WASHINGTON – Regulators on Friday shut down banks in Florida, Arizona and Kansas, bringing to 133 the number of U.S. banks that have failed so far in 2009.
Friday’s failures included Miami-based Republic Federal Bank, with $433 million in assets; SolutionsBank in Overland Park, Kan., with $511 million; and Valley Capital Bank in Mesa, Ariz., with $40 million.
The remnants of each of the failures were sold off to healthy banks in so-called purchase and assumption agreements, with the FDIC assuming millions of dollars in losses. The FDIC estimates the failure of Republic Federal will cost the deposit insurance fund $122.6 million; the failure of Valley Capital an estimated $7.4 million; and the failure of SolutionsBank an estimated $122.1 million.
