Six More Banks Shuttered, Making 96 Failures This Year

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WASHINGTON – Regulators closed six more banks Friday, including three in Florida, two in South Carolina and one in Michigan, making 96 bank failures so far in 2010.

The assets of two of the failures, $442 million Miami-based Metro Bank of Dade County and $264 million Aventura, Fla.-based Turnbery Bank, were acquired by a private equity company, NAFH National Bank of Miami, marking the increasing sales of failed banking assets by the FDIC to private capital.

Friday’s other failures were: $682 million First National Bank of the South, in Spartanburg, S.C.; $377 million Woodlands Bank, Bluffton, S.C.; $169 million Olde Cypress Community Bank, Clewiston, Fla.; and, $97 million Mainstreet Savings Bank, Hastings, Minn.

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


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