Market Updates
Three More U.S. Banks Closed
123jump.com Staff
25 Jun, 2010
New York City
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Bank regulators shut down three banks as commercial real estate loans sour across the nation. Banks in Florida, Georgia and New Mexico were closed today by the FDIC totaling 86 banks for the year.
[R]7:00 PM Washington, D.C. – Bank regulators shut down three banks as commercial real estate loans sour across the nation. Banks in Florida, Georgia and New Mexico were closed today by the FDIC totaling 86 banks for the year.[/R]
Bank regulators closed down three banks in Florida, Georgia and New Mexico that increased the number of banks shuttered to 86 for the years. Industry analysts are estimating the total number failures to increase more than 140 closure in 2009 and is likely to cost the insurance fund as much as $60 billion in the next three years.
First National Bank of Savannah, Georgia, Peninsula Bank in Florida and High Desert State Bank of Albuquerque, New Mexico were the banks closed today.
Federal Deposit Insurance estimated in its quarterly report ending in March that total banks deemed “problems lenders” are expected to increase to 775 banks with $431 billion in assets from 702 banks at the end of last year.
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