Sunday, October 12, 2008

Two more Banks Siezed by FDIC

Two banks -- one in Illinois and one in Michigan -- failed on Friday night, the Federal Deposit Insurance Corp. said, underscoring just how much the credit crunch is hurting financial institutions.

The FDIC said that depositors in both would continue to have uninterrupted access to their money, and they would still be insure. It estimates that the two failures will cost its insurance fund between $46 million and $53.5 million.

Dan Ross

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