Seven more banks fail

Why is the FDIC not waiting until Friday to shut down banks?

(CNNMoney.com) -- Seven banks were shut down by authorities Thursday, pushing the tally of failed banks for 2009 to 52, more than doubling the failures in 2008.

Six regional banks in Illinois and one in Texas closed their doors, according to the Federal Deposit Insurance Corporation.
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FDIC fund: The total cost of Thursday's bank failures to the FDIC is $314.3 million, bringing the FDIC fund's total cost for failed banks to $12.3 billion this year. That compares with $17.6 billion in all of 2008.

Halfway through the year we've already doubled the number of bank failures.

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Tomorrow is a Fed holiday

7 so far - the West Coast may chip in

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Not in the banking world

Banks (minus the 7 closed yesterday) are not taking a holiday on Friday, nor are the regulators.

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