Bank Failure Friday Claims 5 More Banks

As usual the FDIC announced a bunch of bank siezures on Friday night. This week features 5 more bring the year total to 69. The total cost to the FDIC insurance fund is almost $1 billion. The FDIC must be getty close to running out of money which they are sure to do in the months ahead. Make sure you stay within FDIC insurance limits in your bank-here is the link to the FDIC website-Lou

Five U.S. bank closures bring 2009 total to 69

SAN FRANCISCO (MarketWatch) - Five U.S. banks in Oklahoma, Florida, Ohio, New Jersey and Illinois were closed by regulators Friday, bringing the tally this year to 69 and making a $911.7 million dent in the federal deposit insurance fund as the credit crisis takes a persistent toll on the nation's financial institutions.

The Federal Deposit Insurance Corp. said in a statement that Altus, Okla.-based First State Bank of Altus was closed, and that Amarillo, Tex.-based Herring Bank will assume the failed bank's deposits.

First State Bank of Altus had $103.4 million in assets and $98.2 million in deposits as of June 19, the FDIC said. The bank is the first to fail on Oklahoma this year, and will cost the deposit insurance fund $25.2 million.

The FDIC also said Jupiter, Fla.-based Integrity Bank was shuttered, marking the fourth bank failure in that state this year. Fort Lauderdale, Fla.-based Stonegate Bank has agreed to assume the failed bank's deposits.

Integrity Bank had $119 million in assets and $102 million in deposits as of June 5, the FDIC said, and its failure will cost the deposit insurance fund $46 million.
West Chester, Ohio-based Peoples Community Bank was also closed by regulators, and its deposits have been assumed by Hamilton, Ohio-based First Financial Bank, National Association, the FDIC said.

Peoples Community Bank is the first to be closed in Ohio this year. It had $705.8 million in assets and $598.2 million in deposits as of March 31, and its failure will cost the deposit insurance fund $129.5 million.

Elizabeth, N.J.-based First Bankamericano was also closed. Brick, N.J.-based Crown Bank will assume the failed bank's deposits, the FDIC said.
First Bankamericano, the second New Jersey bank to fail this year, had $166 million in assets and $157 million in deposits as of July 16, the FDIC said, and its failure will cost the deposit insurance fund $15 million.

Rounding out the list of failed institutions on Friday was Harvey, Ill.-based Mutual Bank. Garland, Tex.-based United Central Bank has agreed to assume the failed bank's deposits, the FDIC said.

Mutual Bank, the 13th bank to fail in Illinois this year, had $1.6 billion in assets and $1.6 billion in deposits as of July 16. Its failure will cost the deposit insurance fund $696 million, the FDIC said.