Bank Failure Tally Climbs To 78

[hatrack]

Source: CNN

NEW YORK (CNNMoney.com) -- Federal regulators closed Atlanta-based ebank Friday bringing the total number of failed banks this year to 78, the Federal Deposit Insurance Corporation said.

The sole branch of ebank will reopen on Monday as a branch of Stearns Bank, which will purchase the bulk of the failed bank's $143 million in assets and will assume all of its $130 million in deposits.

St. Cloud, Minn.-based Stearns, which has bought a number of failed banks this year, entered into a loss sharing agreement with the FDIC for $111 million of ebank's assets.

EDIT

The FDIC is expected to announce the failure of Texas-based thrift Guaranty Bank later Friday night. With $13.5 billion in assets, Guaranty would be the second-largest bank to be seized by regulators this year and the 11th largest in U.S. history.

EDIT

Read more: http://money.cnn.com/2009/08/21/news/economy/bank_failures/?postversion=2009082117

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There may well be more to come. In the past few months, FDIC has gotten into the habit of dribbling closure notifications out bit by bit on Friday evenings.