Government regulators shut down four banks this afternoon, details below. That makes 11 so far in 2011. I’ll update with a new post if they close any other banks before I leave the office today.
No. 8: The First State Bank, Camargo, Okla., was closed, then taken over by Bank 7 of Oklahoma City. Estimated cost to the FDIC: $20.1 million.
No. 9: Evergreen State Bank of Stoughton, Wis. was closed, then taken over by McFarland State Bank of McFarland, Wis. Estimated cost to the FDIC: $22.8 million.
No. 10: FirsTier Bank of Louisville, Colo. was closed and not taken over by any bank. Estimated cost to the FDIC: $242.6 million.
No. 11: First Commuity Bank of Taos, N.M. and its 38 branches were closed, then taken over by U.S. Bank. Estimated cost to the FDIC: $260 million.
This is a serious news! The average seems too much similar to 2009-2010 ones but maybe slightly lower, this month.