Federal and state regulators today closed Irwin Union Bank, F.S.B., Louisville, Kentucky, and Irwin Union Bank and Trust Company, Columbus, Indiana.
The total number of banks closed this year is now 94. That pace is weel below what would be required to hit the total of 300 or 400 many analysts expect before the end of 2010.
First Financial Bank, National Association, Hamilton, Ohio, will assume all the deposits of the two banks.
Irwin Union Bank and Trust Company was closed by the Indiana Department of Financial Institutions. As of August 31, 2009, it had total assets of $2.7 billion and total deposits of approximately $2.1 billion. Irwin Union Bank, F.S.B. was closed by the Office of Thrift Supervision. As of August 31, 2009, it had total assets of $493 million and total deposits of approximately $441 million.
Nouriel Roubini, Richard Bove, Meredith Whitney, all considered experts on the banking industry, have predicted hundreds of more banks are about to close. So far this year, it seems they are wrong.
Douglas A. McIntyre
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