3 more US banks fail, lifting this year’s tally to 28

by khalid on 25/04/2009 · 0 comments

The latest banks seized were American Southern Bank in Georgia, Michigan Heritage Bank, and First Bank of Beverly Hills in California.

The Federal Deposit Insurance Corp. will continue to insure deposits at both American Southern Bank and Michigan Heritage Bank. The FDIC will payout the insured

deposits of First Bank of Beverly Hills. Regular deposit accounts are insured up to $250,000.

The list of bank failures is growing as falling home prices and rising unemployment cause more individuals and businesses to default on their debt.

source:: economic times

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