The John Warner Bank, Clinton, IL

The FDIC busied itself this holiday weekend by seizing seven banks after the close of business on Thursday. The John Warner Bank, Clinton, IL, became the 46th bank to be shut down by the agency in 2009. Here is the story from Bloomberg:

John Warner Bank of Clinton, Illinois, was closed by state regulators, pushing the toll of failed lenders to 46 this year as the worst financial crisis since the Great Depression fuels unemployment and foreclosures.

The bank, with $70 million in assets and $64 million in deposits, was closed today by the Illinois Department of Financial and Professional Regulation, according a statement released by the Federal Deposit Insurance Corp., which was named receiver.

“Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship,” the FDIC statement said.

Regulators this year have closed the most banks since the savings-and-loan crisis of the early 1990s as lenders struggle with mounting losses on real estate-related loans. The total for 2009 is nearly double the 25 banks shuttered in 2008.

State Bank of Lincoln, Illinois, will assume the failed bank’s deposits and about $63 million in assets, the FDIC said. The John Warner Bank’s three branches will open tomorrow as branches of State Bank of Lincoln.

Visit the official FDIC webpage for more information.

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