Five Banks, One CU Fail

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WASHINGTON – Regulators closed five more banks Friday, making a total of 39 failures so far this year.

NCUA and the Utah Department of Financial Institutions closed Utah Central CU, the seventh credit union failure of the year.

Friday’s bank failures were: $476 million Community Central Bank of Mount Clemens, Mich.; $260 million The Park Avenue Bank, Valdosta, Ga.; $308 million First Choice Community Bank, Dallas, Ga.; $352 million Cortez Community Bank, Brooksville, Fla.; and, $71 million First National Bank of Central Florida, Winter Park, Fla.

The FDIC estimates the five failures will cost its Bank Insurance Fund $643.2 million.


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