The incredible, bottomless FDIC closes three more banks


Regulators closed Silverton Bank, which is based in Georgia, Citizens Community Bank of New Jersey, and America West Bank in Utah.

The total number of banks closed in the US during 2009 is now 32.

These bank closures cost the FDIC $1.7 billion, and, at this rate, the agency will have to go to the Treasury before the end of the years for additional funding, putting yet more strain on the efforts to fix the financial and credit systems.

Douglas A. McIntyre is an editor at 24/7 Wall St.