Regulators close banks in Michigan, Pennsylvania | WHAT REALLY HAPPENED


Regulators close banks in Michigan, Pennsylvania

- Regulators on Friday shut down small banks in Michigan and Pennsylvania, boosting the number of U.S. banks that have failed this year to 151 as bad loans have mounted and the economy has been slow to heal.

The Federal Deposit Insurance Corp. took over Paramount Bank, based in Farmington Hills, Mich., with $252.7 million in assets and $213.6 million in deposits; and Earthstar Bank, based in Southampton, Pa., with $112.6 million in assets and $104.5 million in deposits.

Webmaster's Commentary: 

One cannot say "economic recovery" and "historic number of bank failures" in the same sentence with a straight face.

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