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Old 10-31-2009, 05:27 PM   #1
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Cool Bank Failure Friday: Nine Banks, One Big Failure 10/31

Bank Failure Friday: Nine Banks, One Big Failure

by Paul Kiel, ProPublica - October 31, 2009 10:26 am EDT

On the one hand, yesterday was just another Friday. Nine more banks failed, bringing the yearís toll to 115. As always, our big list has been updated.

But yesterday was also a bit different, because all nine banks were subsidiaries of the same company, FBOP Corporation. US Bank of Minnesota gobbled up all of FBOPís deposits and almost all of its assets.

All together, FBOP was sizable bank-holding company, the 46th biggest in the country, according to the Federal Reserve. It had $19.4 billion in assets as of September 30.

Eye on the Bailout....Recipients, Programs, Timeline, Bailout Map...same link


SEE ALSO STEVE A's Thread: Colonial Bank Goes Bust

Last edited by peaceandlove; 01-27-2010 at 04:43 PM.
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