Banks Closed in 2009

Oct 26, 2009 | Economics

On Friday evening, the FDIC reported that it has taken over an additional seven banks (First DuPage Bank, Riverview Community Bank, Bank of ElmwoodFlagship National Bank, Hillcrest Bank Florida, American United Bank, Partners Bank) for a cost to the FDIC of around $360 million. This brings the total number of failed banks in 2009 to 106. Total deposits of all failed banks now equal $89.3 billion for 2009 and over $323 billion since the beginning of 2008, all at an estimated cost to the FDIC of just under $49 billion. Visit Stimulus.org for more details and a full list of FDIC bank closings.

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 Total DepositsCost to the FDIC
First DuPage Bank$254,000,000$59,000,000
Riverview Community Bank$80,000,000$20,000,000
Bank of Elmwood$273,200,000$101,100,000
Flagship National Bank$175,000,000$59,000,000
Hillcrest Bank Florida$84,000,000$45,000,000
American United Bank$101,000,000$44,000,000
Partners Bank$64,900,000$28,600,000