TGIF ...not necessarily for FDIC

TGIF ... long weekend ahead, Labor day, Last Summer Event, US Open in NYC..... not necessarily for FDIC...

Four more banks closed today bringing the total to #89. Here's a summary of today's failures (courtesy - seekingalpha)

# First State Bank of Flagstaff, Ariz., becomes the 89th bank failure of '09, at an estimated cost to the Deposit Insurance Fund of $47M.

# Platinum Community Bank of Rolling Meadows, Ill., with $345.6M in assets, becomes the 88th bank to fail in '09 and the 15th in Illinois

# Banks in Illinois and Iowa become the 86th and 87th to fail this year, at a combined estimated cost to the Deposit Insurance Fund of $234M.

# First Bank of Kansas City becomes the 85th bank failure of the year, at an estimated cost to the Deposit Insurance Fund of just $6M.


For a complete list here's the link

http://www.fdic.gov/bank/individual/failed/banklist.html

FDIC's reserves are depleting at a faster pace than ice from the artics....Just a cautionary note to ensure your funds are spread across in safe banks ...pun totally intended...

Enjoy....