WASHINGTON – Regulators shut down four more banks Friday in Florida, Arizona, California and Minnesota, making a total of 68 bank failures so far in 2010.
Friday’s failures include: $335 million 1st Pacific Bank of California in San Diego; $245 million The Bank of Bonifay (Florida); $120 million Towne Bank of Arizona in Mesa; and, $32 million Access Bank in Champlin, Minn.
With the 68 closures so far this year, the pace of bank failures this year is double that of 2009. By May 1 last year, U.S. regulators had shut down 32 banks.
There were 140 bank failures in the U.S. last year, 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 28 credit union failures last year and nine so far in 2010.
