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IPFS News Link • Economy - Economics USA

Missouri, Iowa and Illinois bank failures bring '09 tally to 87

09-04-2009 • Market Watch

Banks in Missouri, Iowa and Illinois were closed by regulators Friday, bringing the number of U.S. bank failures in 2009 to 87 as the effects of the credit crisis continue to ripple through the financial system. Kansas City, Mo.-based First Bank of Kansas City was the 85th failure of the year, The Federal Deposit Insurance Corp. said. De Soto, Kan.-based Great American Bank has agreed to assume the failed bank's deposits. First Bank of Kansas City had $16 million in assets and $15 million in deposits as of June 30, the regulator said. Its failure is expected to cost the federal deposit-insurance fund $6 million.

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