Posted: Oct 23, 2009 8:30 PM by Michael Marsh
Updated: Oct 23, 2009 8:30 PM
Source: Associated Press
The number of banks closed by federal regulators for the year is now 105. The latest are three small banks in Florida, one in Georgia and one each in Minnesota and Wisconsin. Closings are usually done on Friday so regulators can take over during the weekend and reopen the banks on Monday, seamlessly. Customers generally see no difference as assets are sold to more solvent banks. It's the largest number of closures since 181 collapsed in 1992.