Two Irwin Union Bank subsidiaries in Kentucky and Indiana were closed by regulators Friday, bringing the total number of U.S. bank failures this year to 94 and punching an $850 million hole in the federal deposit insurance fund.Ninety-four failed banks in about eight months, of which during most of that time Obama has been President. I seem to recall somebody sounding a lot like Obama making all kinds of promises last February while pushing through a $787 billion stimulus plan that everything was going to be just fine if they got the OK to blow all that money.
The Federal Deposit Insurance Corp. said that Irwin Union Bank and Trust Co. in Columbus, Ind., and Irwin Union Bank F.S.B. in Louisville, Ky., were each closed.
Irwin Union Bank and Trust Co. had $2.7 billion in assets and $2.1 billion in deposits as of Aug. 31, the FDIC said. Irwin Union Bank F.S.B. had $493 million in assets and $441 million in deposits as of Aug. 31.
Hamilton, Ohio-based First Financial Bank (FFBC 8.31, -0.05, -0.60%) has agreed to assume the failed banks' deposits. First Financial Bank said in a statement that assumption of the Irwin Union Bank subsidiaries brings with it 27 banking centers in nine states.
But now the banks keep folding week after week.
And the former mainstream media says nothing.
There's your hope and change for you.
In other news, 42 states saw increased unemployment last month. Again, those are crickets you hear chirping. Will any of the five interviewers of King Obama mention these inconvenient truths during his media blitz tomorrow?
Of course not. That would be racist.
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