Five U.S. banks in Oklahoma, Florida, Ohio, New Jersey and Illinois were closed by regulators Friday, bringing the tally this year to 69 and making a $911.7 million dent in the federal deposit insurance fund as the credit crisis takes a persistent toll on the nation's financial institutions.
The Federal Deposit Insurance Corp. said in a statement that Altus, Okla.-based First State Bank of Altus was closed, and that Amarillo, Tex.-based Herring Bank will assume the failed bank's deposits.
First State Bank of Altus had $103.4 million in assets and $98.2 million in deposits as of June 19, the FDIC said. The bank is the first to fail on Oklahoma this year, and will cost the deposit insurance fund $25.2 million.
The FDIC also said Jupiter, Fla.-based Integrity Bank was shuttered, marking the fourth bank failure in that state this year. Fort Lauderdale, Fla.-based Stonegate Bank has agreed to assume the failed bank's deposits.
Integrity Bank had $119 million in assets and $102 million in deposits as of June 5, the FDIC said, and its failure will cost the deposit insurance fund $46 million.
West Chester, Ohio-based Peoples Community Bank was also closed by regulators, and its deposits have been assumed by Hamilton, Ohio-based First Financial Bank, National Association, the FDIC said.
Peoples Community Bank is the first to be closed in Ohio this year. It had $705.8 million in assets and $598.2 million in deposits as of March 31, and its failure will cost the deposit insurance fund $129.5 million.
Elizabeth, N.J.-based First Bankamericano was also closed. Brick, N.J.-based Crown Bank will assume the failed bank's deposits, the FDIC said.
First Bankamericano, the second New Jersey bank to fail this year, had $166 million in assets and $157 million in deposits as of July 16, the FDIC said, and its failure will cost the deposit insurance fund $15 million.
Rounding out the list of failed institutions on Friday was Harvey, Ill.-based Mutual Bank. Garland, Tex.-based United Central Bank has agreed to assume the failed bank's deposits, the FDIC said.
Mutual Bank, the 13th bank to fail in Illinois this year, had $1.6 billion in assets and $1.6 billion in deposits as of July 16. Its failure will cost the deposit insurance fund $696 million, the FDIC said.
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