WASHINGTON – The FDIC closed three small banks on Friday, bringing the number of bank failures to 40 so far this year as the recession and delinquent loans erode the health of financial institutions.
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Friday’s closures were: Cooperative Bank of Wilmington, N.C., with $970 million in assets; Southern Community Bank of Fayetteville, Ga., which had $377 million in assets; and First National Bank of Anthony, Kan., with $156.9 million in assets.
The three failures are expected to cost the banking regulator a total of $362.2 million to resolve.
The 40 failures this year compare to 25 for 2008 and just three for 2007.
