Saturday, October 23, 2010
Regulators shut down 7 banks
Bank regulators closed seven banks Friday, bringing the total of number of bank failures for the year to 139, the Federal Deposit Insurance Corporation said.
Friday marked the largest number of banks closed since July 23, when the FDIC also closed seven banks, according to the FDIC's website.
The closed banks are the First Arizona Savings in Scottsdale, Arizona; First Bank of Jacksonville, Jacksonville, Florida; The First National Bank of Barnesville, in Barnesville, Georgia; First Suburban National Bank in Maywood, Illinois; The Gordon Bank in Gordon, Georgia; Hillcrest Bank in Overland Park, Kansas; and Progress Bank of Florida in Tampa, Florida.
All deposits were taken over by other financial institutions for six of the seven banks.
The FDIC said it couldn't find a financial institution to take over the banking operations of First Arizona Savings.
"As a result, checks to depositors for their insured funds will be mailed on Monday, October 25," the FDIC said in a statement about First Arizona Savings on Friday.
First Arizona Savings had $272.2 million in assets and $198.8 million in deposits.
First Bank of Jacksonville had $81 million in assets and $77.3 million in deposits.
The First National Bank of Barnesville had $131.4 million in assets and $127.1 million in deposits.
First Suburban National Bank had $148.7 million in assets and $140 million in deposits.
The Gordon Bank had $29.4 million in assets and $26.7 million in deposits.
Hillcrest Bank had $1.65 billion in assets and $1.54 billion in deposits.
Progress Bank of Florida had $110.7 million in assets and $101.3 million in deposits.