BANK BUST FRIDAY - Memorial Day weekend edition

Ribs and steaks aren't the only things that got BBQed this weekend. :nuke:



Two Illinois banks fail, bringing year's total to 36

SAN FRANCISCO (MarketWatch) -- Champaign, Ill.-based Strategic Capital Bank and Macomb, Ill.-based Citizens National Bank were closed by regulators Friday, bringing the total number of bank failures for 2009 to 36, according to the Federal Deposit Insurance Corp.

Strategic Capital had $471 million in deposits and $537 million in assets as of May 13, according to the FDIC. Effingham, Ill.-based Midland States Bank has agreed to assume the failed bank's deposits, the FDIC said.

Midland States has also agreed to acquire about $536 million worth of Strategic Capital's assets.

The FDIC said Strategic Capital's failure should cost its deposit insurance fund $173 million.

The FDIC voted Friday to charge an emergency fee to U.S. banks, in an effort to replenish the deposit insurance fund amid the ongoing credit crisis.

Macomb's Citizens National Bank marked the second Illinois closure announced on Friday, and the fifth in that state so far this year. ...........(more)

The complete piece is at: http://www.marketwatch.com/story/illinois-bank-marks-35th-failure-of-2009

for late charges and interest. :evilgrin:

Drink up.

And all you see on CNN (aka International lulz incorporated) "DOW IS UP 64 POINTSZ! W00t zOMG! NO MORE RECESSION!