FDIC Closed More Banks in 2011 Than the Eight Bush Years Combined

The Federal Deposit Insurance Corporation shuttered three banks this July 22 weekend, bringing to 58 the amount banks closed during 2011. This is more than the fifty banks closed during the eight years of the Bush administration. Two more banks were closed in the first half of January 2009 before Obama became President.

The 58 banks closed so far this year, is similar to the 57 banks closed the same time in 2009; yet better than the 101 banks closed this time last year.