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Four banks shut by the FDIC

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Four banks shut by the FDIC PDF Print E-mail
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Written by Hugh McManus   

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Saturday, 25 April 2009 05:43
September 25, 2008: The FDIC certainly had a busy day yesterday: four banks in all were seized.  The Ketchum, Idaho-based First Bank of Idaho closed its doors for the last time, seized by the FDIC and state regulators.  The First Bank of Beverly Hills, which is actually headquartered in Calabasas, California is no more.  Calabasas is no stranger to the real estate crash.  The bank had over $1.5 billion in assets.  The Michigan Heritage Bank was also seized by the FDIC and its insured assets transferred to Level One Bank of Farmington Hills.   American Southern Bank of Kennesaw, Georgia also is no more; this small bank had just over $100 million in deposits.  Over thirty banks have failed so far in 2009--about two each week.
 

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