Bank Failure Tally Tops 22 in 2010

Two more banks were shut down by the FDIC late Friday, bringing the year total to 22 as small institutions continue to struggle with bad loans.

– The Federal Deposit Insurance Corp. said Carson River Community Bank in Carson City, Nevada was closed by the Nevada Department of Business and Industry, and its deposits were assumed by Heritage Bank of Nevada, Reno, Nevada.

As of December 31, 2009, Carson River Community Bank had $51.1 million in total assets and $50 million in total deposits. In addition to assuming all of the deposits Heritage Bank of Nevada agreed to purchase approx. $38 million of the failed bank’s assets.

The FDIC said the failures would likely cost the FDIC’s deposit insurance fund roughly $7.9 million.

Carson River Community Bank is the 21st  bank to fail in the nation this year, and the first in Nevada. The last FDIC-insured institution closed in the state was Community Bank of Nevada, August 14, 2009.

– Rainier Pacific Bank in Tacoma, Washington also was closed, and its deposits were assumed by Umpqua Bank of Roseburg, Oregon, the FDIC said.

As of December 31, 2009, Rainier Pacific Bank had approximately $717.8 million in total assets and $446.2 million in total deposits. Umpqua Bank said it will purchase $670.1 million of Rainier Pacific’s assets. The FDIC will retain the rest.

The failure is expected to cost the FDIC deposit insurance fund an estimated $95.2 million.

Rainier Pacific Bank is the 22nd bank to fail in the nation this year, and the fourth in Washington. The last FDIC-insured institution closed in the state was American Marine Bank, January 29, 2010.

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