The Banking Collapse Continues - 140 and Growing

Despite the claims of being on the brink of economic recovery, this Friday alone six more banks closed. Adding these six to the mix brings the overall total of closed banks this year to 140. Independent Bankers' Bank (IBB) falls into the category of banks that closed this week, referencing their Illinois branch.

The People's First Community Bank in Florida was also closed with the FDIC becoming the receiver. This bank originally operated 29 branches and was closed by the Office of Thrift Supervision (OTS) in the Department of the Treasury. Two California banks were also included in the six that closed on Friday.

The current count of banks closed due to failure is the highest it has been since 1992, in which over 180 banks collapsed. However, neither count is anywhere near the record of 534 from 1989.

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