Saturday, August 6, 2011

US regulators shut down 2 more banks

US regulators shut down two more banks in the US states of Illinois and Washington

Source: Press TV

US regulators have shut down two more banks in the US states of Illinois and Washington, bringing the total number of bank foreclosures in the country this year to 63.

On Friday, the Federal Deposit Insurance Corp (FDIC) seized Shorewood in Shorewood, Illinois, with approximately USD 110.7 million in assets and USD 104.0 million in deposits, and Bank of Whitman in Colfax, Washington, with USD 548.6 million in assets and USD 515.7 million in deposits, Reuters reported.

Heartland Bank and Trust Company agreed to assume all the deposits and the assets of the Illinois bank. Columbia State bank is assuming all the deposits and the assets of Bank of Whitman.

Bank failures in the United States in 2011 illustrate the problems in the way 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 3 in 2007.

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