Four Bank Failures In Four States Brings Year’s Total To 80

Regulators across the nation had a busy Friday evening, closing four banks in four different states.

This week’s banking failures increase the total number of failed banks for 2011 to 80.  During 2010, regulators closed a total of 157 banks across the nation.  The FDIC is optimistically predicting a much lower number of banking failures over the next five years, but there are many reasons to believe that the number of banking failures could actually increase.

Banks failed this week in Georgia, North Carolina, New Jersey and Illinois.  Total assets of the four failed banks amounted to $755.4 million and total losses to the FDIC Deposit Insurance Fund totaled $221.7 million.

Listed below are the four bank closings for October 14, 2011, along with summary highlights.  Please click on the link of each closed bank for detailed information.

Piedmont Community Bank, Georgia

Georgia continues to lead the nation with 20 banking failures and accounts for 25% of all failed banks.

Blue Ridge Savings Bank, North Carolina

A bank whose history began in 1978 fails as nonperforming loans overwhelm the Bank’s capital.

First State Bank, New Jersey

New Jersey sees its first banking failure of the year with the closing of this 9 year old bank.

Country Bank, Illinois

Illinois hits a total of 8 bank closings for the year.  Country Bank still owed the U.S. Treasury $4 million in TARP borrowings at the time of its closing.

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