WASHINGTON, Sept 24 Regulators closed two more
troubled U.S. banks on Friday, bringing the tally this year to
The Federal Deposit Insurance Corp said regulators closed
North County Bank, Arlington, Washington. The bank had about
$288.8 million in assets and $276.1 million in deposits.
Washington Banking Company's WBCO.O subsidiary, Whidbey
Island Bank, Coupeville, Washington, will assume all of the
The FDIC also announced regulators closed Haven Trust Bank
Florida, Ponte Vedra Beach, Florida, which had about $148.6
million in assets and $133.6 million in deposits. First
Southern Bank, Boca Raton, Florida, assumed the deposits.
The failures on Friday are estimated to cost the FDIC's
insurance fund a total of $104.7 million.
The FDIC, which insures individual accounts up to $250,000,
anticipates that the number of failures this year will exceed
the 2009 total of 140, but that total assets of this year's
failures will probably be lower.
The agency gave an update on the overall health of the bank
industry on August 31, saying that while it sees improvements
in the industry the struggling economy continues to be a factor
in the the reluctance of businesses and consumers to borrow.
It is now mostly smaller institutions that are collapsing
as they deal with problems in the commercial real estate
market. Community banks tend to have higher concentrations of
these loans than larger banks.
The largest bank to fail since the start of the financial
crisis in 2007 is Washington Mutual, which had $307 billion in
assets when it was seized in September 2008.
(Reporting by Christopher Doering; editing by Carol