Bank Failure 30: Silverton Bank, National Association, Atlanta, Georgia
Bank Failure 31: Citizens Community Bank, Ridgewood, New Jersey
Bank Failure 32: America West Bank, Layton, Utah
Another busy Friday for FDIC. Many, BTW, thought that Silverton Bank was a bank too big to fail. It’s a bank whose only customers are other banks. Its failure — and no bank stepped up to take it over — is expected to cost FDIC (that would be us, because the banks are seeing to it that their FDIC premiums are not increased) $1.3 billion.
Number of banks closed last year, 2008: 25
Number of banks closed previous eight years, 2000-2007: 26