Fifteen Bank Closures In 2010 After Six More U.S. Banks Fail - 140 Total Bank Closures In 2009! It Must Be Really Nice To Be A "TOO BIG TO FAIL" Bank!

RTT News - Global Financial News

Fifteen Bank Closures In 2010 After Six More U.S. Banks Fail - Update

written by Staff

Friday January 30, 2010 9:26 PM ET

(RTTNews) - The Federal Deposit Insurance Corporation or FDIC announced Friday the shuttering of the 15th U.S. bank in 2010, after the 140 bank closures in 2009, following the closure of Bainbridge Island, Washington-based American Marine Bank by the Washington Department of Financial Institutions. Another five banks were also closed on Friday by the regulators, with the assets of the failed banks beings assumed by other banks in an FDIC assisted transaction.

The other five banks that closed on Friday are Carrollton, Georgia-based First National Bank of Georgia, Immokalee, Florida-based Florida Community Bank, Hallock, Minnesota-based Marshall Bank, National Association, Cornelia, Georgia-based Community Bank and Trust, and Los Angeles, California-based First Regional Bank.

First National Bank of Georgia's deposits were assumed from FDIC by Carrollton, Georgia-based Community & Southern Bank, Florida Community Bank's deposits were taken over by Miami, Florida-based Premier American Bank, National Association, and assets of American Marine Bank were acquired by Tacoma, Washington-based Columbia State Bank.

Meanwhile, Marshall Bank, National Association was taken over by Cavalier, North Dakota-based United Valley Bank, Community Bank and Trust's assets were taken over by Orangeburg, South California-based SCBT Financial Corp. (SCBT), and First Regional Bank was taken over by Raleigh, North Carolina-based First-Citizens Bank & Trust Co.

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