10/30/09 Nine More Banks Fail-FDIC Hit

[LuxLiving]

9 more U.S. banks fail; $2.5 billion hit for FDIC 10:27p ET October 30, 2009 (MarketWatch) "SAN FRANCISCO (MarketWatch) -- Nine more U.S. banks, all owned by the same Illinois holding company, were closed Friday by regulators, and the Federal Deposit Insurance Corp. said U.S. Bank of Minneapolis would assume their deposits. The closings brought the 2009 total to 115 in 2009 -- the first year since 1992 that more than 100 banks have gone under. The banks as of Sept. 30 had combined assets of $19.4 billion and deposits of $15.4 billion, the FDIC said. The deposit insurance fund will take an estimated $2.5 billion hit, the FDIC said. All nine banks were subsidiaries of FBOP Corp., a holding company based in the Chicago suburb of Oak Park, Ill., according to the FDIC. Privately held FBOP, which originated as the parent company of First Bank of Oak Park, wasn't involved in Friday's closures, the FDIC said. The FBOP subsidiaries that were closed Friday were identified as Bank USA, Phoenix; California National Bank, Los Angeles; San Diego National Bank, San Diego; Pacific National Bank, San Francisco; Park National Bank, Chicago; Community Bank of Lemont, Lemont, Ill.; North Houston Bank, Houston; Madisonville State Bank, Madisonville, Texas; and Citizens National Bank, Teague, Texas."

[Seeker]

Yup, and one of those listed is where we have checking and a CD. Not totaling over 250k, so the money is safe.

But the new owners (US Bank) will have the right to change terms of any of the accounts; of course, we also have the right to withdraw without penalty if we disagree with the terms.