The Federal Deposit Insurance Corp, in charge of safeguarding bank deposits and resolving failed banks, has predicted that 2010 will be peak year for failures resulting from the recent financial crisis.
Last year, 140 banks failed, compared to 25 in 2008 and only three in 2007. So far in 2010, 20 banks have shut shop. Invariably Banks have been failing in US.
On Friday, 19th Feb 2010, the regulators FDIC had closed four banks: the George Washington Savings Bank in Illinois, La Jolla Bank in California, La Coste National Bank in Texas and Marco Community Bank of Marco Island, Florida.
As of Dec. 31, La Jolla Bank, FSB, which had 10 branches, had about $3.6 billion in assets and $2.8 billion in deposits. Its deposits are being assumed by OneWest Bank, FSB.
George Washington Savings Bank, which had four branches, had approximately $412.8 million in assets and $397.0 million in deposits. Its deposits will be assumed by FirstMerit Bank National Association in Ohio.
La Coste National Bank had approximately $53.9 million in assets and $49.3 million in deposits. Its single branch will reopen as part of Community National Bank in Texas.
Marco Community Bank had about $119.6 million in assets and $117.1 million in total deposits.
As of the end of the third quarter, 552 banks were on the list. The FDIC has said the majority of banks on that list do not fail.
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