Shop Notes

2010 bank failures reach 50

By: Wendell Cochran

Posted: April 17, 2010 | Tags: banks, BankTracker, failed banks, FDIC, Federal Deposit Insurance Corp.

Eight more banks failed on Friday, including three in Florida.

The largest was the Riverside National Bank of Fort Pierce, Fla., which had assets of nearly $3.4 billion at the end of December. Riverside, plus two smaller banks, AmericanFirst Bank of Clermont and First Federal Bank of North Florida, based in Palatka, were sold to TD Bank of Wilmington, Del. The Federal Deposit Insurance Corp. estimated that the three Florida failures will cost the insurance fund in excess of $500 million.

All together, the FDIC estimates that the bank 50 closures so far this year will cost about $7.6 billion.

By this time last year, only 24 banks had failed. In 2009, 140 banks were closed.

For more details, see our BankTracker list of failed banks.




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