Fail­ures of half-dozen banks in 3 states brings year’s toll to 96

Austin American-Statesman - - BUSINESS & PERSONAL FINANCE -

Reg­u­la­tors shut down three banks in Florida, two in South Carolina and one in Michi­gan, bring­ing to 96 the num­ber of U.S. banks to suc­cumb this year to the re­ces­sion and mount­ing loan de­faults.

The Fed­eral De­posit In­surance Corp. took over: Wood­lands Bank, based in Bluffton, S.C., with $376.2 mil­lion in as­sets; First Na­tional Bank of the South, based in Spar­tan­burg, S.C., with $682 mil­lion in as­sets; and Main­street Sav­ings Bank of Hast­ings, Mich., with $97.4 mil­lion in as­sets. The FDIC also seized Mi­ami-based Metro Bank of Dade County, with as­sets of $442.3 mil­lion; Turn­berry Bank of Aven­tura, Fla., with as­sets of $263.9 mil­lion; and Olde Cy­press Com­mu­nity Bank of Clewiston, Fla., with as­sets of $168.7 mil­lion.

The pace of bank fail­ures this year out­strips that of 2009: By this time last year, reg­u­la­tors had closed 57 banks. The pace has ac­cel­er­ated as banks’ losses mount on loans made for com­mer­cial prop­erty and devel­op­ment.

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