FDIC announces 3 banks were closed Friday, January 15th. This brings the 2010 YTD total to 4 banks. The estimated cost to the FDIC on yesterday's closings is $271.3 million.
To date, the FDIC has shuttered 4 banks. In 2009, 140 banks were closed which is the most since 1992. Bank closings in 2008 totaled 25 and 2007 yielded 3 bank closings.
The FDIC expects the cost of bank closures during the next 4 years to come in around $100 billion. Stay tuned as 2010 will prove interesting as the strings of the commercial real estate market shoe are loosening.