US regulators close down 4 more banks
US regulators have shut down four banks in the US states of Tennessee, Florida and Minnesota
US regulators have shut down four banks in the US states of Tennessee, Florida and Minnesota bringing the total number of bank foreclosures in the country this year to 7.
On Friday, the Federal Deposit Insurance Corp (FDIC) took over the Tennessee Commerce Bank of Franklin, Tennessee, with approximately USD 1.185 billion in total assets and USD 1.156 billion in deposits, making it the biggest bank foreclosure this weekend.
Regulators also seized First Guaranty Bank and Trust Company in Jacksonville, Florida, with USD 377.9 million in total assets and USD 349.5 million in total deposits, the BankEast in Knoxville, Tennessee, with USD 272.6 million in assets and USD 268.8 million in deposits, and the Patriot Bank Minnesota of Forest Lake, Minnesota, with USD 111.3 million in assets and USD 108.3 million in deposits.
The Republic Bank & Trust Company is assuming all the deposits and assets of Tennessee Commerce Bank of Franklin. CenterState Bank is assuming all the deposits and assets of First Guaranty Bank and Trust Company. US Bank National Association is assuming all the deposits and assets of the BankEast in Knoxville Premier Community Bank of the Emerald Coast in Crestview. And, the First Resource Bank is assuming all the deposits and assets of the Patriot Bank Minnesota of Forest Lake.
Experts say bank failures in the United States in 2011 illustrate the problems that small community banks face, many of which have been hard-hit by the country's sluggish economy and their involvement in the troubled commercial real estate market.
GMA/JR
