This is number 40 (earlier the headline read First National Bank of Kansas, but has since been corrected).
First National Bank of Anthony, Anthony, Kansas was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a [...]

Here are the press releases (emphasis added). This makes 39 institutions this year.
First, Cooperative:
Cooperative Bank, Wilmington, North Carolina was closed today by the North Carolina Office of Commissioner of Banks, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First [...]

Here’s a good segment from CNBC with an interview from two city mayors, the mayor of El Centro, CA that has 26.9% unemployment, the highest in the nation, and the mayor of Flint, MI, which is imploding due to the decline in the U.S. car industry.

 
Interestingly, CNBC has another article on its website showing [...]

During the Great Depression, it was the Smoot-Hawley Tariff Act, which in hindsight is blamed for triggering a wave of protectionist actions globally.  Protectionism was a major contributor to the downward spiral that created depression.  So, have we avoided this kind of outcome this go around?
At this juncture, it is pretty unclear we have. Simmering [...]

So, things are looking a lot brighter we are told by most economists and policy makers.  The crisis is over and the banking system is on the mend.  Now is the time for true reform and for bankers to get back to business as usual.
While the foregoing may make for nice copy in the mainstream [...]

After Pilot Dies, Jet Lands Safely in Newark – NY Times
EU sets basis for finance reform – BBC News
"EU ministers have agreed in principle on a framework for enhanced oversight of the financial sector, with the UK winning key concessions to the plans."

When it comes to global banks, size matters – Gillian Tett
The Swiss and [...]

A recent poll which ended on Wednesday as to when the economy will recover yielded the results below:
Clearly, you think this downturn has legs!
Please feel free to ping us with other important questions we should be asking readers.
Cheers.
Edward
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A lot of links coming. So I will some now and others tomorrow.

Retail sales plunged in April, led by motors – Irish Independent
This is a depression-style fall: 17%.

Outsider in the world of economics takes a dim view of ‘rotten’ banks – Irish Independent
If you want to see what an independent economist has to say, [...]

The Federal Reserve Bank of Philadelphia is out with a widely followed Business Outlook Survey for June.  The numbers are very good.
Declines in the region’s manufacturing sector were much less in evidence in June, according to results for this month’s Business Outlook Survey. Indexes for general activity, new orders, and shipments showed notable improvement, suggesting [...]

This video of US Bancorp CEO Richard Davis on CNBC is good in getting to the motivations and thinking of bank CEOs now repaying TARP monies.  Davis sounds articulate, well-prepped and diplomatic and makes a lot of sense.  You couldn’t ask for a better spokesperson to make the case.
The bottom line: Big banks exiting TARP [...]