Regulators shut 3 more banks to bring total this year to 25 failures
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Regulators on Friday shuttered banks in Florida, Illinois and Maryland, boosting to 25 the number of bank failures in the U.S. so far this year following the 140 brought down in 2009 by mounting loan defaults and the recession.
The Federal Deposit Insurance Corp. took over Sun American Bank, based in Boca Raton, Fla., with $535.7 million in assets and $443.5 million in deposits. Also seized were Bank of Illinois of Normal, Ill., with $211.7 million in assets and $198.5 million in deposits; and Waterfield Bank in Germantown, Md., with $155.6 million in assets and $156.4 million in deposits.
First-Citizens Bank & Trust, based in Raleigh, N.C., agreed to assume the assets and deposits of Sun American Bank and to share losses with the FDIC on $433 million of the failed bank’s loans and other assets. It was First-Citizens’ fourth acquisition of assets of a failed bank since last July; the others were First Regional Bank of Los Angeles, Venture Bank of Lacey, Wash., and Temecula Valley Bank of Temecula, Calif.
Heartland Bank and Trust, based in Bloomington, Ill., is buying the assets and deposits of Bank of Illinois, and is sharing losses with the FDIC on $166.6 million in loans and other assets.
Read More: – By Marcy Gordon, Associated Press
