Yesterday three Georgia Banks have been shut down by Federal regulators.

This year most of the banks that has been closed by the FDIC were located in Georgia.

Tatnall Bank of Reidville, First Security National Bank in Norcross, and Buckhead Community bank in Atlanta have been seized by FDIC.

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American Express Bank is the a part of the well known Credit Card Company we know as AMEX or American Express. American Express Bank is bona fide federal savings bank and issues Certificates of Deposits to its customers.

The good news is the some of CD rates American Express Bank is offering are above national average. There are a few CD products where their rates are far below the national average.

National Average of CD Rates

As of today, AMEX’s three month certificate of deposit are  yielding .60 percent which is below prevailing average rate  of 0.725. The 6 Month CDs are yielding rates of 1.00 percent  which is also below national average of 1.018 percent.

The certificate of deposit rate which are higher than national averages are the ones that are for Long term.  These days national average for 12 month CD rates is at 1.308 percent.  American Express is offering 1.75 APY on 12 month certificates of deposit. Similarly the spread between national average and American Express Bank’s 18-Month CD rates is significant. earlier is at 1.447 percent while later is at 2.15 percent.

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Total number of failed U.S. banks has reached 52 during the year 2009 as seven more banks have been shut down by the bank regulators, this Thursday.

During the 2008-2009 banking crisis this was the largest number of bank failures in one week, it has exceeded the previous record which was five bank failures in a week and that record has been set just last week.

The Street .com’s recent list of 89 undercapitalized banks and thrifts had included all of the seven failed banks. All the five banks that failed last week were also included in that list.

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