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February 02, 2011

FDIC announces 4 more bank failures

Bank failures continue to escalate in 2011, with the FDIC seizing four more banks last week at a combined loss of more than $500 million to the deposit insurance fund.

Among the casualties was First Community Bank in Taos, N.M. With $2.3 billion in assets, the bank is the largest based in New Mexico. The FDIC announced that U.S. Bank, the subsidiary of Minneapolis-based U.S. Bancorp., will acquire its assets and take over operations.

The FDIC also seized the $43 million-in-assets First State Bank in Camargo, Okla., the $246 million-in-assets Evergreen State Bank in Stoughton, Wis., and the $781 million-in-assets FirsTier Bank in Louisville, Colo.

In the case of FirsTier, FDIC could not find a buyer. The regulator has instead established a temporary charter to hold the insured amount of the failed bank's $723 million in deposits. The FDIC said that uninsured customers would have to take losses. FDIC estimates that the failure of FirsTier cost them just over $242 million.

The losses bring the total number of bank failures in 2011 to 11. There were 157 bank failures in 2010.

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