Bank Failure Friday - Hasta la vista baby

This week took 7 more banks, notably three in Puerto Rico. The cost for this Friday's closings is $7.4 billion dollars.

CBS MarketWatch:

The Federal Deposit Insurance Corp. said Puerto Rico's Westernbank, Eurobank and R-G Premier Bank of Puerto Rico were all closed, with a combined $14.84 billion in deposits.

Their closure will cost the deposit-insurance fund roughly $5.28 billion

Then, Frontier Bank, Washington was closed. The FDIC cost, $1.37 billion.

Three smaller banks were closed as well. CF Bancorp, Michigan, Champion Bank in MIssouri and BC National Banks.

The 2010 tally stands at 64.

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$5.28 Billion is nothing to sneeze at

Almost all of that money is going to Puerto Rico, and it went through with almost no one noticing.

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We did! $5.28 billion for just 3 banks

yeah, that's no joke!! I saw that last night and why I wrote this one up, even though I'm burnt out on reporting the latest bank seizures. That would be a nice metric so see a map of FDIC costs.

Assuredly the FDIC is going busted soon, that's a serious chunk of change but it seems every Friday we get another billion. I haven't kept up because this is a never ending Friday event, like "pizza and a movie". (Unreal! It's unreal what one gets used to as an everyday thing!)

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