FDIC 2009 bank closures climb to 130

Dec. 8, 2009 – The FDIC reported another six bank failures on Friday, estimating that these latest will end up costing the Bank Insurance Fund about $2.38 billion to resolve.

The banks themselves held an aggregate $13.4 billion in assets and bring to 130 the total number of insured banks to fail this year.

FDIC last month reported the largest number of troubled banks on its list – 552 – since 1993, when that group totaled 575. The agency said the net worth of the insurance fund has fallen below zero for the first time since the third quarter of 1992. It was at a negative balance of $8.2 billion in September; this takes into account $38.9 billion in the fund’s contingent loss reserve set aside to cover estimated losses over the next year.

FDIC said the contingent reserve and fund balance together leave total reserves at $30.7 billion.

The banks closed Friday are:

• Greater Atlantic Bank (Reston, Va.), with about $203 million in assets;
  
  
• Benchmark Bank (Aurora, Ill.), with about $170 million in assets;
  
  
• AmTrust Bank (Cleveland), with about $12 billion in assets;
  
  
• The Tattnall Bank (Reidsville, Ga.), with about $49.6 million in assets;
  
  
• First Security National Bank (Norcross, Ga.), with about $128 million in assets; and
  
  
• The Buckhead Community Bank (Atlanta), with about $874 million in assets.

For the FDIC failed-banks list, follow the link below.