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U.S. Bank Failures Rise to 72 With Collapses in Florida, Oregon (Bloomberg)

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eppur_se_muova Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Aug-08-09 05:30 PM
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U.S. Bank Failures Rise to 72 With Collapses in Florida, Oregon (Bloomberg)
By Alison Vekshin and Ari Levy

Aug. 8 (Bloomberg) -- U.S. bank failures rose to 72 this year with the collapse of two lenders in Florida and one in Oregon amid the worst economic slump since the Great Depression.

Regulators shut First State Bank and Community National Bank, both based in Sarasota, Florida, and Community First Bank in Prineville, Oregon, the Federal Deposit Insurance Corp. said in statements yesterday. The FDIC was named receiver. Closing the lenders, with combined assets of $769 million and deposits of $662 million, will cost the deposit insurance fund about $185 million.

Regulators are closing banks at the fastest pace in 17 years as losses mount from unpaid real-estate debt. The FDIC is offering to share losses with potential buyers, reviving a practice used during the U.S. savings-and-loan crisis in the late 1980s.

Stearns Bank of St. Cloud, Minnesota, will assume almost all deposits of the Florida banks, the FDIC said. First State, the biggest of the three failures with $463 million in assets and $387 million in deposits, had nine branches along Floridas Gulf coast that will open Aug. 10 as Stearns branches, according to the FDIC.

Community Nationals four offices will open under the Stearns name, the agency said. Stearns is paying a 0.25 percent premium for Community Nationals $93 million in deposits and the FDIC is sharing losses on most of the $545 million assets being acquired from the two failed lenders.
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ellenfl Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Aug-08-09 05:38 PM
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1. i guess the news hasn't caught up to these guys yet.
taylor, bean and whitaker mortgage company and colonial bank just got invaded by the feds this past week.

ellen fl
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