More For The Funeral Pyre

The FDIC was quite busy just before a long holiday weekend, shutting down six more banks this afternoon, keeping us on track for 100 banks closed by the end of the year.

More as it comes in.

[UPDATE 9:35 PM] FDIC closed seven banks, six belonging to one family, for a total of 52 banks closed so far this year.

U.S. bank regulators closed seven institutions on Thursday, including six banks in Illinois controlled by one family and a small bank in Dallas, bringing the total number of U.S. bank failures to 52 so far his year.

Founders Bank, of Worth, Illinois, was the largest of the financial institutions seized. The Federal Deposit Insurance Corp said Founders had $962.5 million in assets and approximately $848.9 million in deposits.

The PrivateBank and Trust Co of Chicago (PVTB.O) will assume all of the deposits of Founders Bank.

The failure is expected to cost the FDIC deposit insurance fund an estimated $188.5 million.

The six failed Illinois banks were all controlled by one family and followed a similar business model, the FDIC said. The failures were related to losses that included soured investments in collateralized debt obligations.

According to a website of one of the Illinois banks, they were part of the Campbell Group of privately owned banks.

There will be many, many more, folks.