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Thursday, May 20, 2010

U.S. Bank Failures Hit 68 in 2010

U.S. Bank Failures Hit 68 in 2010

The Federal Deposit Insurance Corp. said that state regulators closed banks in Florida, Minnesota, Arizona and California on Friday, bringing to 68 the number of banks that have failed so far this year, Dow Jones Daily Bankruptcy Review reported today. The four failures will cost the FDIC's deposit insurance fund an estimated $213.7 million. The four banks that failed were San Diego-based 1st Pacific Bank of California; Towne Bank of Mesa, Ariz.; Bonifay, Fla.-based Bank Of Bonifay; and Access Bank of Champlin, Minn. The deposits of all four banks were sold by the FDIC to other firms.

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