US bank failures reach 108 in 2010 as FDIC takes over 5 more
31 Jul 2010
The Federal Deposit Insurance Corp has announced the seizure of all assets of five small failed banks in the United States, lifting the number of bank failures there to 108 so far since January 2010.
The five banks together would cost the agency's deposit insurance fund about $335 million, the FDIC said in a release. FDIC expects the cost to hit $60 billion between 2010 and 2014.
Regulators on Friday seized LibertyBank of Eugene in Oregon, The Cowlitz Bank of Longview in Washington, Coastal Community Bank of Panama City Beach in Florida, Northwest Bank & Trust of Acworth in Georgia and Bayside Savings Bank of Port Saint Joe in Florida.
The largest of the five banks was LibertyBank of Eugene, Oregaon with 15 branches and about $768.2 million in total assets and $718.5 million in total deposits. Bayside Savings Bank, the smallest, had just two branches and $66.1 million in total assets and $52.4 million in deposits.
LibertyBank was closed by the Oregon division of Finance and Corporate Securities, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.
Most of the banks that have failed in recent times have lent heavily to commercial real estates rather than home mortgages that had been haunting the banking industry earlier in the financial market crisis.
