List of failed banks keeps growing. Failed banks' size and geographical footprint do not seem to matter. If there is no bailout or some kind of package from government to help distressed financial companies, the list most likely will be much longer later. Unfortunately, FDIC currently does not have enough money to cover all the 'FDIC-insured' accounts which means with or without $700 billion bailout, if there are more failed banks that FDIC needs to take over, FDIC will need huge capital injection from US Government that will certainly cost tax-payers' money.

In August 2008, the FDIC identified 117 banks and thrifts that could be in trouble. "A few more IndyMacs or 20 or 30 smaller collapses will wipe out [FDICs] reserves," predicts Dean Baker of the Center for Economic and Policy Research. According to Bloomberg (Sep 25, 2008): FDIC May Need $150 Billion Bailout as More Banks Fail. Regulators can slice and dice any forms and size of 'innovative' solutions to the current global financial crisis whatever they want; unfortunately, one thing seems certain: tax-payers' money are already on the hook regardless.

The moral of the story here is: "Be very careful where you put your money now. No financial companies and banks are completely safe nowadays."

Here is FDIC's failed bank list (as of Sep 25, 2008):

"The investor of today does not profit from yesterday’s growth" ~ Warren Buffett