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 Friday. The FDIC was named receiver. Closing the lenders, with combined assets of US$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 US savings-and-loan crisis in the late 1980s.
Source: Bloomberg |
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