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3 today to add to the 3 previously in January. That's a run rate of 1.5 per week. 75 closed banks in 2009?
http://money.cnn.com/2009/01/30/news...ion=2009013019
http://money.cnn.com/2009/01/30/news...ion=2009013019
Suburban Federal Savings Bank in Crofton, Md., was closed by the Office of Thrift Supervision. The FDIC said the failed bank's seven offices will reopen on Saturday as branches of Tappahannock, Va.-based Bank of Essex.
In Florida, the Office of the Comptroller of the Currency shuttered the four locations of Ocala National Bank and entered into a purchase agreement with CenterState Bank in Winter Haven, Fla.
Ocala National Bank had total assets of $223.5 million and total deposits of $205.2 million, while Suburban Federal had total assets of approximately $360 million and total deposits of $302 million.
Taken together, the two failures will cost the FDIC an estimated $225 million.
Ocala National Bank had total assets of $223.5 million and total deposits of $205.2 million, while Suburban Federal had total assets of approximately $360 million and total deposits of $302 million.
Taken together, the two failures will cost the FDIC an estimated $225 million.
Separately, the FDIC said it was unable to find another financial institution to take over the banking operations of Salt Lake City-based MagnetBank, which regulators also closed on Friday. As a result, it expects to mail checks to retail depositors for their insured funds Monday morning.
MagnetBank, which is estimated to have no uninsured deposits, had total assets of $292.9 million and total deposits of $282.8 million as of last month, according to the FDIC. It was the first bank to fail in Utah since 2004.
MagnetBank, which is estimated to have no uninsured deposits, had total assets of $292.9 million and total deposits of $282.8 million as of last month, according to the FDIC. It was the first bank to fail in Utah since 2004.
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