Posted on 04/17/2009 8:34:06 PM PDT by FromLori
WASHINGTON (Reuters) - Regulators closed banks on Friday in Missouri and Nevada, bringing the total of U.S. bank failures this year to 25 and matching the number that failed throughout all of 2008, as the struggling economy and falling home prices take their toll on financial institutions.
Last year, 25 U.S. banks were seized by officials, up sharply from only three in 2007.
The Federal Deposit Insurance Corp said Great Basin Bank of Nevada had assets of $270.9 million and deposits of $221.4 million. The failure is expected to cost the FDIC deposit insurance fund an estimated $42 million.
Nevada State Bank agreed to assume the insured deposits of Great Basin, whose five branches will reopen on Monday as branches of Nevada State Bank.
The FDIC also closed Missouri-based American Sterling Bank, which had $181 million in assets and $171.9 million in deposits. The failure is expected to cost the FDIC deposit insurance fund an estimated $42 million.
(Excerpt) Read more at reuters.com ...
Glimmer of hope my a—.
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