9 FBOP Banks Closed

California National In R.C Now U.S. Bank, This article was found in the Daily Bulletin,Sunday November 1, 2009. According to the staff and wire reports Reagulators had to close nine more national banks due to the loan defaults. Majority of these banks were located in Southern California. By these banks closing, boost the number of failing bank to 115 this year. California National Bank has 153 offices which the government reopen on Saturday under the name U.S Bank Branches. FDIC spoke man David Barr said it will feel like a merger for customer.I agree that the U.S Bank comming in and taking over, so people will not lose their money.These stories is starting to become very typical. Personally, I don't trust the banking system anymore. This take me back to Indy mac when customer wasn't aware that government were taking the bank over because of default loans. This was a sad day for many, most people lost their funds. FDIC only insure them up to $150,000 and the rest of their money was lost. My question is how do people start trusting again? What will the banks do to draw people back as customer? I think this was a good article to publish in the newspaper because this is a reminder that people need to be careful with how much money they put in the bank. This also inform us that we are still in recession.