September 24, 2010 – Banking failures in Washington and Florida brought the nation’s total number of banking failures to 127.
The State of Florida remains unchallenged as the nation’s top state for banking failures. With this week’s failure of Haven Trust Bank Florida, Florida now accounts for nearly 20% of the total banking failures for 2010.
The latest two banking failures resulted in estimated losses to the FDIC Deposit Insurance Fund of $104.7 million. The two failed banks had total assets of $437.4 million.
The Failed Banks for the week are listed below. Please click on link for detailed information on each bank failure.
Haven Trust Bank Florida, Ponte Vedra Beach, Florida – Failure #126
North County Bank, Arlington, Washington – Failure $127
A notable item regarding this week’s banking failures is that North County Bank was purchased by Whidbey Island Bank, whose parent company, Washington Banking Company, has not repaid TARP funds received from the US Treasury.