Sheila Bair and staff put their Memorial weekend plans on hold as 5 more banks required their attention this holiday weekend. The FDIC shuttered 5 more banks on Friday bringing the total 2010 bank closings to 78. The FDIC closed 140 banks for all of 2009 so Sheila Bair is well on her way to top last year's figure. Last week was a quiet week as Ms. Bair shut down one lonely bank in MN.
The FDIC estimates this week's closings will cost the insurance fund approximately $281 million. Florida and IL remain in contention for the 2010 bank closing gold medal. At the end of May, Florida remains the top state of bank closings with 13 while Illinois remains solidly in 2nd place with 11 banks. Georgia holds the bronze with 8 closed banks however California, Minnesota and Washington are vying for bronze with 6 closed banks per state.
Grandpa remains very confident that California will kick it into high gear during the summer months and we could have a most interesting late summer rally between FL, IL and CA for gold.
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