Saturday, January 17, 2009

Continiuation of recession in 2009..Two us banks fails

The year of 2008 was a recession year but the effect of it still continues this year as on Friday the first causality was seen.Bank regulators closed two banks.1.National bank of commerce of Berkeley,Illinois 2.Bank of Clark county of Vancouver,Washington.The federal Deposit Insurance Corp said it is also heard that the other bank will be taking over their insured deposits. 25 banks were seized in 2008 by the officials .
Sources said that on Tuesday onwards the Bank of Clark county will reopen as a branch of Umpqua Bank and the National Bank will continue to use existing branches until National's deposit records are fully integrated by Republic Bank.however customer at both the banks can access their money as the service will remain available by ATM,teller machine,check and online services.Both the bank failure will coast a lot to FDIC Deposit Insurance fund .National Bank $97.1 million and Bank of Clark County $ $120 to $145.

Its an rising alarm for all the financial institutions of the country world wide.Hope it doesn't continues through t the year and things become same as before.

No comments: