FDIC announces 99th bank failure

In this CNN money article, the newest bank closed by regulators is discussed. The San Joaquin Bank of California was closed last Friday night, which raised the national total to 99 for the year. This is the tenth bank to close in California alone. Reportedly, "the closure will cost the FDIC $103 million." Customers of San Joaquin are covered because of the FDIC policy that has been around since the Great Depression. The article states according to the FDIC that "The Citizens Business Bank in Ontario, California will assume all of San Joaquin Bank's $631 million deposits." 

This is an interesting article that highlights the fact that some banks are too big to fail so, the government must step in to protect. I think it is just baffling that bank closures have reached 99!