Three Banks in Florida, Oregon Collapse

Two lenders in Florida and one in Oregon have gone under in what has become a gruesome trend for the financial world. The collapses of these three banks mark have propelled the number of bank closures due to the recession to 72, highlighting the devastating impact of the economic crisis.
 
Community National Bank and First State Bank, both of which were based in Sarasota, Florida, and Community First Bank, based in Prineville, Oregon, were shut down by federal regulators in a move that will cost the FDIC $185 million. All in all, the banks were in charge of $769 million worth of assets and $662 million worth of deposits.
 
The recent frenzy of bank closures has created the fastest pace of bank closures by federal regulators in the last 17 years. Most of the banks shut down struggled from unpaid real-estate debt and the mass of closures has forced the FDIC to revive its practice of sharing the losses with potential buyers, a process introduced during the financial crisis of the 1980s.

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