Regulators Shut Down Banks In 5 States

[Ardent15]

WASHINGTON — Regulators shut down a big bank in California on Friday, along with two banks in Georgia and one each in Florida, Minnesota and Washington. That brought to 15 the number of bank failures so far in 2010 atop the 140 shuttered last year in the punishing economic climate.

The failure of Los Angeles-based First Regional Bank, with nearly $2.2 billion in assets and $1.9 billion in deposits, is expected to cost the federal deposit insurance fund $825.5 million.

The Federal Deposit Insurance Corp. took over the bank as well as the others: First National Bank of Georgia, based in Carrollton, Ga., with $832.6 million in assets and $757.9 million in deposits and Community Bank and Trust of Cornelia, Ga., with $1.2 billion in assets and $1.1 billion in deposits; Florida Community Bank of Immokalee, Fla., with $875.5 million in assets and $795.5 million in deposits; Marshall Bank of Hallock, Minn., with $59.9 million in assets and $54.7 million in deposits; and American Marine Bank of Bainbridge Island, Wash., with $373.2 million in assets and $308.5 million in deposits.

First Regional Bank's collapse followed the shutdown of several large California banks in the last months of 2009. California was one of the states hardest hit by the real estate market meltdown, and many banks there have suffered under the weight of soured mortgage loans. Last year saw the failure of 17 banks in the state.

<http://www.huffingtonpost.com/2010/01/30/regulators-shut-down-bank_n_443069.html>

[mdmc]

1. 1st ive heard of this

r

[dixiegrrrrl]

2. You can find it on line every Friday night

at http://www.fdic.gov/bank/individual/failed/banklist.html.

I usually wait until about 9 pm to check the page.

[truedelphi]

3. There were only two people in my Calif. credit union the other day.

A far cry from its heyday during the months of the big real estate flips.

Scary times.

[elifino]

4. First National bank of Ga. now Community & Southern

Business as usual Saturday.