This past weekend another three banks were closed. Two were in Florida; one in California. That brings the total to 123. Here’s a graphic from CNN showing where they’ve happened. Check out the two states with the highest number of closures. Who would have thought? Florida looks only slightly worse than Minnesota, and Illinois and Georgia beat out California.
Here’s a link to the original article: http://money.cnn.com/news/storysupplement/economy/bank_failures/index.htm
Finally, here’s a graph of my own making. It shows the closings, by date, from July 11, 2008, the data after which the number of closings moved beyond one per shot. Also, you can see that, lately, the frequency has been weekly, on Friday. The 4-week moving average is heading up, although 10/30/09 closing look spike-y. With 400 banks on the FDIC’s Watch List (we’re not one of them), the lines on the graph are likely to head up and to the right.