Oct 23, 2009 6:55 pm US/Central
Banks In Fla., Ga., Wis., Minn. Fail; 105 In 2009
WASHINGTON (AP) ―
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The 105 failures are the most in a year since 1992 at the height of the savings-and-loan crisis. They have cost the federal deposit insurance fund about $25 billion so far this year. (File)
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Bank closings for the year hit 105 on Friday when regulators shut down three small banks in Florida, one in Georgia, one in Wisconsin and one in Minnesota.
The Federal Deposit Insurance Corp. took over Partners Bank, a small bank in Naples, Fla., with $68.7 million in assets and $63.4 million in deposits.
Others that failed were: Hillcrest Bank Florida, also based in Naples, which had $83 million in assets and $84 million in deposits; Flagship National Bank in Bradenton, Fla., with total assets of $190 million and total deposits of about $175 million; and American United Bank in Lawrenceville, Ga., with $111 million in assets and $101 million in deposits.
Also failing were: Bank of Elmwood in Racine, Wis., with $327.4 million in assets and $273.2 million in deposits; and Riverview Community Bank, based in Otsego, Minn., with $108 million in assets and total deposits of about $80 million.
Stonegate Bank, based in Fort Lauderdale, Fla., agreed to buy the deposits and assets of Partners Bank as well as the deposits of Hillcrest Bank Florida and $28 million of its assets. Ameris Bank, based in Moultrie, Ga., is buying the deposits and assets of American United Bank. First Federal Bank of Florida in Lake City agreed to assume all of the deposits of Flagship National Bank.
Tri City National Bank of Oak Creek, Wis., agreed to assume all the deposits of Bank of Elmwood. Central Bank of Stillwater, Minn., agreed to assume all of the deposits of Riverview Community Bank.
The 105 failures are the most in a year since 1992 at the height of the savings-and-loan crisis. They have cost the federal deposit insurance fund about $25 billion so far this year, and hundreds more bank failures are expected to raise the cost to around $100 billion through 2013.
The failure of Partners Bank is expected to cost the deposit insurance fund an estimated $28.6 million, while that of Hillcrest Bank Florida is expected to cost $45 million. American United Bank is expected to cost $44 million, and First Federal will be $59 million. Bank of Elmood's failure is expected to cost the fund $101.1 million, while Riverview Community Bank will cost $20 million.
(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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