Regulators close banks in Florida, Minnesota

Source: AP

39 minutes ago

CHARLOTTE, N.C. — Regulators on Friday shut down banks in Florida and Minnesota, bringing the number of U.S. bank failures this year to 66.

The Federal Deposit Insurance Corp. took over The Bank of Bonifay, based in Bonifay, Fla., which had $242.9 million in assets and $230.2 million in deposits as of March 31.

The FDIC also seized Access Bank, in Champlin, Minn., with $32 million in assets and $32 million in deposits at the end of March.

First Federal Bank of Florida in Lake City, Fla. agreed to acquire Bonifay's deposits and about $78.1 million of its assets. The FDIC will keep the remainder for eventual sale.

PrinsBank of Prinsburg, Minn. will assume Access' deposits and assets.

The failure of The Bank of Bonifay is expected to cost the deposit insurance fund $78.7 million; that of Access Bank, $5.5 million.

With the 66 so far this year, the pace of bank closures this year is double that of 2009. By May 1 last year, U.S. regulators had shut down 32 banks.



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http://www.fdic.gov/bank/individual/failed/banklist.html

1st Pacific Bank of California San Diego CA

Towne Bank of Arizona Mesa AZ

Was surprised about the CA bank as that happened before it hit 6pm PDT.

This last round was on May 7th.

my bank was Old Southern, renamed Centenniel. About six weeks ago I was driving home on a Friday night past the branch on Aloma Avenue when I saw a group of people standing outside with 2 police cars out front. I thought the bank has either been robbed or taken over...I don't know why I thought that. The next day there was a release in the paper. The FDIC made a mistake though and someone from their office called the bank about a week ahead of time, believe it or not, to check on the parking situation. The shopping center where this branch is located is being extensively renovated.

The FDIC made the staff stay there all weekend, count every cent in the bank, shred all their stationary, business cards, letterhead, and just about everything that says Old Southern. I kept my account open because its still a good bank. According to employees at this branch no one closed their account.