WASHINGTON-Banking regulators seized five more banks, making a total of 89 banking failures for 2009.
The banks have a total of $1.1 billion in assets and are expected to cost the FDIC Insurance Fund more than $400 million to resolve.
The latest failures include: First State Bank, a $105-million institution in Flagstaff, Ariz.; Platinum Community Bank, a $350-million Rolling Meadows, Ill., bank; Vantus Bank, a $458-million Sioux City, Iowa, institution; InBank, a $212-million Oak Forest, Ill., bank; and $16-million First Bank of Kansas City (Mo.).
The surge in failures has depleted the FDIC's deposit insurance fund, which fell to $10.4 billion at the end of June from $13 billion in the previous quarter, the agency said. The total was the lowest since 1993.
