US bank failures in 2010 surpass 100

By: Associated Press Email
By: Associated Press Email

July 23, 2010

WASHINGTON (AP) -- U.S. bank failures this year have surpassed a
bleak milestone of 100 as regulators shut down banks in Georgia,
Florida, South Carolina, Kansas, Nevada, Minnesota and Oregon.

The seven bank seizures announced Friday bring to 103 the
failures so far in 2010. The pace of bank closures this year is
well ahead of that of 2009, which saw a total 140 banks shuttered
amid the recession and mounting loan defaults.

The Federal Deposit Insurance Corp. said it took over Crescent
Bank and Trust Co., based in Jasper, Ga., with about $1 billion in
assets; Sterling Bank of Lantana, Fla., with $407.9 million in
assets; Williamsburg First National Bank of Kingstree, S.C., $139.3
million in assets; Thunder Bank of Sylvan Grove, Kan., $32.6
million; SouthwestUSA Bank, with one branch in Las Vegas, $214
million; Community Security Bank of New Prague, Minn., $108
million; and Home Valley Bank of Cave Junction, Ore., $251.8
million.


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