Year’s toll of failed banks at 90 after quartet of closures Friday
Regulators shut down banks in Maryland, Oklahoma and New York, lifting to 90 the number of U.S. bank failures this year.
The Federal Deposit Insurance Corp. took over Bay National Bank and Ideal Federal Savings Bank, both based in Baltimore. Bay National Bank had $282.2 million in assets and $276.1 million in deposits as of March 31. Ideal Federal Savings Bank had $6.3 million in assets and $5.8 million in deposits.
The FDIC also closed Home National Bank in Blackwell, Okla., with $644.5 million in assets and $560.7 million in deposits, and USA Bank in Port Chester, N.Y., with $193.3 million in assets and $189.9 million in deposits.
With 90 closures nationwide this year, the pace of failures outstrips that of 2009, itself a brisk year for shutdowns. By this time last year, regulators had closed 45 banks. The pace has accelerated as losses mount on loans made for commercial property and development.