Yet another 4 Banks Fail This Week (72 this year)

This week four more banks were taken over by the the government, according to the FDIC website (and press releases). Making a total of 72 banks, thus far this year.

1. Midwest Bank and Trust Company, Elmwood Park, IL

On Friday, May 14, 2010, Midwest Bank and Trust Company, Elmwood Park, IL was closed by the Illinois Department of Financial Professional Regulation - Division of Banking, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed. All deposit accounts, excluding certain brokered deposits, have been transferred to FirstMerit Bank, NA, Akron, OH and will be available immediately. The former Midwest Bank and Trust Company locations will reopen as branches of FirstMerit Bank, NA during regular business hours.

2. Southwest Community Bank, Springfield, MO

On Friday, May 14, 2010, Southwest Community Bank, Springfield, MO was closed by the Missouri Division of Finance, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed. All deposit accounts have been transferred to Simmons First National Bank, Pine Bluff, AR ("assuming institution") and will be available immediately. The former Southwest Community Bank location will reopen as a branch of Simmons First National Bank during regular business hours.

3. New Liberty Bank, Plymouth, MI

On Friday, May 14, 2010, New Liberty Bank, Plymouth, MI was closed by the Michigan Office of Financial and Insurance Services, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed. All deposit accounts, excluding certain brokered deposits, have been transferred to Bank of Ann Arbor, Ann Arbor, MI ("assuming institution") and will be available immediately. The former New Liberty Bank location will reopen as a branch of Bank of Ann Arbor during regular business hours.

4. Satilla Community Bank, Saint Marys, GA

On Friday, May 14, 2010, Satilla Community Bank, Saint Marys, GA was closed by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed. All deposit accounts, excluding certain brokered deposits, have been transferred to Ameris Bank, Moultrie, GA ("assuming institution") and will be available immediately. The former Satilla Community Bank locations will reopen as branches of Ameris Bank during regular business hours.

All transferred deposits will be separately insured from any accounts you may already have at the acquiring institution for six months after the failure of he acquired bank. Checks that were drawn on the acquired institution that did not clear before the institution closed will be honored as long as there are sufficient funds in the account.

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