Bank failures reach triple digits on year with 7 closures Friday
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.