Did we miss bank closures Friday?

Weiss

Midwest Bank, other failures bring 2010 tally to 72
May 14, 2010, 7:39 p.m. EDT

By John Letzing, Market Watch (WSJ)

Midwest Bank had 23 branches, $2.42 billion in deposits and $3.17 billion in assets as of March 31, according to the Federal Deposit Insurance Corp.

Its failure will cost the deposit-insurance fund $216.4 million, the FDIC said.

Springfield, Mo.-based Southwest Community Bank was also closed by regulators Friday. Other banks closed Friday included Plymouth, Mich.-based New Liberty Bank, and St. Marys, Ga.-based Satilla Community Bank, which had $134 million in deposits as of March 31.

OPA

We are half way there, according to the FDIC. They expect approx 150 banks to close by the end of 2010. This year is supposed to be the peak year, according to the FDIC. The number of Banks that have been closed is still not anywhere near the number of savings and loan failures (747) of the 1980s and 1990s.