Four U.S. banks were closed by regulators on Friday in Florida, Michigan, Wisconsin and California, cutting a new, $145 million hole in the Federal Deposit Insurance Corp. fund as the credit crunch continues to claim victims.
Port Orange, Fla.-based Sunshine State Community Bank, which had $116.7 million in deposits as of Dec. 31, was closed, the FDIC said in a statement. The bank’s failure will cost the deposit-insurance fund $30 million, the FDIC said.
Troy, Mich.-based Peoples State Bank was also closed. The bank had $389.9 million in deposits as of Dec. 31, the FDIC said, and its failure will cost the deposit-insurance fund $87.4 million.
Cassville, Wis.-based Badger State Bank, which had $78.5 million in deposits, was closed. Badger State Bank’s failure will cost the deposit-insurance fund $17.5 million, the FDIC said.
In addition, Palm Springs, Calif.-based Canyon National Bank was closed. Canyon National Bank had $205.3 million in deposits as of Dec. 31, and its failure will cost the deposit-insurance fund $10 million, the FDIC said.
Source : Marketwatch
