Year’s toll of failed banks at 90 af­ter quar­tet of clo­sures Fri­day

Austin American-Statesman - - BUSINESS -

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.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.