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FDIC clocks 15 bank failures so far in 2010

Reuters [1]
Saturday, January 30th, 2010

Six more U.S. banks were seized on Friday as regulators continue to close the doors of banks struggling to cope with fallout from the financial crisis.

The Federal Deposit Insurance Corp (FDIC) said First Regional Bank in Los Angeles, Florida Community Bank, First National Bank of Georgia, American Marine Bank in Washington, Marshall Bank in Minnesota and Community Bank and Trust in Georgia had failed — pushing the tally to 15 banks that have failed this year.

The FDIC expects 2010 to be a peak for bank failures as a result of the financial crisis. Last year, 140 banks failed, compared to 25 in 2008 and three in 2007.

First-Citizens Bank & Trust Co, of Raleigh, North Carolina, will purchase $2.17 billion in total assets and $1.87 billion in total deposits from First Regional Bank, the FDIC said.

Full article here [1]

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