On Friday evening, July 23, 2010, the FDIC announced five more bank failures, bringing the totals to 108 so far this year and 275 since 2007. The five banks closed this week had collective assets of about $1.9 billion and deposits of about $1.8 billion.
Their closings cost the FDIC an estimated $335 million, about 19% of deposits. So far this year, bank closings have cost the FDIC an estimated $18.88 billion.
All five closings involved the FDIC entering into loss-share agreements with the acquiring banks. As a result, the total value of assets under FDIC loss-share agreements increased by $920 million, to about $180.82 billion. |
