106 Bank Failures in 2009

First Dupage Bank of Westmont, Illinois became the 106th bank in the U.S. to fail in 2009. That is the highest number since 1992 when 181 closed.

According to CNNmoney.com, the majority of these bank closings are regional banks. These banks didn't receive bail out money like a lot of the large U.S. banks. The regional banks still have some of the same problems as the large banks. They made risky loans to individuals and real estate developers during the housing boom. The lingering recession and unemployment have caused many loans to go into default. The Federal Deposit Insurance Corporation (FDIC) insures accounts up to $250,000 dollars. Even if the bank closes, it won't affect your account if you have up to $250,000 dollars in it. With two months to go in 2009, there could be more bank closings.