Another three bank closed in the USA

Another three bank closed on the week. Bank regulators closed the banks and the FDIC estimates that the combined cost of the bank failures to its deposit insurance fund will be approximately $207 million. Two of the banks now saved, but the third bank failed to find a buyer.

In all of 2008, 25 banks failed. Sheila Bair, chairman of the FDIC, said Friday that she expected bank failures to cost about $65 billion over the next five years.