U.S. Bank Failures In 2010 Surpass 100

Number of bank closures is well ahead of last year's pace

WASHINGTON — U.S. bank failures this year have surpassed a bleak milestone of 100 as regulators shut down banks in Georgia, Florida, South Carolina, Kansas and Minnesota.

The five bank seizures announced Friday bring to 101 the failures so far in 2010. The pace of bank closures this year is well ahead of that of last year, which saw a total 140 bank shuttered amid the recession and mounting loan defaults.

The Federal Deposit Insurance Corp. said it took over Crescent Bank and Trust Co., based in Jasper, Ga., with about $1 billion in assets; Sterling Bank of Lantana, Fla., with $407.9 million in assets; Williamsburg First National Bank of Kingstree, S.C., $139.3 million in assets; Thunder Bank of Sylvan Grove, Kan., $32.6 million; and Community Security Bank of New Prague, Minn., $108 million.

Renasant Bank, based in Tupelo, Miss., agreed to assume the assets and deposits of Crescent Bank and Trust. Iberiabank of Lafayette, La., is acquiring the assets and deposits of Sterling Bank. First Citizens Bank and Trust Co. of Columbia, S.C., is assuming the assets and deposits of Williamsburg First National Bank, while Bennington State Bank in Salina, Kansas, is taking the assets and deposits of Thunder Bank. Roundbank of Waseca, Minn., is assuming those of Community Security Bank.

The failure of Crescent Bank and Trust is expected to cost the deposit insurance fund about $242.4 million. The resolution of Sterling Bank is estimated to cost $45.5 million; that of Williamsburg First National Bank, $8.8 million; Thunder Bank, $4.5 million; and Community Security Bank, $18.6 million.

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