Bank closings hit 101 for year; most since 1992
By MARCY GORDON (AP) – 4 hours ago
WASHINGTON — Bank closings for the year have surpassed 100 as regulators shut down small banks in Florida and Georgia. Financial institutions nationwide have collapsed under the weight of soured real estate loans and the Great Recession.
The Federal Deposit Insurance Corp. took over Partners Bank in Naples, Fla., with $68.7 million in assets and $63.4 million in deposits. American United Bank in Lawrenceville, Ga., with $111 million in assets and $101 million in deposits also failed.
They boosted to 101 the number of bank failures so far this year.
Stonegate Bank, based in Fort Lauderdale, Fla., agreed to buy the deposits and assets of Partners Bank. Ameris Bank, based in Moultrie, Ga., is buying the deposits and assets of American United Bank.