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Banking

7 banks fail for total of 106 this year

October 24, 2009|Times Wire Reports

Bank closings for the year hit 106, the most since 1992, as regulators seized seven banks in Florida, Georgia, Illinois, Minnesota and Wisconsin.

The seven are Partners Bank and Hillcrest Bank Florida, both in Naples, Fla.; Flagship National Bank in Bradenton, Fla.; American United Bank in Lawrenceville, Ga.; First Dupage Bank of Westmont, Ill.; Riverview Community Bank in Otsego, Minn.; and Tri City National Bank of Oak Creek, Wis.

The Federal Deposit Insurance Corp. reached deals with other banks for them to assume the failed institutions' deposits. The failures will cost the deposit insurance fund about $350 million, the FDIC estimated.

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