Bank Failure – Arcola Homestead Savings Bank

by CD Rates on June 4, 2010 · 1 comment

in Bank Failures

Arcola Homestead Savings Bank, Arcola, IL was closed on Friday June 4th 2010.  It was a small bank with only one branch and a little over 16 million in deposits.  No assuming bank could not be located. Therefore, the FDIC will fulfill its obligation to Arcola Homestead Savings Bank depositors by mailing checks for their insured certificates of deposit and individual retirement accounts. For further information, please visit the FDIC web site: Arcola Homestead Savings Bank.

With 79 closures nationwide so far this year, the pace of bank failures is more than double that of 2009, which was already a brisk year for shutdowns. By this time last year, regulators had closed 37 banks. The pace has accelerated as banks’ losses mount on loans made for commercial property and development.

The number of bank failures is expected to peak this year and to be slightly higher than the 140 that fell in 2009. That was the highest annual tally since 1992, at the height of the savings and loan crisis. The 2009 failures cost the insurance fund more than $30 billion. Twenty-five banks failed in 2008, the year the financial crisis struck with force, and only three succumbed in 2007.

For individuals who’ve been affected by this closing, you can visit our web site to find the best cd rates.

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