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Eight Banks Fail in Four States

WASHINGTON (TheStreet) -- Eight banks were shuttered by regulators Friday, bringing the 2010 tally of U.S. bank failures to 118.

Six of the eight failed banks were included in TheStreet'sBank Watch List of undercapitalized institutions, based on second-quarter regulatory data provided by SNL Financial.
The Federal Deposit Insurance Corp. found buyers for the deposits and branches for all of the failed institutions and estimated the combined cost to its deposit insurance fund would be $473.5 million.

The largest failure on Friday was ShoreBank of Chicago, which had $2.16 billion in total assets. ShoreBank received wide media coverage after Bloomberg reported Aug. 5 that the institution had been denied federal bailout funds that would have been required to complete an earlier deal to raise $145 million in capital from an investor group that included Citigroup(C), Bank of America(BAC

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Added: Aug-21-2010 Occurred On: Aug-21-2010
By: rclark951
In:
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Tags: bank, fail, economics, 2010, tax, obama, fdic
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  • Thank you failed GOP law that was signed by Clinton. It's nice to see GOP ideas failing so miserably.

    Posted Aug-21-2010 By 

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  • Comment of user 'Zardoz003' has been deleted by author (after account deletion)!
  • I just took a ride out to a port town i havent been to in a while, most of the place is for rent.. over 50% of the businesses are gone.

    Posted Aug-21-2010 By 

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  • ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha aha ha ha ha ha ha ha ha ha ha ha ha ha ha

    Posted Nov-22-2011 By 

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