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SAN FRANCISCO (MarketWatch) -- Seven U.S. banks were closed by regulators on Friday, bring the total this year to 140 as the effects of the credit crisis continued to be felt across the country. What's more, the Federal Deposit Insurance Corp. established temporary institutions to help close two of the failed banks.

Regulators close two Florida banks and on in California, costing the FDIC $986.4 million. NEW YORK (CNNMoney.com) -- Two Florida banks and one in California failed Friday night, bring the 2009 national tally to 123. Regulators closed Century Bank, Federal Savings Bank in Sarasota, Fla., Orion Bank in Naples, Fla., and Pacific Coast National Bank in San Clemente, Calif. Customers of all the failed banks are protected, however. The Federal Deposit Insurance Corp., which has insured bank deposits since the Great Depression, currently covers customer accounts up to $250,000.

Regulators have shut Warren Bank in Warren, Mich., and two small banks in Colorado and Minnesota, boosting the number of failed U.S. banks this year to 98 as loan defaults rise in the worst financial climate in decades. The Federal Deposit Insurance Corp. took over Warren Bank, with about $538 million in assets and $501 million in deposits as of July 31. The Huntington National Bank, based in Columbus, Ohio, agreed to assume the deposits and about $83 million of the assets of the failed bank. The FDIC will retain the remaining assets for later disposition. Warren Bank's six branches...

AUSTIN, Texas -- Bank holding company Guaranty Financial Group Inc. said it is "probable it will not be able to continue as a going concern" as it restated results that include an additional $1.45 billion in write-downs. The moves, disclosed in a securities filing Thursday, set the stage for the Federal Deposit Insurance Corp. to take over operations of the company, including more than 160 branches in Texas and California. With about $15 billion in assets, Guaranty could become the biggest federally insured financial firm to fail this year. In May, the banking operations of BankUnited FSB in Coral Gables,...

U.S. regulators closed seven small banks on Friday, a pace matching a one-day total seen earlier in July and bringing the number of failures so far this year to 64. Six of the banks were in Georgia and were subsidiaries of Security Bank Corp, having a total of 20 branches, $2.8 billion in assets and about $2.4 billion in deposits, the Federal Deposit Insurance Corp said. State Bank and Trust Co of Pinehurst, Georgia, agreed to assume all of the deposits at the six banks, whose branches will reopen under State Bank's name. State Bank will also purchase $2.4 billion...

SAN FRANCISCO (MarketWatch) -- Thermopolis, Wyo.-based Bank of Wyoming was closed by regulators Friday, the 53rd U.S. bank failure of 2009 as the credit crisis continues to claim victims.

NEW YORK (AP) - Regulators on Friday shut down five small banks, boosting to 45 the number of failures this year of federally insured banks. More are expected to succumb in the prolonged recession. The Federal Deposit Insurance Corp. was appointed receiver of the failed banks: Community Bank of West Georgia, based in Villa Rica, Ga.; Neighborhood Community Bank, located in Newnan, Ga.; Horizon Bank in Pine City, Minn.; MetroPacific Bank in Irvine, Calif.; and Mirae Bank in Los Angeles. Community Bank of West Georgia had $199.4 million in assets and $182.5 million in deposits as of May 15. Neighborhood...

Regulators seized a Bremerton, Wash., bank late Friday as the financial crisis claimed its 33rd federally insured financial institution of 2009. The Federal Deposit Insurance Corp. estimated that the failure of Westsound Bank would cost its deposit-insurance fund $108 million. Westsound is the second Washington bank to be closed by regulators so far this year. Westsound had total assets of $334.6 million and total deposits of $304.5 million as of March 31.

Omni National Bank shut down Friday by federal regulators. FDIC expects failure will cost $290 million, more than any other nationwide. BY PAUL DONSKY Omni National Bank in Atlanta, reeling from bad real estate bets, was shut down by federal regulators Friday, becoming the ninth Georgia bank to fail in the past year. Omni, one of the state’s largest community banks with $956 million in assets, posted a $14.5 million loss last year. Moreover, the bank was saddled with $114 million in nonperforming loans at the end of the fourth quarter. Omni’s regulator, the Office of the Comptroller of the...

The Federal Deposit Insurance Corporation (FDIC) approved the payout of the insured deposits of FirstCity Bank, Stockbridge, Georgia. The bank was closed today by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. The FDIC will provide payment to insured depositors by mailing checks for their insured funds on Monday morning. Direct deposits from the federal government, such as Social Security and Veterans' payments, will be transferred to SunTrust Bank (for the specific SunTrust branches, depositors should call the toll-free telephone number below). Customers of FirstCity Bank with brokered deposits should contact their brokers about the...

Colorado National Bank, Colorado Springs, Colorado, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Herring Bank, Amarillo, Texas, to assume all of the deposits of Colorado National. The four offices of Colorado National will reopen as branches of Herring Bank on Saturday. Depositors of Colorado National will automatically become depositors of Herring Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their...

eambank, National Association, Paola, Kansas, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Great Southern Bank, Springfield, Missouri, to assume all of the deposits of Teambank. The 17 offices of Teambank will reopen as branches of Great Southern Bank on Saturday. Depositors of Teambank will automatically become depositors of Great Southern Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking...

We all should be painfully aware by now that there is nothing held inside the Social Security and Medicare trust funds but a bunch of IOUs. Monies collected from payroll taxes are treated as general revenues and used in the “unified budget.” But how many of us are aware that the FDIC’s Deposit Insurance Fund works in a similar fashion?

WASHINGTON (AP) — Regulators on Friday shut down Freedom Bank of Georgia, marking the 17th failure this year of a federally insured bank, and more are expected to succumb amid a deepening recession. The Federal Deposit Insurance Corp. was appointed receiver of the bank, located in Commerce, Ga. It had about $173 million in assets and $161 million in deposits as of March 4. The FDIC said the bank's deposits will be assumed by Northeast Georgia Bank, located in Lavonia, Ga. Its four branches will reopen Monday as offices of Northeast Georgia Bank. Besides assuming the deposits of the failed...

The federal insurance fund that protects most bank deposits is being drained by a sharp rise in bank failures and has dwindled to its lowest level since 1993, the Federal Deposit Insurance Corp. reported yesterday. Depositors are not at risk because the fund is backed by the government, but taxpayers could be forced to reach into their wallets if the decline continues. When a bank fails, the FDIC pays up to $250,000 to each account-holder to replace whatever money does not remain in the vaults. The fund is replenished by assessments on banks, but over the last year, much more...

BY KEVIN KINGSBURY AND MAYA JACKSON RANDALL Struggling banking giant Citigroup Inc., moving aggressively to shore up its equity base, announced a stock swap Friday that if successful will leave the government owning more than a third of the company and wipe out nearly three-quarters of existing shareholders' stake. The move is an acknowledgment that more than $50 billion in government capital and a backstop on more than $300 billion in troubled Citigroup assets haven't been enough to stop the bank's slide. It also represents a deepening of the government's role in trying to prop up the U.S. banking sector....

NEW YORK (AP) — Regulators on Friday closed Silver Falls Bank in Silverton, Ore. — the 14th federally insured institution to fail this year, and the second based in Oregon. Silver Falls Bank, a community bank that opened in May 2000, had $131.4 million in assets and $116.3 million in deposits as of Feb. 9. The last Oregon-based bank to close was Beaverton-based Pinnacle Bank last week. Citizens Bank of Corvallis, Ore., is assuming Silver Falls Bank's deposits. It also is taking over its three branches and buying about $13 million in assets, including cash, securities and overdraft loans. The...

SAN FRANCISCO (MarketWatch) -- Berkeley, Ill.-based National Bank of Commerce was closed by regulators Friday, marking the first bank failure of 2009, the Federal Deposit Insurance Corporation said in a statement. Republic Bank of Chicago will assume all of National Bank of Commerce's deposits, while the two locations of National Bank of Commerce will reopen Saturday as branches of Republic Bank, the FDIC said.

WASHINGTON, Dec 5 (Reuters) - First Georgia Community Bank, a small institution with $237.5 million in assets, was closed by state regulators on Friday, marking the 23rd U.S. bank failure this year. All $197.4 million in deposits were transferred to United Bank of Zebulon, Georgia, and the failed bank and its offices will reopen as branches of United Bank, the U.S. Federal Deposit Insurance Corp said. First Georgia had branches in Jackson, Covington, Griffin and Locust Grove. United Bank will also buy about $60.6 million of First Georgia's assets, the FDIC said. The bank failure will cost the FDIC's deposit...

The end of the work week is generally welcomed, giving rise to the term "TGIF" -- Thank God it's Friday. But the expansion of the U.S. economic crisis has given rise to a new and more worrying acronym: "FDIC Friday." FDIC is a reference to the Federal Deposit Insurance Corporation. This US government agency is charged with the task of limiting "the effect on the economy and the financial system when a bank or thrift institution fails," according to its website. And "FDIC Friday" refers to the fact that Friday is usually the day of the week when the FDIC...