Post by iowa55 on Oct 16, 2011 2:22:32 GMT -5
Oct. 15, 2011, 12:33 p.m. EDT
U.S. bank failures climb to 80 in 2011Stories You Might Like
By Maya Jackson
--This year's national tally of collapsed banks now at 80
WASHINGTON (MarketWatch) -- Regulators on Friday closed banks in Georgia, North Carolina, New Jersey and Illinois, pushing this year's national tally of collapsed banks to 80.
The Federal Deposit Insurance Corp. said the Georgia Department of Banking and Finance closed Piedmont Community Bank in Gray, Ga., the state's 20th failure of the year. State Bank and Trust Co. of Macon, Ga., will assume all of Piedmont's deposits, the agency said.
In addition, the FDIC reported the collapse of Blue Ridge Savings Bank Inc. of Asheville, N.C., which the North Carolina Office of Commissioner of Banks closed on Friday. The FDIC entered into an agreement with Bank of North Carolina to assume all of the deposits of Blue Ridge Savings Bank and essentially all of its assets.
Regulators also shuttered First State Bank of Cranford, N.J., marking that state's first bank failure this year. Northfield Bancorp Inc. of Staten Island, N.Y., agreed to assume all of the deposits of First State Bank and essentially all of its assets. Northfield Bank is the operating subsidiary of Northfield Bancorp.
In Illinois, state regulators closed Country Bank of Aledo, Ill., Blackhawk Bank & Trust of Milan, Ill., agreed to assume all of Country Bank's deposits and buy about $113.3 million of its assets. The FDIC will keep the remaining assets for later disposition. Country Bank was Illinois' eighth bank failure in 2011.
While the list of failed banks grew longer Friday, adding to the hundreds of banks that have collapsed since the end of 2007, the pace of bank failures this year appears to be slowing.
In a quarterly report in August, the FDIC said the number of U.S. banks classified as troubled declined for the first time in nearly five years. At the end of June, 865 of the nation's 7,513 banks were on its "problem list." This was down from 888 at the end of April. It was the first time that the FDIC's list of troubled institutions has declined since the third quarter of 2006.
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this last paragraph is really showing the stupid of the writer of the article...the # may be down because they closed that many + a few extras in that time frame. It also does not talk about savings and loans and credit union insolvencies