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A Rare Friday That's Free of Bank Failures


Bank failures on Fridays have been so common that it's news when there aren't any closures. Unless the FDIC is very late, today will be one of those rare Fridays this year. The last Friday that was free of bank failures was on July 3rd. However, that's a special case since the FDIC moved its closures to Thursday July 2nd before the long 4th of July weekend. Below is the list of all 2009 Fridays that were free of bank failures:
  • October 9
  • July 3
  • June 12
  • May 29
  • May 15
  • April 3
  • March 13
  • January 9
  • January 2
This is based on the FDIC Failed Bank List. If you see a Friday that I missed, please leave a comment.

On September 29th the FDIC announced its plans to bolster the FDIC Deposit Insurance Fund (see post). In the plan, banks would prepay their assessments for the next three years. In that post readers speculated that the FDIC would stop closing banks soon for the lack of money. It's interesting that we are already seeing a Friday free of closures. However, according to FDIC Chairman Sheila Bair, "our sources of liquidity to protect depositors in future failures include not only the $22 billion of cash and Treasury securities held by the DIF as of June 30, but also the ability to borrow up to $500 billion from the Treasury."

Bank failure related news for this week:

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Anonymous   |     |   Comment #1
Due to Columbus Day? It's kind of the forgotten holiday except for gov't and banks. On the other hand, they did two banks last year the Friday before Columbus day.
Anonymous   |     |   Comment #2
I doubt it. Being Columbus Day is Monday, October 12th.
Anonymous   |     |   Comment #3
Could this be the calm before the storm? With reports of foreclosures continuing to rocket higher I expect another downleg is coming in stock market, especially the financials.