Four More Banks Fail, Making 29 For The Year

WASHINGTON – The FDIC on Friday seized four more banks–in Georgia, Michigan, California and Idaho--making a total of 29 bank failures so far in 2009.
 
The FDIC estimated the failures cost its deposit-insurance fund a combined $698.4 million. The fund is rapidly depleting and Congress is trying to pas s legislation that would allow the FDIC to temporarily bolster it by borrowing up to $500 billion from the Treasury.
 
The failures include: First Bank if Beverly Hills, Calif., with $1.5 billion in assets; First Bank of Idaho, in Ketchum, with $490 million in assets; American Southern Bank of Kennesaw, Ga., $112 million; and Michigan Heritage Bank, in Farmington Hills, with $185 million.
 
The 29 failures in 2009 are four more than the 25 that collapsed in all of 2008