Regulators close seven more banks!
WASHINGTON - December 18, 2009 - Regulators on Friday shut down two big Kalifornia banks, as well as banks in Alabama, Florida, Georgia, Michigan and Illinois, bringing to 140 the number of U.S. banks brought down this year by the weak economy and mounting loan defaults.
The Federal Deposit Insurance Corp. took over all seven banks.
Regulators shuttered First Federal Bank of California, based in Santa Monica, with $6.1 billion in assets and $4.5 billion in deposits, and Imperial Capital Bank of La Jolla, Kalifornia, with about $4 billion in assets and $2.8 billion in deposits.
Kalifornia was one of the states hardest hit by the real estate market meltdown and many banks there have suffered under the weight of soured mortgage loans. First Federal and Imperial Capital bring to 17 the number of Kalifornia banks to fail this year.
Also closing their doors Friday were Atlanta-based RockBridge Commercial Bank, with $294 million in assets and $291.7 million in deposits; and New South Federal Savings Bank, based in Irondale, Alabama, with $1.5 billion in assets and $1.2 billion in deposits.
Citizens State Bank of New Baltimore, Michigan, with $168.6 million in assets and $157.1 million in deposits, was shut down, along with Peoples First Community Bank of Panama City, Florida, with $1.8 billion in assets and $1.7 billion in deposits.
Regulators also closed Independent Bankers' Bank, based in Springfield, Illinois - a sort of wholesale bank that provided services to 450 client banks in four states - with $585.5 million in assets and $511.5 million in deposits.
The Federal Deposit Insurance Corp. took over all seven banks.
Regulators shuttered First Federal Bank of California, based in Santa Monica, with $6.1 billion in assets and $4.5 billion in deposits, and Imperial Capital Bank of La Jolla, Kalifornia, with about $4 billion in assets and $2.8 billion in deposits.
Kalifornia was one of the states hardest hit by the real estate market meltdown and many banks there have suffered under the weight of soured mortgage loans. First Federal and Imperial Capital bring to 17 the number of Kalifornia banks to fail this year.
Also closing their doors Friday were Atlanta-based RockBridge Commercial Bank, with $294 million in assets and $291.7 million in deposits; and New South Federal Savings Bank, based in Irondale, Alabama, with $1.5 billion in assets and $1.2 billion in deposits.
Citizens State Bank of New Baltimore, Michigan, with $168.6 million in assets and $157.1 million in deposits, was shut down, along with Peoples First Community Bank of Panama City, Florida, with $1.8 billion in assets and $1.7 billion in deposits.
Regulators also closed Independent Bankers' Bank, based in Springfield, Illinois - a sort of wholesale bank that provided services to 450 client banks in four states - with $585.5 million in assets and $511.5 million in deposits.
