Regulators Shut Down 2 Banks in FL, 1 in OR

Regulators closed down two banks in Florida and one in Oregon on Friday, bringing the tally of federally insured banks that have shut down this year to 72.

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The Federal Deposit Insurance Corp. was appointed receiver of the banks: First State Bank, of Sarasota, FL; Community National Bank of Sarasota County in Venice, FL, and Community First Bank, of Prineville, OR.

First State Bank had total assets of $463 million and deposits totaling $387 million. Community National Bank had $97 million in assets and $93 million in deposits. Community First Bank had $209 million in assets and $182 million in deposits.

The FDIC said Stearns Bank, of St. Cloud, MN, agreed to assume all the deposits of both Florida banks. Stearns Bank also agreed to buy $451 million of First State Bank assets and $94 million of Community National Bank assets.

The nine branches of First State Bank will reopen Monday as Stearns Bank branches, while Community National Bank's four branches will reopen Saturday.

Home Federal Bank, located in Nampa, ID, agreed to assume all of Community First Bank's deposits, except about $31 million in brokered deposits. Home Federal also agreed to buy about $197 million of the failed bank's assets.

Community First Bank's eight branches will reopen on Monday, according to Associated Press.

The FDIC estimates that the cost to the deposit insurance fund from the failure of the three banks will be around $185 million. The FDIC expects U.S. bank failures to cost the insurance fund around $70 billion through 2013.

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