Saturday, August 20, 2011

US regulators close down 3 more banks

US regulators shut down three more banks in Florida, Georgia and Illinois

Source: Press TV

US regulators have shut down three more banks in the US states of Florida, Georgia and Illinois, bringing the total number of bank foreclosures in the country this year to 68.

On Friday, the Federal Deposit Insurance Corp (FDIC) seized Lydian Private Bank in Palm Beach, Florida, with approximately USD 1.70 billion in assets and USD 1.24 billion in deposits, First Southern National Bank of Statesboro, Georgia, with USD 164.6 million in assets and $159.7 million in deposits, and First Choice Bank of Geneva, Illinois, with USD 141 million in assets and USD 137.2 million in deposits, Reuters reported.

Sabadell United Bank has agreed to assume all the deposits and assets of the Florida bank. Heritage Bank of the South is assuming all the deposits and assets of the Georgia bank, while Inland Bank & Trust is to assume all the deposits and assets of the Illinois bank.

Bank failures in the United States in 2011 illustrate the problems of small community banks, many of which are hard hit by the country's sluggish economy and their exposure to the troubled commercial real estate market.

Most of the banks that have failed so far this year have had less than USD 1 billion in assets.

According to the FDIC, the total number of bank failures was 157 in 2010, 140 in 2009, 25 in 2008 and just three in 2007.

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