Economic Recovery Update: 2 More Banks Shut Down (Total 122 this Year)

Image by ALBOWIEB via Flickr

Green shoots are popping up all over. Amazing what trillions of dollars given to the financial elite can do for the economic health of a nation.

Thanks President Obama/Bush and the Republicrats!

Grant

WASHINGTON (AP) -- Regulators on Friday shut down two Florida banks, boosting to 122 the number of U.S. bank failures this year as loan defaults rise in the worst financial climate in decades.

The Federal Deposit Insurance Corp. took over Orion Bank, based in Naples, Fla., with about $2.7 billion in assets and $2.1 billion in deposits, and Sarasota-based Century Bank, with $728 million in assets and $631 million in deposits. Source: Yahoo Finance