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.
We passed the milestone of 100 bank failures in a year on Friday. That hasn't been done since 1992, and we still have a couple months to go.
However, that isn't the best way to measure the problem.
More banks have failed in other years. The post-war record was set in 1989 when 534 banks went under. That was at the peak of the savings-and-loan (S&L) crisis, which erupted in the late 1980s and continued in the early 1990s. This year has seen more failures than any since 1992, but another 75 banks must go under to overhaul that year’s total.
Calculated Risk has a sortable table of troubled banks on their website. This is not official, but from public sources. It's massive and appears to be a unique list to CR, so I just give the link for you to check it out.
So now we can place bets on which banks will be seized on our reoccuring series, Bank Failure Friday, which announced this week's bank failures almost like Pizza night.
These are all small to medium sized banks and nothing to worry too much about.
However, there was one bank that is an exception to this rule - Colonial Bank of Montgomery, Alabama.
As of June 30, 2009, Colonial Bank had total assets of $25 billion and total deposits of approximately $20 billion...
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