Banking, finance, and taxes

2010 Bank Closings Hit 81, Costs May Hit $100 Billion

By Douglas A. McIntyre
Published June 5, 2010, 7:44am ET · 1 min read

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The FDIC closed three banks Friday bringing the total to 81 for this year. The news raises the question of whether the $45 billion that the agency raised last year by getting members banks to prepay premiums through 2012 will be enough. If it is not, the FDIC will have to turn to the US Treasury for funds, adding to the taxpayer costs for bailing out the banking system, the largest portion of which has been the TARP.The FDIC closed TierOne Bank, Lincoln, NE Arcola Homestead Savings Bank, Arcola, IL and First National Bank, Rosedale, MS. The Administration and bank experts expect the cost of bank closures of FDIC insured institutions will cost $100 billion between the last quarter of 2009 and 2013.

Douglas A. McIntyre

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Douglas A. McIntyre

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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