Three more banks fail bringing year's total to 51 (6 bank failures today - Thursday - July 2)

[UpInArms]

Source: CBS Marketwatch

SAN FRANCISCO (MarketWatch) -- The Federal Deposit Insurance Corp. added three more failed banks to their tally late Thursday, bringing the day's total to six, and the year's total to 51. First National Bank of Danville of Danville, Ill., will have its deposits assumed by First Financial Bank of Terre Haute, Ind., which will also purchase $148 million in assets. As of April 30, First National had about $147 million in deposits. Elizabeth State Bank of Elizabeth, Ill. also closed with total deposits of about $50.4 million. Galena State Bank and Trust of Galena, Ill. will assume all of the deposits and purchase about $52.3 million in assets. The failures bring the total number of Illinois bank failures to 11 for the year. Dallas-based Millennium State Bank of Texas failed, the FDIC said, making it the first Texas bank of the year to fail. State Bank of Texas in Irving, Texas, will assume deposits of about $115 million and buy assets of about $118 million. The failures bring the total number of banks that have failed since the beginning of the recession to 76.

Read more: http://www.marketwatch.com/story/three-more-banks-fail-...

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Failed Bank List

Founders Bank			Worth	IL		18390	July 2, 2009	July 2, 2009
Millennium State Bank of Texas	Dallas	TX		57667	July 2, 2009	July 2, 2009
First National Bank of Danville	Danville	IL	3644	July 2, 2009	July 2, 2009
Elizabeth State Bank		Elizabeth	IL	9262	July 2, 2009	July 2, 2009
Rock River Bank			Oregon	IL		15302	July 2, 2009	July 2, 2009
John Warner Bank		Clinton	IL		12093	July 2, 2009	July 2, 2009
First State Bank of Winchester	Winchester	IL	11710	July 2, 2009	July 2, 2009

[Pale Blue Dot]

1. Add 4 from last week, and that's 10 in the past 6 days.

Just in case anyone's paying attention.

[burf]

2. Up to seven now. n/t

[snappyturtle]

3. These failures can't be good news. So many in one day. nt

[madrchsod]

4. the ones in illinois were small banks that could no longer hold on

they were sold to other banks that will weather the storm.

[Davis_X_Machina]

5. All held by one family...

From the FDIC press release: The six failed Illinois banks are all controlled by one family and followed a similar business model that created concentrated exposure in each institution. The failure of these banks resulted primarily from losses related to the banks' investment in collateralized debt obligations and other loan losses.

In effect, a single bank.