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Friday was a special night - a large bank holding company failed, which caused 9 banks to fail across various states. Essentially, it counts as a total of 9 individual failures bringing the total US bank failures up to 115. It is insane to believe that the FDIC’s additional $45B in emergency banking fee levies, which we will ultimately pay for, will be enough to cover all the failures this year and into 2010.

US Bank (NYSE:USB) acquired the failed institutions. Unfortunately, only the grand totals were given as the assets were not broken out by the bank itself. Here is the list:

Bank State Deposits Assets
North Houston Bank

TX

N/A

N/A

Madisonville State Bank

TX

N/A

N/A

Citizens National Bank

TX

N/A

N/A

Park National Bank

IL

N/A

N/A

Pacific National Bank

CA

N/A

N/A

California National Bank

CA

N/A

N/A

San Diego National Bank

CA

N/A

N/A

Community Bank of Lemont

IL

N/A

N/A

Total

9 Closures

$19.4B

$15.4B

FDIC estimated losses:

Estimated Immediate Losses

$2.5B

Loss-share Agreement

$14.4B

Total Estimated Losses

$16.9B

With anymore Fridays like this I would expect to see more special levies in the very near future. I am surprised there was not another special YouTube video from Sheila tonight telling us everything is just fine in the banking industry.

Source: Bank Failure Friday: Nine More Banks Go Under