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The FDIC took over three more banks yesterday bringing the total number of bank failures so far this year to nine. As I posted, the FDIC likes to close banks on Friday after hours so they can reopen as branches of the acquiring bank on the following Monday morning. It remains to be seen whether the FDIC has enough money in its deposit insurance fund to handle its obligations for 2009 and beyond.
As it did last year, the FDIC is closing small banks while the Treasury and the Fed continue to keep the very largest ones from collapsing under the weight of their bad assets. On Friday, regulators closed banks in Georgia and California including:
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