WASHINGTON - regulators Friday closed banks in Florida, the Georgia, and Michigan, a total of five closures which lifted the number of bank failures in the United States this year to 39.
The pace of the closures has slowed, however, that the economy is improving and banks are working their way through piles of bad debt. At this time last year, the regulators had closed 64 banks.
The Federal Deposit Insurance Corp. took center of Florida, based in Winter Park, Florida, with $ 352 million in the First National Bank and the community of Cortez of Brooksville, Florida, bank assets with 70.9 million in assets.
The Agency took also during the first Bank of Community Choice in Dallas, GA, with 308.5 million in assets; Park Avenue, Valdosta, GA based Bank, with 953.3 million in assets; and the Central Bank community in Mount Clemens, Michigan, with 476,3 million in assets.
Miami-based American Premier Bank has agreed to assume the assets and deposits of First National Bank of Central Florida and the Cortez Community Bank. Bank of the Ozarks, based in Little Rock, AR, is to acquire the assets and deposits of first Community Bank of choice and the Park Avenue Bank. Talmer Bank & Trust, based in Troy, Michigan, has agreed to assume the assets and deposits of the Central Bank community.
In addition, the FDIC and the premier American Bank agreed to share losses on 270 million dollars of First National Bank of Central Florida loans and other assets and assets of the Cortez Community Bank $ 51.3 million.
The Agency and the Bank of the Ozarks are loss sharing 260.7 million of dollars in assets of first choice Community Bank and 514.1 millions of dollars in assets of the Park Avenue Bank. Talmer Bank & Trust shares with the FDIC and millions of dollars in assets of the Central Bank community.
The failure of First National Bank of Central Florida is expected to cost of $ 42.9 million deposit insurance fund. The failure of Community Bank of Cortez is supposed to 18.6 million. that $ 92.4 million first choice Community Bank. Bank of Park Avenue, $ 306,1 million. and the Central Bank community, wore million.
Florida and the Georgia were the hardest hit States for bank failures. Twenty-nine banks were a component in Florida last year and 16 in Georgia. The four cases in these States Friday to 4 to 10 the number of bank failures in Florida and Georgia, respectively this year.
In California and Illinois also saw a large number of bank failures.
In 2010, the authorities seized 157 banks who have succumbed to mounting loan bitter and occupied economy. It was the most in one year since the crisis of the savings and credit, two decades ago.
The FDIC said that 2010 will probably mark the apogee of bank failures.
There are 140 bank failures in 2009, price of the insurance fund approximately $ 36 billion. The failures of the last year cost about $ 21 billion, or a lower price tag because banks failed in 2010 were smaller on average. Twenty-five banks failed in 2008, the year of the financial crisis struck with force. only three have been closed in 2007.
2008, The year of the financial crisis hit, to 2010, bank failures cost Fund 76.8 billion. Deposit insurance fund fell into the red in 2009, and its deficit amounted to 7.4 billion at December 31.
The FDIC expects the cost to resolve banks having stranded in total approximately 52 billion from 2010 to 2014.
Silver - insured up to $ 250,000 per account - applicants is not in danger, with the FDIC backed by the Government. This insurance Cap became permanent law financial revision adopted in July.
The number of banks on the FDIC confidential "problem" list is passed to 884 during the last quarter of the year last 860 three months earlier. Banks in difficulty 884 is the highest number since 1993, savings and credit crisis.
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