Two Bank Failures Raise Year’s Tally to 30
The closures of Statewide Bank in Louisiana and Florida’s Old Southern Bank brought the number of bank failures this year to 30, according to the Federal Deposit Insurance Corp.
Even though both banks were closed Friday by state regulators, customers can continue using checks and cards because other banks will take over, the FDIC said in a statement.
Centennial Bank in Arkansas will take over the more than $319 million in deposits from Old Southern Bank.
Home Bank of Louisiana will assume the $208 million in deposits from Statewide and buy its $243 million in assets, the FDIC said.
In 2009, regulators shut down 140 banks. There were only 25 banks closed in 2008, according to the FDIC.