Latest Bank Failures Bring Total to 151 For Year, So Far

by Alyssa AndersonDecember 12, 2010October 4, 2011

2010 will not remembered as a good year for the banking industry. With the latest bank closures of Paramount Bank of Farmington Hills, Michigan and Earthstar Bank of Southampton, Pennsylvania the total bank closures for this year has reached 151. The Federal Deposit Insurance Corporation announced that regulators were forced to close down these two banks. The $252.7 million in assets, as well as the $213.6 million in deposits will be taken over by Level One Bank of Farmington Hills, Michigan. Polonia Bank of Huntingdon Valley in Pennsylvania will absorb $112.6 million in assets and $104.5 million in deposits from Earthstar. The FDIC will be footing the $113.1 million bill.

Alyssa Anderson

Alyssa Anderson has been involved in the world of business on several levels for many years. She was the CEO of a start-up high-tech company until its purchase by a global on-line e-business. Alyssa helped formulate marketing strategies for several other companies as an independent consultant, and she has advised local government on methods to achieve appropriate fiscal responsibility. Her opinions are well known through her many editorials which have been published throughout her career in a variety of local and national print media. She has been heard on radio discussing current issues affecting the business community and Alyssa hopes to bring her special brand of commonsense coupled with uncanny insight into her editorial responsibilities as the Business Page editor for Left Justified. Contact Alyssa at alyssa(at)leftjustified.com.

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Alyssa Anderson

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