Three new bank failures bring to 72 number of collapsed US banks

WASHINGTON, Aug 8, 2009 (AFP) - US authorities have closed three more US regional and local banks, bringing the total of failed US banking institutions to 72 this year, the Federal Deposit Insurance Corporation announced.

The banks include First State Bank of Sarasota, Florida, which had total assets of 463 million dollars and total deposits of approximately 387 million. Stearns Bank, N.A. agreed to purchase approximately 451 million dollars of these assets. The FDIC will retain the remaining assets for later disposition, the agency said Friday.

Also shut down was the Community National Bank of Sarasota County, Venice, Florida, which had total assets of 97 million dollars and total deposits of approximately 93 million.

In Oregon, authorities closed the Community First Bank of Prineville, which had total assets of 209 million dollars and total deposits of approximately 182 million. 

Source: AFP

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