The International Resource Journal: American bank failures surpass 100 in 2010

American bank failures surpass 100 in 2010
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Resource News on 27 July, 2010 07:43:00
 
IRJ July 27 - U.S. bank failures have surpassed 100, as regulators have closed
banks in Florida, Georgia, Kansas, Minnesota and South Carolina.
The five closures bring the 2010 bank failure count to 101. Amid last year's
recession and mounting loan defaults, 140 banks closed nationwide. One year ago
at this time, 64 banks had been shut down.
The Federal Deposit Insurance Corp. has taken over Crescent Bank and Trust of
Georgia, with about $1 billion in assets; Sterling Bank of Florida, $408 million
in assets; Williamsburg First National Bank of South Carolina; $139 million
assets, Thunder Bank of Sylvan Grove in Kansas; $33 million in assets and
Community Security Bank of Minnesota, with a $108-million asset value.
In 2008, 25 banks were shut down, while 2007 saw only three bank closures.