Committee for a Responsible Federal Budget

One More FDIC Bank Closing

Sep 19, 2009

On Friday evening, the FDIC reported that it has taken over an additional bank (Irwin Union Bank and Trust Company) for a cost to the FDIC of around $850 million. This brings the total number of failed banks since the beginning of 2008 to 110. Total deposits of all failed banks now equal $85.08 billion for 2009 and over $318 billion since the beginning of 2008, all at an estimated cost to the FDIC of $47.08 billion. Visit Stimulus.org for more details and a full list of FDIC bank closings.

 Total DepositsCost to the FDIC
Irwin Union Bank and Trust Company$2,100,000,000$850,000,000