Number of Failed U.S. Banks Reach 72 as FDIC Close another 3

Number of US banks gone bust this year has reached 72 as Federal Deposit Insurance Corporation (FDIC) announced that it is closing another three Banks. There are currently 305 more financial institutions that are near collapse and FDIC is actively monitoring their operations. List of all banks closed by FDIC can be found here

The main benefit of FDIC is that Customers of these failed banks and institutions can still access their money by check, teller machine or debit card. Also it insure up to $250,000 per account.

First State Bank of Sarasota from Florida is the biggest causality with deposits of approx $387 million. It has been acquired by Stearns Bank, N.A. for little more than $450 million. Bank’s total assets are worth $463 million. Stearns Bank will assume the insured deposits of First State Bank and it’s nine branches will reopen on Monday as branches of Stearns Bank, N.A.

Second in line was Community National Bank of Sarasota County in Venice, FL. It’s total assets are $97 million while it has customer’s deposits worth $93 million at hand. Stearns Bank will also assume the insured deposits of the this failed  community bank and it’s four branches will reopen today as branches of Stearns Bank, N.A.

Last bank to fall is Community First Bank of Pineville, Oregon with deposits of about $182 million while having assets worth $209 million. Home Federal Bank of Idaho will assume the insured deposits of the failed bank and it’s eight branches will reopen on Monday as branches of Home Federal Bank.

Related Links

• Bankruptcy of Omni National Bank in Georgia
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• Posts about Mortgage Rates as of March 10, 2009
• Posts about Interest Rate as of March 9, 2009
• Posts about Mortgage Rates as of March 6, 2009
• Posts about Mortgage Rates as of February 24, 2009
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