Saturday, January 30, 2010

Saturday bonus edition - More Bank Failures - posted 9:30

I missed the first batch, and I thought I was watching, but here are the casulties from yesterday - From MarketWatch

SAN FRANCISCO (MarketWatch) -- The credit crunch continued to take its toll on the banking industry as regulators closed five U.S. banks, bringing the total number of failures for the year so far to 14.

The closures announced late Friday will cost federal deposit insurance fund some $1.8 billion, regulators said.

Immokalee, Fla.-based Florida Community Bank, with $795.5 million in deposits as of Sept. 30, was closed by regulators. Its failure will cost the deposit insurance fund $352.6 million, the Federal Deposit Insurance Corp. said.

Carrollton, Ga., based First National Bank of Georgia, which had $757.9 million in deposits as of Sept. 30, was also closed. Its failure will cost the deposit insurance fund $260.4 million.

Marshall Bank of Hallock, Minn., with $54.7 million in deposits as of Sept. 30, became the 12th bank failure of the year. That will cost the deposit insurance fund $4.1 million, the FDIC said.

Cornelia, Ga.-based Community Bank & Trust became the 13th failure in the U.S. this year, and the second in Georgia. It had $1.11 billion in deposits as of Sept. 30, and its failure will cost the federal deposit insurance fund $354.5 million, the FDIC said.

Meanwhile, Los Angeles-based First Regional Bank was the 14th failure of 2010. It had $1.87 billion in deposits as of Sept. 30, and regulators said its failure will cost the federal deposit insurance fund $825.5 million.

You can track bank closures here - good site.

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