Government regulators decided to make a few more bank closures heading into the Memorial Day weekend. So far there’s been four, details below. I’ll update with new posts if there are other closures. So far in 2010 there have been 77 bank closures.
No. 74-76: Bank of Florida, Southeast, Bank of Florida, Southwest, Bank of Florida, Tampa Bay were all closed, then taken over by Everbank of Jacksonville, Fla. The three banks had 13 branches in Florida. Estimated cost to the FDIC: $203 million.
No. 77 Granite Community Bank of Granite Bay, Calif. was closed, then taken over by Tri Counties Bank of Chico, Calif. Granite had three branches. Estimated cost to the FDIC: $17.3 million.
Dave the merger of so many banks is a move toward greater oversight, obviously needed. However this results in more conservative underwriting of loans for national standards. It’s a sad time for local businesses seeking funds who don’t fit the big bank box.