Seven More Bank Failures Make 139 For Year

Register now

WASHINGTON – Bank regulators shuttered seven more banks on Friday, including two more in hard-hit Florida and Georgia, and one each in Arizona, Illinois and Kansas.

The failures, which make a total of 139 so far in 2010, include: $81 million First Bank of Jacksonville, Fla.; $110 million Progress Bank of Florida, in Tampa; $29 million The Gordon Bank, Gordon, Ga.; $131 million The First National Bank of Barnesville, Ga.; $149 million First Suburban National Bank, Maywood, Ill.; $1.6 billion Hillcrest Bank, Overland Park, Kan.; and, $272 million First Arizona Savings in Scottsdale, Ariz.

Friday marked the largest number of banks closed since July 23, when the FDIC also closed seven banks.

The 139 bank failures so far this year is on pace to top last year’s 140 failures, which was the most since 1992 at the height of the S&L crisis.

 

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER