Seven More Banks Shuttered, Making 103 Failures Year To Date

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WASHINGTON – Regulators closed seven banks in seven states Friday, pushing the number of banking failures for 2010 over 100.

The Federal Deposit Insurance Corp. said the failures will cost its insurance fund $431 million.

Friday’s closures were: $1 billion Crescent Bank and Trust Company, Jasper, Ga.; $408 million Sterling Bank, Lantana, Fla.; $212 million South Valley Bank & Trust, Klamath Falls, Ore.; $214 million SouthwestUSA Bank, Las Vegas; $108 million Community Security Bank, New Prague, Minn.; $139 million Williamsburg First National Bank, Kingstree, S.C.; and, $33 million Thunder Bank, Sylvan Grove, Kan.

Friday’s closures make a total of 103 bank failures for 2010, compared to 140 last year.

There have been 18 credit union failures so far this year.

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