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State regulators closed six banks in Illinois and one in Texas, raising the number of bank failures in the U.S. to 52 this year. The seizures were the most in a single day during the financial crisis.
The Federal Deposit Insurance Corp. said the closures of First State Bank of Winchester, John Warner Bank, Rock River Bank, Elizabeth State Bank, First National Bank of Danville, Founders Bank and Millennium State Bank of Texas are estimated to cost the FDIC $314.3 million. Founders Bank was near Chicago, but the rest were spread around the state. Thursday's failures give ...
FDIC gets to borrow 500billion from the Treasury. What is to worry about?
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