Seven More Banks Fail Bringing Year’s Total To 106

Regulators on Friday shut seven banks, raising to 106 the number of federally insured banks to fail this year. Assets of nearly $1.5 billion and deposits of more than $1 billion from the seven banks were turned over to new lenders at a total cost of $356 million to the FDIC’s deposit insurance fund, according to agency statements.

Bank failure #100

– The FDIC was named receiver for Partners Bank of Naples, Florida, after being closed Friday by the Office of Thrift Supervision. The FDIC said it entered into a purchase and assumption agreement with Stonegate Bank, Fort Lauderdale, Florida, to assume all of the deposits of Partners Bank.

As of September 30, 2009, Partners Bank had total assets of $65.5 million and total deposits of approximately $64.9 million. The failure is expected to cost the FDIC deposit insurance fund an estimated $28.6 million.

Partners Bank is the 100th FDIC-insured institution to fail in the nation this year.

Bank failure #101

– The FDIC was named receiver for American United Bank of Lawrenceville, Georgia, after being closed Friday by the Georgia Department of Banking & Finance. The FDIC said it entered into a purchase and assumption agreement with Ameris Bank of Moultrie, Georgia, to assume all of the deposits of American United Bank.

As of August 11, 2009, American United Bank had total assets of $111 million and total deposits of approximately $101 million. The failure is expected to cost the FDIC deposit insurance fund an estimated $44 million.

American United Bank is the 101th FDIC-insured institution to fail in the nation this year.

Bank failure #102

– The FDIC was named receiver for Hillcrest Bank Florida of Naples, Florida, after being closed Friday by the Florida Office of Financial Regulation. The FDIC said it entered into a purchase and assumption agreement with Stonegate Bank, Fort Lauderdale, Florida, to assume all of the deposits of Hillcrest Bank Florida.

As of October 1, 2009 , Hillcrest Bank Florida had total assets of $83 million and total deposits of approximately $84 million. The failure is expected to cost the FDIC deposit insurance fund an estimated $45 million.

Hillcrest Bank is the 102th FDIC-insured institution to fail in the nation this year.

Bank failure #103

– The FDIC was named receiver for Flagship National Bank of Bradenton, Florida, after being closed Friday by the Office of the Comptroller of the Currency. The FDIC said it entered into a purchase and assumption agreement with First Federal Bank of Florida, Lake City, Florida, to assume all of the deposits of Flagship National Bank.

As of August 31, 2009, Flagship National Bank had total assets of $190 million and total deposits of approximately $175 million.The failure is expected to cost the FDIC deposit insurance fund an estimated $59 million.

Flagship National Bank is the 103th FDIC-insured institution to fail in the nation this year.

Bank failure #104

– The FDIC was named receiver for Bank of Elmwood of Racine, Wisconsin, after being closed Friday by the Wisconsin Department of Financial Institutions. The FDIC said it entered into a purchase and assumption agreement with Tri City National Bank, Oak Creek, Wisconsin, to assume all of the deposits of Bank of Elmwood.

As of September 30, 2009, Bank of Elmwood had total assets of $327.4 million and total deposits of approximately $273.2 million. The failure is expected to cost the FDIC deposit insurance fund an estimated $101.1 million.

Bank of Elmwood is the 104th FDIC-insured institution to fail in the nation this year.

Bank failure #105

– The FDIC was named receiver for Riverview Community Bank of Otsego, Minnesota, after being closed Friday by the Minnesota Department of Commerce. The FDIC said it entered into a purchase and assumption agreement with Central Bank, Stillwater, Minnesota, to assume all of the deposits of Riverview Community Bank.

As of August 31, 2009, Riverview Community Bank had total assets of $108 million and total deposits of approximately $80 million. The failure is expected to cost the FDIC deposit insurance fund an estimated $20 million.

Riverview Community Bank is the 105th FDIC-insured institution to fail in the nation this year.

Bank failure #106

– The FDIC was named receiver for First Dupage Bank of Westmont, Illinois, after being closed Friday by the Illinois Department of Financial & Professional Regulation. The FDIC said it entered into a purchase and assumption agreement with First Midwest Bank, Itasca, Illinois, to assume all of the deposits of First Dupage Bank.

As of July 31, 2009, First Dupage Bank had total assets of $279 million and total deposits of approximately $254 million. The failure is expected to cost the FDIC deposit insurance fund an estimated $59 million.

First Dupage Bank is the 106th FDIC-insured institution to fail in the nation this year.

1 Comment on Seven More Banks Fail Bringing Year’s Total To 106

  1. Our economy is collapsing, but since the evidence of that collapse, bank-failures, manifests itself while we’re all distracted, by our weekends, we don’t even notice what’s happening which means we’re not planning for when the other shoe drops. You can bet that rich people are paying attention to these bank-closures and their arses are going to be covered. It’s scary how easily we, the common people, the working-class people, can be controlled.

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