Missouri-based American Sterling Bank closed by regulators (#24 for 2009)

[UpInArms]

Source: CBS Marketwatch

SAN FRANCISCO (MarketWatch) -- Sugar Creek, Mo.-based American Sterling Bank was closed by regulators Friday, marking the 24th bank failure of the year as the credit crunch continues to spread through the economy. American Sterling Bank had $181 million in total assets and $171.9 million in total deposits as of March 20, according to the Federal Deposit Insurance Corporation. The FDIC said Metcalf Bank of Lee's Summit, Mo. will assume the failed bank's deposits. The FDIC estimated the failure of American Sterling Bank will cost its deposit insurance fund $42 million.

Read more: http://www.marketwatch.com/news/story/missouris-american-sterling-bank-seized/story.aspx?guid=%7BEB798D94%2D22D6%2D4D32%2DA4BF%2D7DA5D6E98515%7D&siteid=bnbh

[pravin404]

1. Map & List of Failed Banks in 2009

2 more banks failed this week.

50 banks failed since 2008, 25 each in 2008 and 2009 till now.

Friday means FDIC is in action on some bank.

Last week also FDIC closed 2 banks.

"American Sterling Bank,Sugar Creek, MO" and "Great Basin Bank of Nevada, Elko, NV" were closed on Friday making the count to 25 for this year and 50 since start of 2008 for the failed banks in US.

# 25th bank to fail this year
# 50th bank failed since 2008
# 5th bank in Nevada since 2008 and 2nd this year

Check the list of all the failed banks at :
http://portalseven.com/Failed-Banks-2009

And on google map see where the banks are failing at :
http://portalseven.com/finance/Failed_Banks_Map_2009.jsp

Also layoff tracker at :
http://portalseven.com/finance/FinanceHome.jsp