U.S. bank failures total 108 after 5 shut on Friday (Update:12 Banks Total Shut Today)

[OhioChick]

Source: Reuters

Saturday July 31, 2010 01:56:02 PM GMT

WASHINGTON, July 30 (Reuters) - U.S. bank failures reached 108 so far in 2010 on Friday as regulators seized five small banks in the Pacific Northwest and the Southeast, none publicly traded.
Bank failures are expected to peak this quarter, with the industry slowly recovering from large portfolios of bad loans, many tied to commercial real estate.

The banks seized on Friday were LibertyBank of Eugene, Oregon; The Cowlitz Bank of Longview, Washington; Coastal Community Bank of Panama City Beach, Florida; Northwest Bank & Trust of Acworth, Georgia; and Bayside Savings Bank of Port Saint Joe, Florida, according to the Federal Deposit Insurance Corp.

The five banks would cost the agency's deposit insurance fund about $335 million, the FDIC said.

The largest of the five banks was LibertyBank with 15 branches and about $768.2 million in total assets and $718.5 million in total deposits. The smallest was Bayside Savings Bank with just two branches and $66.1 million in total assets and $52.4 million in deposits.


Read more: http://www.forexyard.com/en/news/bank-failures-total-108-after-5-shut-on-Friday-2010-07-31T025613Z-US

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