Three More Bank Failures, Bringing The Total To Twenty-Two

While the Citigroup news is certainly generating much of the financial news this morning (and for good reason), three more banks have also recently failed, bring the total to twenty-two (see WSJ article). Two of the recent bank failures were California thrifts, while the third was located in Georgia. Of the three recent failures, Downey Savings & Loan of Newport Beach was the largest, and the third largest bank failure this year, coming in at $12.87 billion - still less than the $307 billion failure of Washington Mutual.