January has not been a good month for the recovery of the United States financial system with three banks being taken over by the Federal Deposit Insurance Corporation after trading hours Friday, marking the fourth, fifth and sixth banks to close this month.

Small, regional banks across the country have been feeling the pressures of a financial crisis and toxic asset collapse, still costing the economy billions of dollars even months after the major crises in September and October of 2008.

Suburban Federal Savings Bank (Crofton, Maryland), Ocala National Bank (Winter Haven, Florida) and MagnetBank (Salt Lake City, Utah) were all closed by their respective financial authorities Friday, with plans to be reopened under FDIC control Saturday.

Estimated costs to the Federal Deposit Insurance Corporation hit approximately $500 million from these three banks.

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