Regulators closed seven banks on Friday, including Partners Bank, Hillcrest Bank Florida, Flagship National Bank, American United Bank, Bank of Elmwood Bank, Riverview Community Bank and First Dupage Bank Fail bringing the total number of bank failures to 106 in 2009.
The Federal Deposit Insurance Corporation took over Partners Bank, a small bank in Naples, FL with $68.7 million in assets and $63.4 million in deposits. Hillcrest Bank Florida, also based in Naples, had $83 million and assets before it failed and $84 million in deposits. Stonegate bank, based in Lauderdale, FL agreed to buy the deposits and assets of Partners bank and most of Hillcrest Bank’s assets and deposits.
Flagship National Bank, located in Bradenton, FL, also failed with a total of $190 million in assets and total deposits of about $175 million. First Federal Bank of Florida will assume all of Flagship’s deposits and assets.
Also failing was Bank of Elmwood, located in Racine, WI, with a total of $327.4 million and $273.2 million in deposits. Tri City National Bank of Oak Creek, Wi, agreed to assume all the deposits of Bank of Elmwood.
Riverview Community Bank, based in Otsego, MN, with $108 million in assets and total deposits of about $80 million failed. Central Bank of Stillwater, MN., agreed to assume all of the deposits of Riverview Community.
First Dupage Bank in Westmont, IL, failed with $279 million in assets and total deposits of $254 million. First Midwest Bank of Itasca, IL, will assume all of the deposits of First Dupage Bank.
The 106 bank failures in 2009 have been most since 1992 during the height of the savings and loan crisis, costing a total of $25 billion to the FDIC’s insurance fund this year.
