Three Additional Banks Fail
August 7, 2009 by Mark Ellis
Filed under Business
Heading into Friday, 69 banks had been shut down by United States federal regulators in 2009. On Friday, three more banks were added to the tally — raising the annual total to 72 failed banks.
Two of the banks that were shut down were located in the state of Florida, while Oregon was the home to the other bank. As usual, the receiver of the banks is the FDIC.
Image: istockphoto
The two Florida banks were Community National Bank of Sarasoty County (based in Venice, Florida) and First State Bank (based in Sarasota, Florida). Both of these Florida banks saw their deposits get acquired by Stearns Bank — a financial institution based in St. Cloud, Minnesota.
Stearns Bank will reportedly reopen the four branches of Community National Bank on Saturday. However, First State Bank’s nine branches will reopen at the beginning of next week.
Oregon’s failed bank was Community First Bank, which was based in Prineville, Oregon. Their branches will reopen as branches of Home Federal Bank — a bank headquartered in Nampa, Idaho.
