Federal Deposit Insurance Corporation

Four Bank Failures Cost FDIC $700 Million 

Federal regulators shut down another four banks Friday as the extent of the damage to the financial industry continues to unwind. All told, Friday’s failures will cost the Federal Deposit Insurance Corp.’s (FDIC) insurance fund an estimated $698.4m and put a total $2.29bn in combined assets on the line for purchase or disposition. It is the 26th, 27th, 28th and 29th failures so far in 2009.