Bank fail­ures reach triple dig­its on year with 7 clo­sures Fri­day

Austin American-Statesman - - BUSINESS & PERSONAL FINANCE -

U.S. bank fail­ures this year passed the cen­tury mark as reg­u­la­tors shut down banks in Ge­or­gia, Florida, South Carolina, Kansas, Ne­vada, Min­nesota and Ore­gon.

The seven bank seizures an­nounced Fri­day bring 2010’s fail­ures to 103. The pace of bank clo­sures this year is well ahead of that of 2009, which saw a to­tal 140 banks shut­tered amid the re­ces­sion and mount­ing loan de­faults.

The Fed­eral De­posit In­surance Corp. said it took over Cres­cent Bank and Trust Co., based in Jasper, Ga., with about $1 bil­lion in as­sets; Ster­ling Bank of Lan­tana, Fla., with $407.9 mil­lion in as­sets; Wil­liams­burg First Na­tional Bank of Kingstree, S.C., $139.3 mil­lion in as­sets; Thun­der Bank of Sylvan Grove, Kan., $32.6 mil­lion; South­west­USA Bank, with one branch in Las Ve­gas, $214 mil­lion; Com­mu­nity Se­cu­rity Bank of New Prague, Minn., $108 mil­lion; and Home Val­ley Bank of Cave Junc­tion, Ore., $251.8 mil­lion.

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