Five more bank closures bring number of bank failures to 77
AFP/PTI / Washington Aug 15, 2009, 17:38 IST
US regulators have shut down five more regional banks, bringing the total number of US bank failures to 77 this year, the US government announced.
The Federal Deposit Insurance Corporation (FDIC) said Colonial Bank of Montgomery became the largest US bank to fail this year after it was declared bankrupt and had the bulk of its assets taken over by rival BB&T.
All of Alabama-based Colonial's 346 branches will reopen Saturday "and operate as branches of BB&T," the FDIC said.
The list of closed banks also included the Community Bank of Nevada in Las Vegas that was closed by order of the Nevada Financial Institutions Division, which appointed the FDIC as receiver.
As of the end of June, the bank had total assets of $1.52 billion and total deposits of about $1.38 billion.
Also shut down was the Community Bank of Arizona in Phoenix, which will be taken over by MidFirst Bank from Oklahoma City.
The bank had total assets of $158.5 million, most of which will be purchased by MidFirst Bank, the FDIC said.
The Oklahoman bank will also assume all of the deposits of Union Bank of Gilbert, another Arizona institution shut down by regulators.
The closed financial institutions also include the Dwelling House Savings and Loan Association of Pittsburgh, Pennsylvania.
Number of failed banks in 2009 goes to 77.
And we have already crossed 100 failures since 2008 and stood at 102.
Colonial Bank, Montgomery, Alabama was the biggest bank failure of 2009.
As of June 30, 2009, Colonial Bank had total assets of $25 billion and total deposits of approximately $20 billion.
Before this in 2008, we have seen bigger failures as Washington Mutual(Assets : $307 billion ) and IndyMac (Assets : $32 billion).
In Arizona, 2 banks were closed by FDIC - Union Bank and Community Bank of Arizona.
Both these banks were taken over by MidFirst Bank, Oklahoma City, Oklahoma.
Check all the failed banks in 2009 at
http://portalseven.com/Failed-Banks-2009
Check map of failed banks at :
http://portalseven.com/Failed-Banks-Map-2009
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