Another Friday, another bank closed by the Federal Government
-->Politics, Bailout News, The Economy May 9th, 2009
According to CNBC:
NEW YORK - Federal regulators on Friday shut down Westsound Bank of Bremerton, Wash., making it the 33rd bank to fail this year.
The Federal Deposit Insurance Corp. seized the small bank and said its nine branches and nearly all of its deposits will be taken over by Kitsap Bank of Port Orchard, Wash.
The country’s wave of bank closures — particularly the expensive collapse of California’s IndyMac Bank — reduced the deposit insurance fund to $18.9 billion as of Dec. 31. That is the lowest level in nearly 25 years, and down 64 percent from $52.4 billion at the end of 2007.
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