FDIC closes four banks, taking the total number of failures to seven year to date.

Sunday, January 23, 2011 at 4:10AM
Editor in Bank failures, FDIC

Federal Deposit Insurance Corporation (FDIC) announced the closure of four banks, taking the total number of bank failures so far this year to seven.

The banks which failed were;

• McDonough, Ga.-based Enterprise Banking Community ($95.5 million in deposits as of Sept. 30)
• Easley, S.C.-based CommunitySouth Bank and Trust ($402.4 million in deposits)
• Asheville, N.C.-based Bank of Asheville ($188.3 million in deposits)
• Denver-based United Western Bank ($1.65 billion in deposits)

The FDIC estimates that these four failures will cost the federal deposit-insurance fund $454.9 million.

Read the FDIC press releases

Article originally appeared on StratexSystems (http://www.stratexsystems.com/).