Six more US banks shut down

[SazzyLilSmartAzz]

Sun, 31 Jan 2010

First National Bank of Georgia was among the six banks that were recently closed in the US.

US regulators have closed at least six more banks as the fallout from its financial crisis continues to be felt by smaller financial institutions across the country.

The banks closed on Friday include two in Georgia, the Community Bank & Trust, with $1.21 billion in assets, and the First National Bank of Georgia in Carrollton, the Wall Street Journal reported.

The latter, with about $833 million in assets, was found by the Office of the Comptroller of the Currency to be "critically undercapitalized" and to have engaged in "unsafe and unsound practices."

The other four banks closed by the regulators were Florida Community Bank of Immokalee in Florida, Marshall Bank in Hallock, Minnesota, American Marine Bank of Bainbridge Island in Washington, and the First Regional Bank of Los Angeles.

The closures brought to 15 the number of US banks that were closed by regulators in 2010. Last year, 140 bank failures were reported.

The deposits of all six banks were sold off to other institutions.

[Thor Nee]

15 banks closed in 2010! If I recall there were more than the 140 bank closures as indicated in the above article. It was well into the hundreds. Nevertheless, it doesn't bode well for other small community banks.