Another bank bites the dust.....

from The Bradenton (Fla.) Herald:



Regulators shut down First Priority


By BRIAN NEILL Herald Staff Writer

BRADENTON -- Limping along on a mere $1.5 million in total equity capital, and with millions of dollars in non-performing loans, First Priority Bank of Bradenton was shut down by regulators on Friday.

First Priority is the first bank in the state to fail this year as financial institutions throughout the country get slammed by the housing and credit crisis.

SunTrust will be assuming all insured deposits which will be available to customers immediately, according to the FDIC. Six First Priority locations in Manatee and Sarasota counties will reopen during regular business hours Monday.

The Bradenton-based bank, established in December of 2003, had lost $12.4 million this year - $9.4 million in the second quarter alone - and had nearly $43 million in non-performing loans on its books, according to an earnings report it filed with regulators on Thursday.

In June, the FDIC issued First Priority a directive to raise capital to a level of "adequately capitalized" within 30 days, according to a document made public Friday.

Its Tier 1 Capital Ratio at the second quarter was a mere .7 percent, a fraction of the 4 percent regulators require for the bank to be considered "adequately capitalized."


http://www.bradenton.com/news/local/story/779769.html

:kick:

It's a lot although I do not have a number.

I believe with this new one, the total year to date is nine. But the FDIC also put five banks on the watch list yesterday which is the last step before bankruptcy.

:eyes: