Sunday, August 22, 2010

Bank Failures

Federal regulators said that five banks in Georgia, Florida, Washington and Oregon have failed, bringing the 2010 total to 108, Dow Jones Daily Bankruptcy Review reported today. The pace of failures so far this year far outstrips that of 2009 as there were 69 banks that closed their doors at this point last year. The Federal Deposit Insurance Corp. said that the five failures would cost its insurance fund nearly $335 million. The largest failure occurred in Oregon, where Eugene-based LibertyBank was seized by regulators. The bank had total assets of $768.2 million and total deposits of $718.5 million as of the end of March.