May 17, 2010

WSJ - 72 Banks closed so far

Four months in to 2010, 72 banks have closed, with experts predicting there are many more to come, according to a report in the Wall Street Journal.

On Friday (May 14th 2010), Akron-based FirstMerit Corp. agreed to take over the branches and deposits of Illinois-based Midwest Bank & Trust Co., which had $3.17 billion in assets, but was in deep financial trouble, according to the Journal. Elsewhere, regulators in Georgia, Illinois and Michigan closed three one-branch banks.

For more information check out the WSJ (paid subscription required)

No comments: