WASHINGTON – The FDIC on Friday seized three more troubled banks, making a total of 84 failures through the first eight months of the year.
At the same time, the chief banking regulator, which reported an increase in troubled institutions to 416 last week, announced Friday it issued supervisory agreements with 64 banks in July, including 22 cease-and-desist orders; 16 civil money penalties; 12 removal and prohibitions; two prompt corrective actions, one modification; and six orders terminating an order to cease and desist; and three Notices.
Friday’s failures include: Affinity Bank, a $1 billion Ventura, Calif., institution; Mainstreet Bank, a $460 million institution in Forest Lake, Minn. and Bradford Bank, a $383 million Baltimore bank.
The three failures will cost the FDIC’s insurance fund an estimated $450 million to resolve.
