Yawn…another bank closed by the fed…In other news: fundamentals are sound reports crotchety old white guy

Filed in National by on April 18, 2009

WASHINGTON, April 17 (Reuters) – Bank regulators closed American Sterling Bank bank on Friday, the 24th U.S. bank to fail this year as the struggling economy and falling home prices take their toll on financial institutions.

The Federal Deposit Insurance Corp said Missouri-based American Sterling had $181 million in assets and $171.9 million in deposits. The failure is expected to cost the FDIC deposit insurance fund an estimated $42 million.

In 2008, 25 U.S. banks were seized by officials, up from only 3 in 2007

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  1. jason330 says:
    April 18, 2009 at 7:10 pm

    There was a great NPR podcast about how the FDIC carries out these operations.

  2. Unstable Isotope says:
    April 18, 2009 at 8:16 pm

    That was an episode of “This American Life.” TAL has had a lot of good episodes about the financial crisis.

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