Four Banks fail on May 7

75 Institutions Have Failed so Far in 2010 State and federal regulators closed four banks on Friday, May 7. These closings raise to 75 the number of failed institutions so far in 2010.

These are the latest failed banks:

Bank of Bonifay
The Bank of Bonifay, Bonifay, Florida, was closed by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The First Federal Bank of Florida, Lake City, FL will assume all of the deposits of the failed bank.

The five branches of The Bank of Bonifay will reopen as branches of First Federal Bank of Florida. The failed bank had $242.9 million in total assets .The estimated cost to the DIF will be $78.7 million.

Access Bank
Access Bank, Champlin, MN, was closed by the Minnesota Department of Commerce, which appointed the FDIC as receiver. The bank's assets were sold to PrinsBank, Prinsburg, MN.

The failed bank's two branches will become branches of PrinsBank. Access Bank had $32 million in assets. The estimated cost to the Deposit Insurance Fund will be $5.5 million.

Towne Bank
Towne Bank of Arizona, Mesa, AZ, was closed by the Arizona Department of Financial Institutions, which appointed the FDIC as receiver. Commerce Bank of Arizona, Tucson, AZ will assume all of the deposits of the failed bank.

The Towne Bank of Arizona branch will become a branch of Commerce Bank of Arizona. Towne Bank of Arizona had $120.2 million in total assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $41.8 million.

1st Pacific Bank of California
1st Pacific Bank of California, San Diego, California, was closed by the California Department of Financial Institutions, which appointed the FDIC as receiver. City National Bank, Los Angeles, CA assumed all of the deposits of the failed bank.

The six branches of 1st Pacific Bank of California will reopen as branches of City National Bank. 1st Pacific Bank of California had $335.8 million in assets. The estimated cost to the Deposit Insurance Fund will be $87.7 million.





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