{"id":431652,"date":"2011-05-28T06:10:26","date_gmt":"2011-05-28T06:10:26","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/28\/us-authorities-shut-44th-failed-bank\/"},"modified":"2011-05-28T06:10:26","modified_gmt":"2011-05-28T06:10:26","slug":"us-authorities-shut-44th-failed-bank","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/28\/us-authorities-shut-44th-failed-bank\/","title":{"rendered":"US authorities shut 44th failed bank"},"content":{"rendered":"
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You Are Here: Home<\/a> \u00bb Africa\/International<\/a> \u00bb US authorities shut 44th failed bank<\/p>\n

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Page last updated at Saturday, May 28, 2011 6:06 AM \/\/ <\/span><\/div>\n

Regulators on Friday shut down a small bank in Washington state, pushing to 44 the number of U.S. bank failures this year in the wake of a severe recession and mounting troubled loans.<\/p>\n

The pace of closures has slowed, however, as the economy improves and banks work their way through the bad debt. By this time last year, regulators had closed 78 banks.<\/p>\n

The Federal Deposit Insurance Corp. seized Snohomish, Wash.-based First Heritage Bank, with $173.5 million in assets and $163.3 million in deposits. Tacoma, Wash.-based Columbia State Bank has agreed to assume the assets and deposits of the failed bank.<\/p>\n

In addition, the FDIC and Columbia State Bank have agreed to share losses on $142.2 million of First Heritage Bank\u2019s loans and other assets.<\/p>\n

The failure of First Heritage Bank is expected to cost the deposit insurance fund $34.9 million.<\/p>\n

In 2010 regulators seized 157 banks, the most in a year since the savings-and-loan crisis two decades ago.<\/p>\n

The FDIC has said that 2010 likely would mark the peak for bank failures.<\/p>\n

There were 140 bank failures in 2009, costing the insurance fund about $36 billion. The failures last year cost around $21 billion, a lower price tag because the banks that failed in 2010 were smaller on average. Twenty-five banks failed in 2008, the year the financial crisis struck with force; only three were closed in 2007.<\/p>\n

From 2008, the year the financial crisis struck, through 2010, bank failures cost the fund $76.8 billion. The deposit insurance fund fell into the red in 2009. With failures slowing, its deficit narrowed in the first quarter of this year and stood at about $1 billion as of March 31.<\/p>\n

The FDIC expects the cost of resolving failed banks to total around $52 billion from 2010 through 2014.<\/p>\n

Depositors\u2019 money \u2014 insured up to $250,000 per account \u2014 is not at risk, with the FDIC backed by the government. That insurance cap was made permanent in the financial overhaul law enacted last July.<\/p>\n

The number of banks on the FDIC\u2019s confidential \u201cproblem\u201d list edged up to 888 in the January-March quarter from 884 as of Dec. 31. The 888 troubled banks is the highest number since 1993, during the savings-and-loan crisis.
Source: AP<\/p>\n\n

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