Two Banks Closed on Sept. 24

Year's Tally Now Stands at 144 Failed Institutions
Two Banks Closed on Sept. 24
Federal and state banking regulators closed two banks on Friday, Sept. 24.

These failures raise the total number of failed institutions to 144 so far in 2010.

The latest failures are:

Haven Trust Bank Florida, Ponte Vedra Beach, Fla.

Haven Trust Bank Florida, Ponte Vedra Beach, Fla., was closed by the Florida Office of Financial Regulation, and the Federal Deposit Insurance Corporation was appointed receiver. First Southern Bank, Boca Raton, Fla., will assume all of the deposits of Haven Trust Bank Florida.

The two branches of Haven Trust Bank Florida will reopen as branches of First Southern Bank. Haven Trust Bank Florida had $148.6 million in assets.

The estimated cost to the Deposit Insurance Fund (DIF) will be $31.9 million.

North County Bank, Arlington, Wash.

North County Bank, Arlington, Wash., was closed by the Washington Department of Financial Institutions. The FDIC was appointed receiver. Whidbey Island Bank, Coupeville, Wash., will assume all of the deposits of North County Bank.

The four branches of North County Bank will reopen as branches of Whidbey Island Bank. North County Bank had $288.8 million in assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $72.8 million.





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