WASHINGTON – Bank regulators shuttered two banks in Florida and one in Oregon Friday to make a total of 72 bank failures so far this year.
Processing Content
The FDIC seized First State Bank and Community National Bank, both based in Sarasota, Florida, and Community First Bank in Prineville, Ore. The three banks, with combined assets of $769 million, will cost the deposit insurance fund about $185 million to resolve.
Stearn Bank of St. Cloud, Minn., agreed to buy the good assets of the two Florida failures, making a total of five banks acquired by Stearn. First State, the biggest of the three failures with $463 million in assets, had nine branches along Florida’s Gulf coast that will open today as Stearns branches.
