WASHINGTON – Regulators shut down two south Florida banks and one in California Friday, raising the total number of bank failures to 123 for 2009.
The FDIC took over $2.7 billion Orion Bank in Naples, Fla., and $728 million Century Bank in Sarasota, and assigned the remnants of the two failures to IberiaBank of Lafayette, La.
Also taken over Friday was Pacific Coast National Bank of San Clemente, Calif., and the surviving assets of the $135 million institution were assigned to Sunwest Bank of Tustin, Calif.
The FDIC is expecting bank failures to cost the fund about $100 billion for the next 3-4 years, and has said failures will remain elevated this year and next. The banking agency last week approved a prepayment of $45 billion and three years of special assessments to insured banks to cover expected losses for the near future.
