3 regional banks fail

Two failures bring the national tally up to 72 for the year. The closures cost the FDIC $182 million.

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By Julianne Pepitone, CNNMoney.com contributing 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) -- Three regional banks failed Friday, bringing the 2009 tally to 72, the Federal Deposit Insurance Corporation said.

Two Florida banks -- First State Bank, of Sarasota, and Community National Bank of Sarasota County, in Venice, -- and one Oregon bank -- Community First Bank, of Prineville -- closed Friday.

St. Cloud, Minn.-based Stearns Bank, N.A., will assume control of the assets of both Florida banks, and Home Federal Bank, of Nampa, Idaho will assume the assets of the Oregon bank,the FDIC said.

The failure of First State Bank -- which as of May 31 held assets worth $463 million and total deposits of $387 million -- will cost the Deposit Insurance Fund an estimated $116 million, according to the FDIC.

Community National had total assets of $97 million and total deposits of approximately $93 million as of June 30 , and its closure will cost $24 million, the FDIC said.

Community First Bank had total assets of $209 million and total deposits of approximately $182 million. In addition to assuming all of the deposits of the failed bank, Home Federal Bank agreed to purchase approximately $197 million of assets, the FDIC said.

The FDIC estimates that this closure will cost the Deposit Insurance Fund $45 million

In total, Friday's bank closures will cost the FDIC fund $185 million, bringing the cost for failed banks to $16.58 billion this year. That compares with $17.6 billion in all of 2008.

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

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