July 2: FDIC Closes Seven US Banks, List of Closures
The FDIC (Federal Deposit Insurance Corporation) closed seven U.S banks on July 2nd, and all of them have been closed without notice to the public. This brings the list of bank failures this year up to 52.
This is the most bank failures in one day.
The list of Bank closures on July 2nd are:
John Warner Bank in Clinton, Illinois
First State Bank of Winchester in Winchester, Illinois
Rock River Bank in Oregon, Illinois
Elizabeth State Bank in Elizabeth, Illinois
First National Bank of Danville in Danville, Illinois
Millennium State Bank of Texas in Dallas, Texas
Founders Bank in Worth, Illinois
On the list of bank closures page, the FDIC provides information about how your accounts and loans are affected if your bank is closed.
The three banks in Illinois were closed as government regulators proposing new rules for private equity firms looking to take over failed banks.
The First National Bank of Danville will have its deposits assumed by the First National Bank of Terre Haute.
Other banks will assume deposits of the failed banks, but seven closures in one day has never been seen before. The number of failed banks in 2009 is also double that of all banks that closed in 2008.