U.S. Bank Failures Pass 100 Faster Than Last Year

U.S. bank failures have passed the 100 mark, hitting a tally of 103 so far in 2010 with seven more closures – reaching that milestone more than two months faster than last year.

Regulators expect bank failures to peak before year’s end, but still surpass last year’s total of 140.

The seven closures announced Friday by the Federal Deposit Insurance Corp. cost the agency’s insurance fund a total of $431 million, as banks in Florida, Georgia, Kansas, Minnesota, Nevada, Oregon and South Carolina were the latest to sustain crippling loan losses from residential and commercial real estate.

Of the seven, the largest single cost to the FDIC’s insurance fund at $242 million came from the closure of Crescent Bank and Trust Company, of Jasper, Georgia. The FDIC and Renasant Bank entered into a loss-share transaction on $617.4 million of Crescent Bank and Trust Company’s assets. Crescent reported a total of $1.01 billion.

Here’s a recap of the most recent bank closures:

• Home Valley Bank, Cave Junction, OR with $251.80 million in total assets and $229.6 million in total deposits was closed. South Valley Bank & Trust, Klamath Falls, OR has agreed to assume all deposits.
• SouthwestUSA Bank, Las Vegas, NV with $214.0 million in total assets and $186.7 million in total deposits was closed. Plaza Bank, Irvine, CA has agreed to assume all deposits, excluding certain brokered deposits.
• Community Security Bank, New Prague, MN with $108.0 million in total assets and $99.7 million in total deposits was closed. Roundbank, Waseca, MN has agreed to assume all deposits.
• Thunder Bank, Sylvan Grove, KS with $32.6 million in total assets and $28.5 million in total deposits was closed. The Bennington State Bank, Salina, KS has agreed to assume all deposits, excluding certain brokered deposits.
• Williamsburg First National Bank, Kingstree, SC with $139.3 million in total assets and $134.3 million in total deposits was closed. First Citizens Bank and Trust Company, Inc., Columbia, SC has agreed to assume all deposits, excluding certain brokered deposits.
• Crescent Bank and Trust Company, Jasper, GA with $1.01 billion in total assets and $965.7 million in total deposits was closed. The Renasant Bank, Tupelo, MS has agreed to assume all deposits, excluding certain brokered deposits.
• Sterling Bank, Lantana, FL with $407.9 million in total assets and $372.4 million in total deposits was closed. IBERIABANK, Lafayette, LA has agreed to assume all deposits, excluding certain brokered deposits.