WASHINGTON-Regulators shuttered four banks recently in California, Illinois, Florida and Texas, making a total of 21 bank failures so far in 2010, following 140 failures last year.
The most recent set of faiulures include: $3.6 billion La Jolla Bank in La Jolla, Calif.; $415 million George Washington Savings Bank in Orland Park, Ill.; $120 million Marco Community Bank in Marco Island, Fla. and $55 million La Coste National Bank in La Coste, Texas.
The 140 bank failures last year were the highest annual tally since 1992, at the height of the savings and loan crisis. They cost the insurance fund more than $30 billion. There were 25 bank failures in 2008 and just three in 2007.
The FDIC expects the cost of resolving failed banks to grow to about $100 billion over the next four years.
