5 more banks fail

Regional banks in Oklahoma, Florida, Ohio, Illinois and New Jersey fall, bringing the national tally up to 69 for 2009. The closures cost the FDIC $912 million.

EMAIL  |   PRINT  |   SHARE  |   RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
By Catherine Clifford, CNNMoney.com staff writer

Map
Where the banks are failing
Bank failures and foreclosures keep mounting
DID YOUR BANK FAIL?
  • For more information visit www.fdic.gov
  • Don’t panic – your savings are insured
  • Keep paying your loans – the terms remain the same.
  • The FDIC will notify you by mail about your accounts/loans.
  • Contact the FDIC with any questions until further notice
  • If your bank is purchased, you will be contacted by your new bank.

NEW YORK (CNNMoney.com) -- Regulators shut down five regional banks Friday, the Federal Deposit Insurance Corporation said, bringing the total number of banks to fail in the United States to 69 this year.

Friday's bank closures will cost the FDIC fund $911.7 million, bringing the total cost for failed banks to $15.13 billion this year. That compares with $17.6 billion in all of 2008.

First State Bank of Altus, based in Altus, Okla., was shut down and Herring Bank, headquartered in Amarillo, Texas, will take over all of the deposits of the failed bank. As of June 19, the First State Bank of Altus had total assets of $103.4 million and deposits of $98.2 million. The failed bank was the first to go down in the state of Oklahoma in 2009.

Meanwhile, Integrity Bank, headquartered in Jupiter, Fla., was shuttered and Stonegate Bank, based out of Fort Lauderdale, Fla., will assume all of the deposits of Integrity Bank. As of June 5, Integrity Bank had total assets of $119 million and total deposits of $102 million. The failed Florida bank was the fourth to fail in the state so far this year.

The third bank to go down Friday was the Peoples Community Bank, based in West Chester, Ohio. The First Financial Bank, National Association, headquartered in Hamilton, Ohio, will take over all of the deposits of the failed bank. The failed bank was the first bank to be closed in Ohio in 2009, and as of March 31, had total assets of $705.8 million and total deposits of $598.2 million.

The fourth bank to fall Friday night was the First BankAmericano, based in Elizabeth, N.J., and the Crown Bank, of Brick, N.J. will take over the deposits. As of July 16, First BankAmericano had total assets of $166 million and total deposits of $157 million. The failed N.J. bank was the second bank in the state to fall in 2009.

The fifth and biggest bank of the night to fail was Mutual Bank in Harvey, Ill., which had total assets of $1.6 billion and total deposits of $1.6 billion. Mutual Bank's 12 branches will reopen on Saturday as branches of United Central Bank of Garland, Texas, which has assumed all deposits from Mutual Bank.

The number of bank failures so far in 2009 has almost tripled last year's total of 25.

Smaller regional banks have been hammered in the downturn. Many of the banks failed because local residents and commercial real estate developers that took out loans have been unable to pay them back. To top of page

Features
They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
2015 Mustang's asphalt-peeling power goes modern The new Ford Mustang has been upgraded and updated to compete globally - but never fear, it's still a monster. More
15 top executives with $1 salaries Some CEOs and founders agree to salaries of just $1 a year. But once goodies like bonuses and stock options are added in, some of those executives end up taking home many millions of dollars a year. More
Mercedes SL65 AMG: 621 horses of topless power Turn heads as you blow by traffic in this roadster convertible from Mercedes. More
Worry about the hackers you don't know 
Crime syndicates and government organizations pose a much greater cyber threat than renegade hacker groups like Anonymous. Play
GE CEO: Bringing jobs back to the U.S. 
Jeff Immelt says the U.S. is a cost competitive market for advanced manufacturing and that GE is bringing jobs back from Mexico. Play
Hamster wheel and wedgie-powered transit 
Red Bull Creation challenges hackers and engineers to invent new modes of transportation. Play

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.