Bank failures surpass 2009 totals

Posted: November 8, 2010 in Banks, Failures
Tags: , , , , , , , ,

Regulators Seized Four Banks, as 2010 Bank Failures Rise to 143 Surpassing 2009.

On Friday, State and Federal regulators closed four banks, as the total number of bank failures this year rise to 143, surpassing 2009 which saw a total of 140 bank failures amid the recession and mounting loan defaults. Assets of the four bank failures totaled $906.0 million. These bank failures are generally due to inadequate capital and mounting loan losses as defaults on commercial loans and residential mortgage loans continue to increase.

FDIC Failed Banks Closing Date of Failed Bank Deposits Transferred to Total Assets of Failed Bank Total Deposits of Failed Bank
First Vietnamese American Bank, Westminster, CA
November 05, 2010
Closed by California Department of Financial Institutions and FDIC appointed Receiver of this failed bank. To protect insured depositors, the FDIC entered into a purchase and assumption agreement with Grandpoint Bank, Los Angeles, California
$48.0 million
$47.0 million
Pierce Commercial Bank, Tacoma, WA
November 05, 2010
Closed by Washington Department of Financial Institutions and FDIC appointed Receiver of this failed bank. To protect insured depositors, the FDIC entered into a purchase and assumption agreement with Heritage Bank, Olympia, Washington
$221.1 million
$193.5 million
Western Commercial Bank, Woodland Hills, CA
November 05, 2010
Closed by California Department of Financial Institutions and FDIC appointed Receiver of this failed bank. To protect insured depositors, the FDIC entered into a purchase and assumption agreement with First California Bank, Westlake Village, California,
$98.6 million
$101.1 million
K Bank, Randallstown, MD
November 05, 2010
Closed by Maryland Office of Financial Regulation and FDIC appointed Receiver of this failed bank. To protect insured depositors, the FDIC entered into a purchase and assumption agreement with Manufacturers and Traders Trust Company (M&T Bank), Buffalo, New York
$538.3 million
$500.1 million
Advertisements

Comments are closed.