That's right you read the headline correctly. Nine Banks failed in one day. All 9 banks failed on Friday Oct. 30th making it the largest number of bank failures in one day in US history!
The banks that failed are:
North Houston Bank Houston TX Madisonville State Bank Madisonville TX Citizens National Bank Teague TX Park National Bank Chicago IL Pacific National Bank San Francisco CA California National Bank Los Angeles CA San Diego National Bank San Diego CA Community Bank of Lemont Lemont IL Bank USA, N.A. Phoenix AZ That brings the total of bank failures for 2009 to a whopping 115. How does that total compare with previous years you ask? Well in 2008 there were 26, in 2007 there were only 3, and in 2005 & 2006 there were zero (statistics obtained from FDIC at http://www.fdic.gov/bank/individual/failed/banklist.html)
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Matt
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Wow! Hearing news like that really puts things in prospective, not that we haven't heard enough horrible things in the news with bailouts, bankruptcies and foreclosures. It is just such a reality more and more everyday, hitting closer and closer to home. Thanks for your post!
Hannah Singletary
Hi Kari: Thanks for the re-blog. I had this follow up to put some perspective on it:
Here are the bank failure rates for the period of1982 - 1993
1993 - 50
1992 - 181
1991 - 271
1990 - 382
1989 - 534
1988 - 470
1987 - 262
1986 - 204
1985 - 180
1984 - 106
1983 - 99
1982 - 119
The other thing to put it in perspective would be the failure rate for 1930. There were 1352 bank failures that one year.
:)