Fresh victims of recession are Banks in Colorado and North Carolina.The banks were shut as a loss of jobs shrinks household wealth in the deepest recession in last 25 years. With these banks shut down, the toll of US Bank failures has risen to 23 this year.
New Frontier Bank in Greeley, Colorado, with $2 billion in assets and $1.5 billion in deposits, and Cape Fear Bank in Wilmington, North Carolina, with $492 million in assets and $403 million in deposits, were shut today by state regulators.
The U.S. has lost about 5.1 million jobs since the recession began in late 2007 and unemployment jumped to 8.5 percent in March, the highest since 1983.
The Colorado failure will cost the FDIC’s insurance fund $670 million, while the cost to close Cape Fear is $131 million, the agency said in separate statements.
New Frontier Bank in Greeley, Colorado, with $2 billion in assets and $1.5 billion in deposits, and Cape Fear Bank in Wilmington, North Carolina, with $492 million in assets and $403 million in deposits, were shut today by state regulators.
The U.S. has lost about 5.1 million jobs since the recession began in late 2007 and unemployment jumped to 8.5 percent in March, the highest since 1983.
The Colorado failure will cost the FDIC’s insurance fund $670 million, while the cost to close Cape Fear is $131 million, the agency said in separate statements.
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